Charged Off
Loans that are 180 days or more past due
What are possible charge-off loans?
A last means of protecting credit union assets
FACTA
What is Fair and Accurate Credit Transaction Act?
Legal procedure used by members having financial difficulties to remove obligation of paying
What is Bankruptcy?
FCRA
What is Fair Credit Reporting Act?
"No Transactions/Charge-Off Pending"
What is the warning placed on a charged-off account?
Member drops off vehicle and turns in keys
What is voluntary repo?
Guidelines on detecting, preventing and mitigating identity theft
What are policies and procedures to comply with the FACT Act?
Person whose financial affairs are being taken cared of
Who is the Debtor?
Any oral, written, or other communication of any information by a CRA on a member's creditworthiness, credit standing, etc...
What is a Consumer Report (credit report)?
Loans 60 days or more past due with no payments within 35 days and is deemed uncollectable
What are loans reviewed for possible charge-off?
Establish guidelines for foreclosure of and recordkeeping for real property
What is the credit union's Foreclosure Policy?
Fair Housing Act (FHA), Equal Credit Opportunity Act (ECOA), Home Mortgage Disclosure Act (HMDA), and SCRA (Servicemembers Civil Relief Act) vs. MLA (Military Lending Act)
What are Fair Lending Laws and Regulation?
Member has no further legal obligation to repay
What is a Discharge Bankruptcy?
Information not reported to any CRA if the CU knows, or has reasonable cause to believe
What is incomplete or inaccurate information?
Loans that are more than 180 days past due and are not charged-off - (i.e. waiting on notice of bankruptcy discharge of debtor or payment)
What is the Exceptions to Charge-off policy?
No contact, no payments, loan falls 35 days past due, and no response within 10 days of final demand
What is an assignment for repossession?
Without lawful authority, using identification of another person with the intent to commit, or facilitate any unlawful activity
What is Identity Theft?
Bankruptcy court order terminating the bankruptcy
What is a Dismissal?
Credit Union will honor the rights of identity theft victims and active-duty military personnel
What is credit report alerts?
Collection efforts have been exhausted, Final Demand and Attorney letter have expired, and member is unemployed with no assets
What is one of the criteria of a charged-off loan?
Loan modifications, deferral of payments, extensions of loan maturities or any combination
What are the credit union's prudent loss mitigation strategies?
Enables the CU to form a reasonable belief that it knows the identity of the consumer
What is a CIP (Customer Identification Program) form?
Agreement filed with the court prior to discharge
What is a reaffirmation agreement?
Notice provided to members when using information in a consumer report in connection with an application for or grant, extension, or provision of credit
What is a Risk-Based Pricing Notice?