K1 Segment: Definition
A segment for reporting original creditor information.
Definition
The K1 Segment is used by debt buyers and collection agencies to report information about the original creditor when the account has been sold or assigned. It includes the original creditor's name, identification, and account information from before the sale.
Usage Notes
- Required for collection accounts with sold debt
- Contains original creditor identification
- Helps consumers identify original account
All creditor classification codes
Two-digit code on the K1 segment naming the industry the original creditor operated in, so a purchased or placed debt can be recognised without naming the wrong party. Every code has its own reference page covering when to report it and the cross-field rules it has to satisfy.
Related Terms
More Segment Terms
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