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U0101 Remove Lease Method »
Report as Deleted Method »
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Contract Cancellation
U0101 Remove Lease Method
Credit Bureau Extract Metro 2 Format users.
When the User must completely remove a lease from the system, either because it was booked in error or because of fraud.
LeasePak Updates/Processes
- U0101RM Remove Lease
Relevant LeasePak Interface Fields
- U0101RM Remove Lease
- "Removal Reason"
| Metro 2 Impacted Fields | Relevant Code Values |
|---|---|
| Account Status – User must indicate reason corresponding to DA or DF during U0101RM Remove Lease; LP will report once, then cease reporting |
DA – Delete entire account (for reasons other than fraud) DF – Delete entire account due to confirmed fraud (fraud investigation completed) |
| Date Closed – LP will report Date Closed once with Account Status of DA or DF, then cease reporting | N/A |
Process Overview
When the User provides a "Removal Reason" while cancelling a contract through U0101RM Remove Lease, LP will record Account Status DA or DF and the removal date as the Date Closed. U0462 Credit Bureau Extract will report once, then cease (stop creating RXL/RXC records for the account) because the lease no longer exists on the system.
When LP populates the Date Closed, the Account Status will indicate that the lease was deleted, and it will not report the closed lease again as it otherwise would have for three consecutive months.
LeasePak User Process
To cancel a contract through U0101RM Remove Lease:
- Indicate the "Removal Reason", either 'ERRO' because it was booked in error (DA) or 'FRAD' because it was booked erroneously due to fraud (DF)
- Proceed with the lease removal as normal
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.