The Consumer Information Indicator (CII) is a standardized reporting tool that shows information about a consumer’s credit report. The CII identifies three specific types of information. First, it shows whether the primary consumer has filed bankruptcy. Second, it tells which type of bankruptcy the primary consumer has filed, such as discharged or dismissed. Third, it identifies special conditions filed against the primary consumer.
Reporting a scheduled monthly payment
When reporting a scheduled monthly payment, make sure the consumer’s payment is the correct amount. The amount should either be the principal or interest. If it is the principal, include the balloon payment to show the total amount owed on the account. If it is a balance due in full, zero the payment amount. Use the calculations provided in Exhibit 3 to determine the appropriate amount. When reporting the payment amount, the consumer’s Social Security number should be included to ensure an accurate match.
If the report does not include the date of the scheduled monthly payment, the reporter should report the date of the last update on the consumer’s account. This may be the date the consumer was billed, or it may be a date that’s not relevant to the payment. Credit Manager software supports monthly reporters. Account Status Code 05 reports the date the payment was transferred, while Account Status Code 13 reports the date the account was paid. Account Status Code 65 reports that the account has been paid and closed to further charges.
Reporting a compliance condition code
Reporting a compliance condition code for consumer info indicator can be easy and straightforward, but there are a few details you must know first. First, you must know what type of indicator you’re reporting. In the Consumer Name field, you must include the full name of the consumer. The name should not contain special characters or embedded blanks. It should also be consistent month-to-month. Also, do not use special characters, like ‘*’, ‘-‘, or ”.
When reporting a consumer’s information, it’s important to be accurate and detailed. For example, if you’re reporting a consumer for a business account, you should report the account’s ECOA code as “business.” The ECOA code should also be accurate. ECOA codes “0” and “4” are no longer used, and “6” means the account is under a special condition.
For the primary consumer address, you should report the full name of the city, not just the street name. If the city name is longer than 20 characters, you should truncate it to a 13-character U.S. Postal Service city abbreviation. The information you report should also reflect any conditions for legal compliance. This could be any number of reasons, including account closure on consumer request, dispute under FCRA, or a dispute under the FCBA.
Reporting a date within the current month’s reporting period
The Consumer Information Indicator requires you to report the most recent date associated with each account. This date may be the same as the consumer’s billing date or a date that is more recent. For example, if a consumer paid a bill on July 30, the creditor should report that date on their report. Reporting a date that is older than that is not acceptable.
The consumer should report a new account number in the L1 segment, unless the Change Indicator is a 1. For example, the Consumer Information Indicator can reflect that the consumer’s account started as a fixed interest rate. Likewise, the N1 segment should reflect employment information for the consumer.
The date should be reported in the correct format. If the account is delinquent, the date should be MMDDYYYYYYYYYYYY. The account status code should be 11 (current account). The account balance should be the highest credit or original loan amount less any payments. In addition, the Payment History Profile should be Character B or D. If the account is a deferred loan, the Consumer Information Indicator should display the deferred date as the first payment due date.
Reporting a date within the current month may be difficult if the consumer is not filing their account. If the consumer is liable for another person’s account, they should report that person’s name as the primary consumer. Alternatively, the consumer should report their first name.
Reporting the name of the institution
There are two main ways to report the name of the institution. The first way is by using the institution’s legal name. For example, if a student or staff member has taken out a loan from an institution, they should enter the name of that institution. The second way is by reporting the name of the institution’s parent company.
Reporting the date the first payment is due for deferred loans
When reporting the first payment is due on a deferred loan, you should be very specific about the status. The status should reflect the current status of the loan. For example, if you are in Grace or In-School, you should report that the loan is deferred. Otherwise, you should report it as Monthly. Another important status to report is Date Opened. This indicates when the loan first disbursed, and the date the most recent payment was made. Finally, report the Date Closed if the loan was paid in full or closed.
