34. Questions: How should charged off accounts be reported?

Answer A: For accounts with Account Status Code 97 report the following Fields: 
  1. Scheduled Monthly Payment Amount = zero
  2. Account Status = 97 (Unpaid balance reported as a loss – charge-off)
  3. Original Charge-off Amount = the original amount charged to loss, regardless of the declining balance. This field should not be changed.
  4. FCRA Compliance/Date of First Delinquency = the date of the first 30-day delinquency that led to the account being charged off
  5. Date Closed =​
  • For Installment and Mortgage accounts (Portfolio Types I and M), zero fill.
  • For Revolving, Open and Line of Credit accounts (Portfolio Types R, O and C), if the account is closed, report the date the account was closed to further purchases. Otherwise, zero fill.
  • Date of Last Payment = date the most recent payment was received Note: If a small deficiency balance is being charged off for accounting and general ledger purposes only and the consumer is not being held responsible for this amount, do not report the account as a charge off. Deduct the charged off amount from the Current Balance of the ongoing account
OR
Answer B: For accounts with Account Status Code 64 report the following Fields: 
  1. Scheduled Monthly Payment Amount = zero
  2. Account Status = 64 (Account paid in full, was a charge-off)
  3. Special Comment Code = If the account is settled for less than the full balance, include AU.
  4. Current Balance and Amount Past Due = zero
  5. Original Charge-off Amount = the original amount charged to loss
  6. Date of Account Information = date paid
  7. Date of First Delinquency = the date of the first 30-day delinquency that led to the account being charged off
  8. Date of Last Payment = date the most recent payment was received​
  9. Date Closed =
  • For Installment and Mortgage accounts (Portfolio Types I and M), report the date the account was paid in full.
  • For Revolving, Open and Line of Credit accounts (Portfolio Types R, O and C), report the date the account was closed to further purchases.