CREDIT BUREAU "DATE OF OCCURRENCE"

THIS FIELD IS AN EXTREMELY IMPORTANT DATE MONITORED VERY CLOSELY BY THE CREDIT BUREAUS.

DATE OF OCCURRENCE is the date that a loan became at least 1 month delinquent and never became current again.  This date is particularly important on a charged off loan because the loan is purged from a credit bureau report 7 years after the DATE OF OCCURRENCE (not the date the loan was actually charged off).

NOTE:  Charged off loans with a DATE OF OCCURRENCE that is over 7 years in the past are NOT included in your Credit Bureau Reporting File at the instruction of the Credit Bureaus.

LOCATION OF THIS FIELD

This field is found in Program #4, Page 4 of 9.  

FILLING IN THIS FIELD

When the system runs month-end and sees a loan that is 1 month or more delinquent and the Date of Occurrence is 00/00/0000, it searches through history to determine the proper date of first delinquency.  If that date is available, the system automatically inserts it in this field.

There are instances when there is NOT sufficient history for the system to determine the first date a loan became delinquent and remained delinquent.  (This is especially true in the case of recent conversion to our system, merger with another credit union, or using Program #77 to re-enter a charged off loan on the system.)   In this instance it is necessary for the credit union to determine the proper date and enter it in this field.