Identifying Accounts in Forbearance
- Briona Crovelle
- Jan 21, 2021
- 1 min read
Updated: Mar 11, 2021
During the lending process, you may encounter accounts in forbearance or being deferred due to temporary financial hardship related to the COVID-19 pandemic. It is easy to determine which accounts are in one of these statuses by viewing the credit report. You will see the following indicators:
ACCOUNT IN FORBEARANCE (Special Code “CP”)
ACCOUNT AFFECTED BY NATURAL OR DECLARED DISASTER (Special Code “AW”)
In addition, you can utilize the following ARC services to identify if any accounts are newly in forbearance or deferred before closing:
Portfolio Review
Manual Verification | Supplement Request
Refreshed Credit Report
For more information about services you can use to identify newly effected accounts, please contact us at education@arcreports.com.
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