Borrower Ongoing Dated Facts

From Open Risk Manual

Definition

Borrower Ongoing Dated Facts. Ongoing information about the borrower.

Includes credit rating information. Ongoing assessment reports both good and bad credit rating information. In the US, by regulation, lender is required to respot person's payment history on a monthly basis. This is the basis on which peope's score is changed. So the lender's reporting to the credit bureau may affect that person's credit rating. this may give rise to credit disputes. Also there is a scenario where the borrower may contact the lender and ask for some change. For student loans, they can apply for a deferment payment based on change in circumstances e.g. if losing job, or becoming disabled, then there are specific programs which they can apply for. can defer paymen for a time, and if proven eligible (e.g. also if in military, being deployed), then if they subbut the relevant document, they approve and change their repayment term, perhaps temporarily and then revert to the previously agreed terms. This results from the borrower contacting the lender.

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This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.

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