Account Events
Bloom utilizes account events to represent actions that may be taken on an account. These events change reporting statuses and provide special comment codes or compliance condition codes.
Account Events:
All Account Events require a subsequent Statement in order to be picked up in the next furnishment, except Delete events.
| Account Event | Supported | Purpose | Requirements | Portfolio Types |
|---|---|---|---|---|
| Add Secondary Consumer | ||||
| Charge-Off | Yes | Reports a delinquent account that is written-off by furnisher. | Account must be >30 days past due. Must provide write-off amount. Further payments must be allowed on account, and impacts subsequent credit status. | Installment, Open, Revolving, Line of Credit |
| Close | ||||
| Collateral Depreciation | ||||
| Credit Line Suspended | ||||
| Deed-Received Mortgage | ||||
| Delete | ||||
| Dispute - Started | ||||
| Dispute - Completed | ||||
| Forbearance | ||||
| Foreclosure - Started | ||||
| Foreclosure - Completed | ||||
| Loan Redemption | ||||
| Loan Reinstatement | ||||
| Natural Disaster - Started | ||||
| Natural Disaster - Completed | ||||
| Remove Secondary Consumer | ||||
| Remove Transfer | ||||
| Repossession | ||||
| Short Sale | ||||
| Transfer | ||||
| Voluntary Surrender | ||||
| Collections |
Nice to know
- In order to report these events in Metro2, you will need to provide details about each event in the respective endpoints.
- In order for these events to be captured in the reporting cycle of a Furnishment, the event's effective date needs to occur before or on the statement date.
- If you know that an account might go into collections after a certain time, you can Future date the event to that event as long as it's within that reporting cycle.
- If an account is currently in foreclosure, but you know that they will be out of foreclosure in a week, you can future reverse that date for that current reporting cycle.
Updated 3 days ago