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#2275563 - 09/14/22 05:47 PM CONSTANT LOC -METRO 2
Tesla Offline
Power Poster
Joined: Nov 2003
Posts: 3,738
Hi! Does anyone know what CONSTANT LOC means under Terms Duration? I have Googled and search the CDIA Guidebook but I don't see where this is defined or explained. TIA!
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#2275566 - 09/14/22 06:12 PM Re: CONSTANT LOC -METRO 2 Tesla
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 85,074
Galveston, TX
It means instead of entering months or years, you enter "LOC" in the field.

Terms Duration
Base Segment, Field 13

For installment loans, report the maximum number of months allowed for repayment of the loan.
For line of credit accounts, report a constant of LOC.
When the loan is in a period during which payments are not required (i.e., initial in-school, grace, deferment, and forbearance periods), report Terms Duration as blank.
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#2275568 - 09/14/22 06:20 PM Re: CONSTANT LOC -METRO 2 Tesla
Tesla Offline
Power Poster
Joined: Nov 2003
Posts: 3,738
Ah-ha - thank you- (I feel pretty stupid! LOL!)
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