Business Processes
Contract Activation
Credit Bureau Extract Metro 2 Format users.
When a lease is booked into LeasePak, initializing terms for credit bureau reporting.
LeasePak Updates/Processes
- U0101 Book Lease
- U0101 Quick Book Lease
- U0101 Batch Applications
- U0116 Rebook
- U0239 Credit Bureau Lease/API
- U0733 Metro 2 Setup
- U0801 Application/API
- U0462 Credit Bureau Extract
Relevant LeasePak Interface Fields
- U0239 Credit Bureau Lease/API
- "Payment History Profile"
- "Special Comment Code"
- U0801 Application, U0101 Book Lease, or corresponding API
- Contract Date, Lease Date, or leaseDate – "Lease Date"
- "Prepaid Lease"
- "Metro 2 Code"
| Metro 2 Impacted Fields | Relevant Code Values |
|---|---|
| Payment History Profile – LP defaults all positions to B | B – No payment history available prior to this time |
| ECOA Code – LP will begin reporting appropriate value |
1 – Lessee when only 1 lessee attached to lease and lessee is not a business 2 – Lessee or co-lessee(s), when not a business and more than one lessee/co-lessee is attached to the lease 5 – Guarantor(s) W – Business/Commercial |
| Special Comment Code – LP will report BS if User flags as prepaid lease | BS – Prepaid lease |
| Date Opened – LP will set to Lease Date (rls.d_lsd_s) | N/A |
Process Overview
When the User has included a valid "Metro 2 code" on the lease or loan, U0101 Book lease will default, U0101 Quick Book Lease and U0101 Batch Applications populate Payment History Profile with B in all positions. For new leases, U0462 Credit Bureau Extract will begin reporting ECOA as 1, 2, 5, or W:
- 1 if there is only 1 lessee on the account and that lessee is not a business
- 2 for lessee/co-lessees where there are more than 1 on the account and they are not businesses
- 5 if client is a guarantor and not a business
- W if client is a business
In case of a prepaid lease, when the User sets the new U0801 Application/U0101 Book Lease field "Prepaid Lease" to 'Y', U0462 Credit Bureau Extract will set Special Comment Code to BS.
LeasePak User Process
Use interactive U0801 Application, interactive U0101 Book Lease, or third-party interface via API to set:
- "Metro 2 code" to the appropriate Metro 2 Code as previously established in U0733 Metro 2 Setup; LP uses this to mark the lease for credit bureau reporting
- "Lease Date" to the contract signing date or other official account opened date to report to the credit bureaus; LP uses this date to populate Metro 2 Date Opened
- If prepaid lease (as in a prepaid auto lease), "Prepaid Lease" to 'Y' (check/select box) to report contract as a prepaid lease
- All remaining applicable fields according to the contract
Additional notes:
- U0116 Rebook does not reset "Payment History Profile"
- Removing a lease using U0101 Remove Lease and then booking a new one will reset "Payment History Profile"
- If booking a new lease or loan to replace another with an existing payment history, the User must manually update "Payment History Profile" through U0239 Credit Bureau Lease/API
Business Processes |
Appendix
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The information contained in this document is the sole property of NETSOL Technologies, Inc. Use of the information contained herein is restricted. Conditions of use are subject to change without notice. NETSOL Technologies, Inc. assumes no liability for any inaccuracy that may appear in this document nor does it have the obligation to update any of the information contained herein; the contents of this document do not constitute a promise or warranty. The software described in this document is furnished under license and may be used or copied only in accordance with the terms of said license. Unauthorized use, alteration, or reproduction of this document without the written consent of NETSOL Technologies, Inc. is prohibited.