Business Processes

Table of Contents

Credit Bureau Extract Metro 2 Format users. A guide on handling various credit bureau reporting-related business processes in LeasePak.

• Bankruptcy
  • Bankruptcy process overview and processes for reporting various bankruptcy scenarios
• Contract Activation
  • When a lease is booked into LeasePak, initializing terms for credit bureau reporting
• Business Account Where Client is Personally Liable
  • Where the main lessee is a business, but another client associated with the account is a consumer and personally liable
• Contract Cancellation
  • Methods of handling contract in LeasePak to report to credit bureaus as deleted
• Account Investigation
  • When the account requires investigation, either due to suspected identity theft or fraud or due to client dispute
• Deceased Client
  • When a client on a lease becomes deceased
• Temporary Suspension of Credit Bureau Reporting
  • When the User needs to temporarily stop reporting an account to the credit bureaus
• Natural or Declared Disaster
  • When an account is affected by a natural or declared disaster
• Total Loss
  • When the vehicle on a lease or loan is considered a total loss
• Charge-off
  • When a lease or loan needs to be charged off
• Repossession
  • When the creditor repossesses the vehicle on a lease or loan
• Voluntary Surrender
  • When the client voluntarily surrenders to the creditor the vehicle on a lease
• Pull-ahead Lease
  • When client is has the opportunity to upgrade to a new/different vehicle with a new lease prior to the maturity date of their existing lease
• Prepaid Lease
  • When the client makes a single payment for the full lease amount or otherwise prepays the entire lease
• Termination
  • Processes for full and early lease payoff or termination
• Term Extension
  • Where the client continues to make monthly lease payments after the end of the original term
• Deleting Client Put on Account in Error
  • When the User needs to drop a client from a lease where the client was attached in error
• Personal Receivership
  • When a Wisconsin-based consumer is involved in a Personal Receivership plan
• Form 1099-C
  • When the creditor has filed a Form 1099-C Cancellation of Debt for a client on a lease or loan
• Loan Assumption
  • When a new lessee assumes a lease or loan from the original lessee, possibly due to death of the original lessee or other circumstances
• New Client
  • When a lessee or guarantor is added to LeasePak, either prior to or as part of setting up the lease or loan application
• Address Confirmation
  • When the reporter has received an address discrepancy notification from a consumer reporting agency or has discovered that a client's address is not confirmed or undeliverable
• Client Added to Contract
  • When a co-lessee or guarantor is added to a lease or loan after booking