Navigation:  Coding of Derogatory Credit Status > Repossession

When a repossession is completed, the process is as follows:

 

1.Verify action code 94 and date of occurrence is present on the Letters & Actions tab.

2.Enter hold code 93 (repossession by grantor) on the Letters & Actions tab.

3.One of the following Special Comments codes must be entered: BI—Involuntary Repossession, BJ—Repossession obligation satisfied, or BK— Repossession balance owing.

4.Enter the charge-off date.

5.Change the general category to 81 (repossession—non-real estate) or 85 (repossessed assets).