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Stop Credit Bureau Reporting On PAIDOFF Accounts After 3 Months (Doc ID 2649945.1)

Last updated on MARCH 18, 2020

Applies to:

Oracle Financial Services Lending and Leasing - Version 14.5.0.0.0 and later
Information in this document applies to any platform.

Symptoms

On : 14.5.0.0.0 version, Production Support-SET

ACTUAL BEHAVIOR
---------------
Stop Credit Bureau reporting on PAID-OFF accounts after 3 months

Per METRO-2 guideline (refer FAQ 41 in 2019 guide), Bank does not want to report PAID OFF account beyond 3 months. In OFSLL, the account stops reporting to credit bureau only if the account is CLOSED. Request it to provide a system parameter something like "STOP CREDIT REPORTING AFTER 3 MONTHS ON PAID-OFF ACCOUNTS", which when set to Y will stop reporting PAID-OFF accounts after 3 months; and if set to N will continue to report PAID-OFF accounts until the account is CLOSED. We need this fixed in 14.5.

Also in 14.8, I see that we have a new indicator CLOSE ACCOUNT AFTER PAID-OFF which judges if the account needs to be closed or not after PAID-OFF. We need the above request to work with this new indicator also.

EXPECTED BEHAVIOR
-----------------------
System should not report Paid-off account after 3 months.

STEPS
-----------------------
The issue can be reproduced at will with the following steps:
1. Paid -off an account and run the Metro-2 process for next 3 months
2. Verify the account is reported till 3 months
3. Run the Metro-2 process for 4th month
4. System should stop reporting the account

BUSINESS IMPACT
-----------------------
The issue has the following business impact:
Due to this issue, accounts are getting reported to metro-2 after PAID-OFF.

Changes

 

Cause

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In this Document
Symptoms
Changes
Cause
Solution


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