Credit Report Extract

You can find the Credit Report Extract function under the Outbound tab. Use this function to report financial information to a Credit Bureau. This process can be used to produce an extract file for a select group of borrowers (as identified by an SSN range) or for all borrowers in the system.

Before You Start

The agencies displayed in this window must first be created in Office Management/System Configuration Parameters.

To Create a New Credit Report Extract

Enter the following information and click on the Add icon. The extract file or files will be created in the directory or directories indicated on the Credit Report Extract screen. These directories are set up under the Office Management tab. The structure and format of the Credit Report Extract file is provided at this link: Credit Report Extract File Format. If you are using Metro II, this format will be different.

NOTE: The extract encompasses all borrowers associated with the CLM School Code identifier. A separate extract is not produced for each Campus that might be associated with the School Code identifier.

Field Name	Required?	Size/Format	What to Enter
Posting Date	Required	8 numeric characters	Format is mm/dd/yyyy or drop-down box. This date is used to update the credit report records with the date they were "posted."
Include 60+ Day PIFs?	Optional	Drop-down list	This option will determine whether or not borrowers that have paid in full in the past 60+ days will be included in the extract.
Save Credit Ratings?	Optional	Drop-down list	This option will determine whether or not the borrowers credit information will be saved in CLM. If so, this information can be viewed via the loan grid dropdown menu.
From SSN…Through SSN	Optional	9 numeric characters	Enter SSNs to identify the range of borrowers you want to include in your file. If no SSN values are entered, all borrowers will be reviewed.
Select Agencies to Report to	Optional	Drop-down list	Select “yes” for each of the credit agencies for which you would like to create an extract file. The Extract File Name is also listed for each agency. The default path and name are provided. You can change the name of the file if needed.

When the Credit Report Extract process is initiated, the system will retrieve all borrowers whose SSN occurs with the specified range, and:

·         Loan name is not "Judgment"

·         Loan status is not equal to "V", "X", "Y" or "Z"

·         Loan is not a House Account

The qualifying borrower/loan records are written to the Credit Report Extract file. If no borrower records meet your criteria, the system will display a message indicating this.

The extract file resides on the CLM application web server. In addition to creating the extract, loan data is updated to reflect the Credit Report information, and loan Chronological History records are written as well.

To Stop Reporting a Specific Loan to the Credit Bureau

If you want to stop reporting a specific loan to the credit bureau, go to the Flag screen under the Borrower Services Loan Grid menu and set the flag to suspend credit reporting for that loan.