2.13.6 or Higher - Reg F Items to Know Before You Update

2.13.6 or Higher - Reg F Items to Know Before You Update

Reg F Changes for QwikClient and Required Fields Necessary for Implementation of Beyond 2.13.6 or Higher

Published Date: Sept 15, 2021

Things to Note Before Your Update

If you have a Custom Client Screen (see below) you will need to make sure that these two fields get added to your custom client screen after we run the update. The two highlighted fields are new with Beyond build 2.13.6 or higher. The Itemization type will need to be populated on each client before you can add new business for that client. 

Your options are to either run a field update and change them all or just update the client as you are entering new business. DAKCS Support can assist in setting them for you.

The account's Itemization Type will now default to the Itemization Typeset in the client setup screen when the account is first added to the system. The Itemization Type must be set up on the client prior to adding new accounts.

This data point is stored on the Client Master and in the VALIDATION@ aux account screen. When a client enters accounts on QwikClient, you will be prevented from committing the accounts for that client until you (the agency) have defined this date type on the Client Master inside Beyond. 

Here are the five options to choose from for the Itemization Date Type
  1. The last statement date is the date of the last periodic statement or written account statement or invoice provided to the consumer by a creditor;
  2. The charge-off date is the date the debt was charged off;
  3. The last payment date is the date the last payment was applied to the debt;
  4. The transaction date is the date of the transaction that gave rise to the debt; or
  5. The judgment date is the date of a final court judgment that determines the amount of the debt owed by the consumer
The QwikClient Utility, Enter Delinquent Accounts, and Tape Drops will now display a message if the Itemization Type is not set up on the client.

This will help keep your data consistent, easy to map, simplify balance calculations, and assist agents as they speak with consumers. 

Itemization Date Type 

The itemization date type field is required to be set on the client level to help determine what itemization date is being provided by the client. 

If you have clients who are using the QwikClient application to enter in new business, they will now be responsible for entering the new "Required Fields".

From the Account Placement screen in QwikClient, here is what your clients will see. 

Common Questions surrounding QwikClient and these fields?

  1. If we recently upgraded to a Beyond version implementing Reg F, is there any way we can turn off the required itemization type in QwikClient?

    There is not an option to turn off the required type. It happens on QwikClient after an agency gets an update to Beyond 2.13.6 or higher.

  2. We have many clients who use QwikClient but we don’t want to require them to enter the itemization date, amount, and payments/credits. Do my clients have to enter this information?

    Yes, QwikClient does require those data points for entering New Business.

  3. What do my clients need to know?

    Your clients need to know that these data fields are necessary to stay compliant with Regulation F. To enter new business, we need these data points to be passed into the system and trust that the integrity behind the data is there.

Ready to Schedule Your Update?

Please take a few minutes to look over the latest Release NotesTo schedule an update, reach out to Julie Newson by phone at 801.394.5791 x 269 or email julie@dakcs.com.

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