We report charge offs to chexsystems. When the customer pays in full we update chexsystems to reflect the $0 balance but do not report updates to partial payments. Are these partial payments supposed to reported? When I spoke to a rep a chexsystems they did stated that they did not have reporting guidelines so I am not sure what to refer to.

You are reporting unsatisfied overdrafts to a negative data base. If the customer who was overdrawn $100 paid you $50 then you still have an unsatisfied overdraft.

If the vendor has no guidelines which you would be obligated to follow by contract, then there is simply no point in reporting partial payments.

I was reviewing our policy for Sec. 1022.42 Reasonable policies and procedures concerning the accuracy and integrity of furnished information and was not sure what would be accurate with regard to partial payments.

Would it not depend on how Chexsystems reports accounts. Do they report partially paid charge-off accounts. I would not be relying on some statement from any one specific representative. Don't you have a user manual for other specifications as a client/participant??? Or, call a supervisor or someone higher up.

We just received a notice from ChexSystems that we weren't compliant because we weren't compliant since we didn't report partial payments. We've only reported when the customer pays us back in full just like the original poster said their bank did it. How are other banks doing this? Reporting partial payments appears like it would be a logistical nightmare.

Have you read your contract?

I've only seen the reports from ChexSystems show Paid or Unpaid. As BSAguy and the original poster indicated, the credit unions I've been with only update in the case of a Paid In Full. With overdraft and 45 days, it really is a logistical nightmare if you were to post partial payments because it is a manual process. I'm sure bigger FIs may have a more automated process.

I recently took over reporting accounts to ChexSystems and after reading through their training guides it clearly states that you are required to report partial payments and full payments. As Randy stated, read your contract, you might also get on and read through the data contribution guides they provide.

You also need to pay attention to Regulation V: Appendix E to Part 1022—Interagency Guidelines Concerning the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies

III. Specific Components of Policies and Procedures

In developing its policies and procedures, a furnisher should address the following, as appropriate:

(h) Deleting, updating, and correcting information in the furnisher's records, as appropriate, to avoid furnishing inaccurate information.

I have not read the contract. I was just notified of this issue yesterday. Not that this makes it right, but we've had the same procedures on this for the last 18+ years. As Paul indicated, I've been told it's a manual process to update partial payments that will add lots of hours of work on a monthly basis to complete. That's the reason why I asked how other institutions were doing it to see if there was a more efficient way to accomplish this that we are overlooking.

I believe there is a way to send batch files instead of manual contributions for account closures and status changes. It talks about it in their contribution guides found in their training portal. Again, I would look at these. It contains a lot of good information.