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How to Process Credit Bureau Data

This guide will assist you with the set-up and processing of credit bureau data. Please print this help topic.

ALMSys allows you to submit data to the credit bureau on a monthly basis. Four credit bureaus are supported: Innovis, Experian, Equifax, and Trans Union. You must establish a program with at least one of these agencies before you can submit data to them.

Credit Bureau Account(s)
Your first step is to contact the credit bureau and explain that you are establishing a new portfolio to report for leases or loans only. If you submit other credit bureau information (such as loans), then it is imperative that the credit bureau understands that this is NOT a replacement of existing portfolio submissions.

The credit bureau will assign a unique Program Identifier for your lease portfolio only. Write this information here:

Innovis _______________________________________

Experian _______________________________________

Equifax _______________________________________

Trans Union _______________________________________

It may take some time for the credit bureau to establish the new program identifier number. You cannot submit any credit bureau information without this number.

ALMSys Security
Please make sure that you have set up the security necessary for credit bureau processing. Specifically, you should have:

Overall security page
  • Credit Bureau Reporter Info. set to Yes
  • Location Maintenance set to Edit

    Credit Bureau security page 
  • Access Credit Bureau Menu set to Yes
  • General Info. set to Edit

    Reports security page
  • Overall Reports Access set to Yes
  • Run a Report set to Yes
  • Run Credit Bureau Reporting set to Yes

    Reporter Setup
    Set up the Credit Bureau Reporter screen with the information for the company that is creating your monthly credit bureau data. In most cases, this will probably be your company. Please refer to the help on that screen for additional information.

    Location Setup
    Go to the Location Notebook and set up the following for the zero (0) location:
  • Complete name, address, and telephone number on the General page.
  • The official institution name in the Creditor Name field on the Credit Bureau page.
  • The creditor classification in the Creditor Class field on the Credit Bureau page.
  • The Credit Grantor I.D. field on the Credit Bureau page. This field can be whatever you would like it to be, but once you submit a credit bureau, you must not change it unless you first clear it with the credit bureau(s).
  • At least one of the Credit Bureau Program Identifiers fields on the Credit Bureau page. (You should have received this from the credit bureau.)

    If you are tracking leases for multiple locations and each location is a separate company (and not a branch or subcompany), then you must repeat this location setup for each separate entity. (Each separate company will be run/reported separately.)

    Individual Lease Setup
    Every deal that is reported to the credit bureau should be reviewed to ensure accuracy in the following areas:
  • Account - Names page
  • Account - Co-Borrower page
  • Credit Bureau - General page

    Specifically, make sure that names, addresses, dates of birth, and social security numbers are present and accurate.

    Please refer to the help on those screens for additional information.

    To assist individual account changes, run the Credit Bureau Settings Report.

    Monthly Processing
    If you are processing credit bureau data for other businesses, then you will need to run each company separately. DO NOT ATTEMPT TO RUN DIFFERENT BUSINESSES ALL AT ONCE! Doing so will confuse the credit bureau and cause incorrect reporting.

    If you are an institution that is performing branch accounting, then you should include all of your locations in one run.

    Set the date range (on the Date Range page) for the full month that is being processed. This is usually last month. Wait until you are into the first week of the new month before processing last month.

    Make sure that you back up the ALMSys files before running the credit bureau report. If the credit bureau report has no errors, then your files will be updated and the credit bureau report cannot be rerun. If you are running a network version of ALMSys from a fileserver that backs up nightly, please run the credit bureau report first thing in the morning so that you have a backup to recover from if necessary. (It is assumed that your fileserver performs full nightly backups of the ALMSys data.)

    The monthly processing is performed on the Reports page of the Reports Notebook. Running the credit bureau report is slow in comparison to other reports. Please have patience when doing this processing.

    When you perform the credit bureau processing for the very first time, do not update the files if asked. Instead, review the report for accuracy and correct any errors if necessary.

    If the credit bureau report has no severe errors, then you will be asked to proceed with updating the files. This process will create the credit bureau data file ("almsyscb.txt") and save it to the location (diskette or folder) you specify. This file is then to be transmitted or shipped to the credit bureau per their instructions. (You will need to contact your credit bureau for transmission instructions.)

    Your very first credit bureau reporting will more than likely be treated as a test run at the credit bureau. They should contact you when the first run has completed and inform you of the results. It is quite possible that your credit bureau program identifier will change after the first test has successfully been applied. Again, the credit bureau will inform you of this change.

    Special Considerations
    Most of your credit bureau reporting will be automatic. However, you may run into some deals that need repossessing, or a deal that has a borrower that declares bankruptcy. In these (and other) special situations, you must manually set some codes on the General Credit Bureau Information screen for the account. Please refer to the help on that screen for additional information.

    Normal Deal Termination
    When a deal terminates normally, it will automatically stop reporting to the credit bureau two months after the termination date. It is important that all of the normal pay-offs result in a zero asset balance. (You may override the system and force a zero-balance condition by using the "Force Zero Dollar Payoff" switch. See the General Credit Bureau Information screen for more details.)