CONSTANT LOC -METRO 2

Posted By: Tesla

CONSTANT LOC -METRO 2 - 09/14/22 05:47 PM

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!
Posted By: rlcarey

Re: CONSTANT LOC -METRO 2 - 09/14/22 06:12 PM

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.
Posted By: Tesla

Re: CONSTANT LOC -METRO 2 - 09/14/22 06:20 PM

Ah-ha - thank you- (I feel pretty stupid! LOL!)