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If a loan is involved in a bankruptcy, you must report bankruptcy information only for the individual filing bankruptcy. For instance, if two brothers were co-signers on a loan and one of them filed for bankruptcy, you should report the bankruptcy information only for the brother filing the bankruptcy. (See comment in next paragraph for spouses.)

 

Bankruptcy information is reported by using a combination of Hold Codes and the Consumer Information Indicator.

 

Consumer Information Indicator Field

 

The CIID code (credit reporting consumer identification information codes) identifies the status of the bankruptcy such as filed, discharged, dismissed, or withdrawn. These codes are set up on the Bankruptcy Information screen, Names tab, Names list view.

 

Use the consumer information indicator (CIID) to adjust the bankruptcy status for individual borrowers as the bankruptcy progresses. Example: You have a loan that has a husband and wife and the wife’s parents, and all are co-borrowers. The husband and wife file bankruptcy, but the parents don’t. You would need to set up the CIID information for only the husband and wife. As the bankruptcy progresses, you will need to update the CIID information for both the husband and the wife. Available codes are: