The foreclosure of a transferred loan can be reported via the new credit AP

A new function has been added to the new credit API that allows users to report information regarding the foreclosure of a loan and the date of foreclosure, in cases where the loan is also reported as having been transferred from another lender. Previously, it has only been possible to report information on foreclosure via the Delayed amounts API.

 Why was the change made?

The aim of the change is to make it easier, in particular, for debt collectors to report: In future, for example, the reporting of a purchased foreclosed receivable will no longer require a separate notification of foreclosure  to be submitted via the Delayed amounts API. 

Please note that this change allows foreclosure information to be reported via the new credit API only in cases where a loan has been transferred from another lender.

See also

• Changes coming to APIs – lenders to test new functions in good time