Reporting Accounts for Hurricane Katrina Evacuees

• Open Accounts - defined as Status Code 11 (current) or Status Codes 71, 78, 80, 82, 83, 84 (delinquent).

  There are three options for reporting:

  1. Report the status that applies to the account (credit grantor's decision). Report Special Comment AW (affected by natural or declared disaster).
     
     

  2. Report the account as deferred, along with Special Comment AW (affected by natural or declared disaster). Use the standard guidelines for reporting deferred loans.

     Report the following Base Segment fields as specified:

     • Terms Duration = blank
       
       
     • Terms Frequency = D (Deferred)
       
       
     • Account Status Code = 11 (Current account)
       
       
     • Highest Credit or Original Loan Amount = the total amount borrowed
       
       
     • Current Balance = the total amount borrowed minus any payments which have been made
       
       
     • Scheduled Monthly Payment Amount = zero
       
       
     • Amount Past Due = zero
       
       
     • Payment History Profile = Use Character B to indicate accounts which have never been in repayment. Use Character D to indicate accounts that were previously in repayment but are now deferred.

     If the Deferred Payment Start Date is known, report the K4 Segment. In the K4 Segment, report the Specialized Payment Indicator 02 for Deferred Payment. Also, report the Deferred Payment Start Date as the date the first payment will be due.

     Note that in the old Metro Format, deferred payments are reported through Special Comment BQ (deferred loan). Therefore, old Metro reporters must choose between Special Comment AW and Special Comment BQ.

  3. Report Status Code 11 (current account) and Special Comment AW (affected by natural or declared disaster).
     
     
• Closed Accounts with Balances Owing

  Follow the same three options as described above for Open accounts.

• Derogatory Accounts - defined as Status Codes 88 (Government Claim), 89 (Deed in Lieu), 93 (Collection), 94 (Foreclosure), 95 (Voluntary Surrender), 96 (Repossession), and 97 (Charge-off).

  Continue reporting these statuses and add Special Comment AW (affected by natural or declared disaster).

• Collection Agencies

  Continue reporting Status Code 93 (collection) and add Special Comment AW (affected by natural or declared disaster).

  If accounts are given back to the original creditor, report Status Code DA to delete the accounts.