Credit Bureau Defaults; new closing status of "ARCHIVE" added for NZ

In New Zealand, Credit Bureau Defaults can be held for five years - after that time they are removed.

The Equifax Service will return a BLE1109 "Default Date must be less than 5 years old" error if a Default is more than five years old when it is uploaded. Whilst it is possible to manually cancel the Default in finPOWER Connect, a much simpler method of handling has been added.

For both the Centrix and Equifax Credit Bureau services there is a new status, code "ARCHIVE", description "ARCHIVE (more than 5 years old)".

If "ARCHIVE" is selected the Default is closed without sending an update to the Credit Bureau - which in Equifax's case errors anyway.

The default Credit Bureau Defaults Event script has been modified to handle archiving old Credit Bureau defaults.

The script also includes a new Constant "ExcludeIfPreviouslyArchived", the default being True. This indicates whether to add a new Default if there is a previous Default that has been Archived. This means a new Default will not be automatically started if there is a Default that is archived. Note, the script already did not start a new default if overdue more than 5 years.

The following built-in Script has been updated:

• ObjectEvents_CreditBureauDefaults_Events
• Version: 1.17 (18/10/2022)