96Special Condition Codes
Status Code 96: Repossession
Collateral was repossessed by creditor
Overview
- Used when creditor involuntarily recovered collateral
- Consumer did not voluntarily surrender the property
- Balance typically remains after repossession and sale
- Severely negative status on credit reports
Common Use Cases
- 1Vehicle repossessed due to non-payment
- 2Equipment seized under secured loan agreement
- 3Collateral recovered after consumer default
Reporting Guidelines
- Report remaining balance after collateral liquidation
- Include repossession date
- Continue reporting until balance satisfied or charged off
- Update to 63 if subsequently paid in full
Other Special Condition Codes
Codes that travel with status 96
- Payment Rating carries the delinquency when the status describes a closed or terminal condition.
- Payment History Profile codes must agree with the current rating in position 1.
- Portfolio Type and Account Type decide which statuses are even possible for the account.
- Metro 2 codes cheat sheet lists every set in field order.
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