Business Processes
Personal Receivership
Credit Bureau Extract Metro 2 Format users.
When a Wisconsin-based consumer is involved in a Personal Receivership plan.
LeasePak Updates/Processes
- U0104 Payment Reschedule
- U0241 Credit Bureau Bankruptcy/API
- U0462 Credit Bureau Extract
Relevant LeasePak Interface Fields
- U0241 Credit Bureau Bankruptcy/API
- "Chapter"
- "Report removal request"
| Metro 2 Impacted Fields | Relevant Code Values |
|---|---|
| Consumer Information Indicator – User updates settings in U0241 Credit Bureau Bankruptcy/API; LP will report 1A or Q accordingly |
1A – Personal Receivership Q – Removes previously reported Personal Receivership indicator |
| Terms Duration – LP will report any adjustments | N/A |
| Scheduled Monthly Payment Amount – LP will report any adjustments | N/A |
Process Overview
When the User, through U0241 Credit Bureau Bankruptcy/API, sets "Chapter" to 'Personal Receivrship', U0462 Credit Bureau Extract will report CII as 1A for Personal Receivership.
The User can then make adjustments to the payment schedule and other lease terms using one of the midterm adjustments updates such as U0104 Payment Reschedule. U0462 Credit Bureau Extract will report adjustments to Terms Duration, SMPA, and other applicable fields.
When the client completes the repayment plan, the User must check "Report removal request" in U0241 Credit Bureau Bankruptcy/API. U0462 Credit Bureau Extract will then report CII as Q (removes previously reported Personal Receivership).
LeasePak User Process
To indicate that a client is in Personal Receivership:
- Use interactive U0241 Credit Bureau Bankruptcy or third-party interface via API to set "Chapter" to 'Personal Receivrship'
To make adjustments to the payment schedule or other lease terms:
- Use U0104 Payment Reschedule or other appropriate midterm adjustments update
To indicate that the client has completed the Personal Receivership plan:
- Use U0241 Credit Bureau Bankruptcy to check "Report removal request"
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.
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.