Creating or Amending Creditor Codes

The current list of all Creditor Codes can be accessed on the O Drive at the following location: Production > Registration_Practice_Team > Public > LRS Codes.

Overview of Spreadsheet:

entries with a "1" in the Active column are available for staff use on the LRS.
entries with a "0" in the Active column are creditors that are hidden and cannot be selected on the LRS however they must not be removed as these creditors may still be shown within existing title sheet(s).

Process for Requests for new Creditor Codes

settler determines the creditor code will be in common use, complete online form via RoSNow

Existing creditor codes should not be amended/deleted as there will be superseded creditor details retained within existing titles. If an amendment is considered necessary a new creditor code should be requested however the old creditor code cannot be set to inactive as there may still be pending applications for which the old code is required.

Requests for new Creditor Codes:

A new creditor code is added where the creditor is deemed to be common, with an expected use of 10 or more:

1.1 check LRS to determine if there are more than 10 entries. Searching every county is impractical so a search of the county for which the request relates and a further search of a random sample of 5 to 6 of the larger counties is usually sufficient to determine it the creditor can be expected to be in common use.

1.2 if the check reveals less than 10 entries, and/or it can be determined the name is not likely to be in common use an email can be sent to Business ICT stating "No action required", followed by a brief explanation of the reason behind this. The TL who authorised the request should also be copied in.

There may be occasions where the request is made as a multiple application is in the pipeline - in this instance no check is necessary and a new creditor code can be requested.

2. If the request is for a common lender:

2.1 Google the company to ensure the request form provides all the relevant information. The request for a creditor code should contain:

2.1.1 the legal system under which they were incorporated or established

2.1.2 any company number number allocated to the person under section 1066 of the Companies Act 2006 (c.46) and

2.1.3 any other identifier (whether a number or not) peculiar to that person

2.1.4 any address and postcode

Inputting all the relevant details, whether contained in the deed or not, should eliminate the need for further requests relating to variances company details.

Requests are made for companies where only the address has changed, a new creditor code should be requested where only the address differs from other entries. The spreadsheet can contain several entries for the same company however investigation has shown that deeds are currently submitted quoting different company addresses.

3. Send an email to Business ICT giving details of the full entry to be made for the creditor code. The TL who authorised the request should also be copied in.

If a company is no longer in existence BICT should be requested to hide any existing entries. The email should contain the full details of the company, including the creditor code(s).

If a duplicate request is received from BICT they should be advised that a request for the creditor code has already been made under reference "TASKxxxxxxxx". The TL authorising the request should be copied in for information.