As explained in the
Charge Off Savings/Checking Accounts reference booklet, your credit union has the option of sending a one-time record to the credit bureaus when savings and checking accounts are charged off and closed. This feature must be activated for your credit union. Once activated, additional fields will appear when an account is charged off (via
Tool #201 Charge Off Savings/Checking) that will give the employee the option to use the one-time reporting feature by entering the amount to report and the appropriate Metro II codes.
(Note: This is a one-time process for the month in which the account is charged off only. Any additional reporting, such as if the funds are eventually recovered from the member, must be done with a third-party tool such as eOscar, to adjust the member's credit history.)
To activate this feature, contact Client Services. In the meantime, you would need to manually create a CB record through eOscar.