08Banks, Finance Companies, and Credit Unions
Creditor Classification 08: Banking
Creditor Classification 08 means "Banking". The original creditor was a bank or savings institution: a deposit-taking, chartered institution that extended the credit in its own name. It is reported in K1 Creditor Classification (Field K1-4) of the K1 Segment (Original Creditor Name), 2 characters at position 33.
Specification
| Code | 08 |
|---|---|
| Meaning | Banking |
| Field | K1 Creditor Classification (Field K1-4) |
| Record | K1 Segment (Original Creditor Name) |
| Length / position | 2 chars · 33–34 |
| Category | Banks, Finance Companies, and Credit Unions |
| CRRG reference | CRRG Creditor Classification code table (K1 Segment) |
What Creditor Classification 08 means
- Covers bank-issued general-purpose credit cards, bank personal loans and lines of credit, overdrawn deposit-account balances charged off to collections, and bank-originated mortgages and auto loans where the bank was the lender of record.
- This is where most co-branded and store-branded cards actually belong. If a bank issued the card, the bank is the original creditor even where the retailer's brand dominated the statement.
- Distinguish from 13 (Credit Union), which is a member-owned institution, and from 12 (Financial), which covers non-depository finance companies.
- Does NOT mean the debt is currently held by a bank. Classification describes origination, so a bank-originated account bought by a debt buyer is still 08.
- Does not describe the product. A bank card, a bank auto loan, and a bank overdraft all classify 08; the product shape is carried by Account Type and Portfolio Type.
When to report 08
- 1A debt buyer purchases a portfolio of charged-off bank credit-card accounts and furnishes each with the issuing bank named on the K1.
- 2A collection agency reports a placed overdrawn deposit-account balance charged off by a regional bank.
- 3A collection attorney reports an unpaid bank personal loan after judgment-stage placement.
- 4A servicer furnishing a bank-originated auto loan after a portfolio transfer appends a K1 naming the originating bank.
Reporting rules
- Use the issuing bank's name on the K1 for co-branded cards, and consider whether the co-brand partner belongs in the name field at all if it was never the creditor.
- Do not classify a non-depository lender as 08 just because it looks like a bank in its marketing. If it does not take deposits, 12 (Financial) is the accurate code.
- Preserve the original Date Opened and Date of First Delinquency through the sale. A purchased bank card account that shows a Date Opened matching the purchase date is a defect visible from outside your organisation.
- Where multiple resales have occurred, keep the K1 pointed at the bank, and let the K2 carry the immediate seller.
Codes and fields that must agree
A file can be structurally valid and still be wrong. These are the cross-field conditions Creditor Classification 08 has to satisfy.
- Report only on a record carrying a K1 segment. A bank furnishing its own account does not need a K1 and should not have one.
- Pairs with Base Segment Account Type 0C (Debt Buyer Account) for purchased bank paper and 48 (Collection Agency/Attorney Account) for placed balances.
- Portfolio Type should reflect the original product: R (Revolving) for a bank card, I (Instalment) for a personal or auto loan, M (Mortgage) for a mortgage, C (Line of Credit) for a line.
- A purchased account should carry a K2 (Purchased From / Sold To) segment naming the seller, which on a resold portfolio is often another debt buyer rather than the bank itself.
- Where the bank charged the account off before sale, the original charge-off amount belongs to the bank's account history and must not be restated as the purchase price.
Common errors involving 08
K102K202B019
K1 Invalid Creditor Classification
The original creditor classification code is invalid
K2 Purchased From Name Missing
The name of the seller is missing in K2 segment
Original Charge-off Amount Missing on Charge-off
Account Status is 97 (charge-off) but no Original Charge-off Amount is reported
Vocabulary
Keep browsing
- All 15 creditor classification codes — the full set with categories and cross-field rules.
- Metro 2 codes cheat sheet — every CRRG code set on one page.
- K1 Creditor Classification field reference — position, length, and validation rules.
- Metro 2 format reference
See Creditor Classification 08 in your own file
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