CONTINENTAL FINANCE CREDIT CARD ABS, LLC
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By:
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/s/ Stephen McSorley_____
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Name: Stephen McSorley
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Title: President
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Exhibit Number
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Description
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Exhibit 99.1
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Report of Independent Accountants on Applying Agreed-Upon Procedures, dated August 25, 2022, of Ernst & Young LLP.
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Ernst & Young LLP
One Manhattan West
New York, NY 10036-6530
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Tel: +1 212 773 3000 Fax: +1 212 773 6350
ey.com
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Continental Finance Company, LLC
Continental Finance Credit Card ABS Master Trust 4550 New Linden Hill Road, Suite 400
Wilmington, Delaware 19808
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25 August 2022
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a. |
An electronic data file labeled “Data_Tape_for_EY_2020_A_Jun22.txt” and the corresponding record layout and decode information, as applicable (the “Preliminary Data File”), that the Servicer, on behalf of the Issuing Entity, indicated
contains information relating to a pool of revolving credit card accounts (the “Preliminary Receivables”) as of 30 June 2022 (the “Preliminary Cutoff Date”) that are expected to be representative of the Receivables,
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Page 2 of 5
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b. |
Imaged copies of:
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i. |
Certain printed screen shots from the Servicer’s servicing system (the “Servicing System Screen Shots”),
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ii. |
The Transunion credit report (the “Transunion Credit Report”), as applicable,
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iii. |
The credit limit memorandum (the “Credit Limit Memo”), as applicable, and
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iv. |
Certain account statements, as applicable (the “Account Statements,” together with the Servicing System Screen Shots, Transunion Credit Report and Credit Limit Memo, the “Source Documents”), as applicable,
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c. |
The list of relevant characteristics (the “Sample Characteristics”) on the Preliminary Data File, which is shown on Exhibit 1 to Attachment A, and
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d. |
Instructions, assumptions and methodologies, which are described in Attachment A.
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Page 3 of 5
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a. |
Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or
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b. |
Making any findings with respect to:
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i. |
Whether the origination of the Receivables conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,
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ii. |
The value of the collateral securing the Receivables,
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iii. |
Whether the originator(s) of the Receivables complied with federal, state or local laws or regulations or
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iv. |
Any other factor or characteristic of the Receivables that would be material to the likelihood that the issuer of the Notes will pay interest and principal in accordance with applicable terms and conditions.
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Attachment A
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1. |
As instructed by the Servicer, on behalf of the Issuing Entity, we randomly selected a sample of 200 Preliminary Receivables from the Preliminary Data File (the “Sample Receivables”). For the purpose of this procedure, the Servicer,
on behalf of the Issuing Entity, did not inform us as to the basis for how they determined the number of Sample Receivables or the methodology they instructed us to use to select the Sample Receivables from the Preliminary Data File.
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2. |
For each Sample Receivable, we compared the Sample Characteristics listed on Exhibit 1 to Attachment A, as shown on the Preliminary Data File, to the corresponding information located in the Source Document(s), subject to the
instructions, assumptions and methodologies provided by the Servicer, on behalf of the Issuing Entity, described in the notes to Exhibit 1 to Attachment A. The Source Document(s) that we were instructed by the Servicer, on behalf of
the Issuing Entity, to use for each Sample Characteristic are shown on Exhibit 1 to Attachment A. All such compared information was found to be in agreement.
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Sample
Characteristic |
Preliminary
Data File Field Name |
Source Document(s)
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Note(s)
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Loan number
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account
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Servicing System Screen Shots
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i.
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State
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State
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Servicing System Screen Shots
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Open date
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Open_Date
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Servicing System Screen Shots
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APR
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APR
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Servicing System Screen Shots
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iii.
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Credit limit
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Credit_Line
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Servicing System Screen Shots or Credit Limit Memo
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ii.
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# days delinquent
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Delinquency
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Servicing System Screen Shots and/or Account Statements
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ii., iv.
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Credit score
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Origination_Vantage3
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Servicing System Screen Shots or Transunion Credit Report
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ii., v.
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i. |
For identification purposes only.
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ii. |
For the purpose of comparing the indicated Sample Characteristics for each Sample Receivable, the Servicer, on behalf of the Issuing Entity, instructed us to note agreement if the value on the Preliminary Data File agreed with the
corresponding information in at least one of the Source Documents that are listed for such Sample Characteristic (and in accordance with any other applicable note(s)). We performed no procedures to reconcile any differences that may
exist relating to the information shown in the Source Documents that are listed for such Sample Characteristic.
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iii. |
For the purpose of comparing the APR Sample Characteristic for each Sample Receivable, the Servicer, on behalf of the Issuing Entity, instructed us to note agreement if the value on the Preliminary Data File agreed with:
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The corresponding APR value, as shown in the applicable Source Document(s), less 0.50%, if the “Closing Date,” as shown in the applicable Source Document(s), is in the month of July 2022, or
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b. |
The corresponding APR value, as shown in the applicable Source Document(s), less 0.75%, if the “Closing Date,” as shown in the applicable Source Document(s), is in the month of August 2022.
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iv. |
For the purpose of comparing the # days delinquent Sample Characteristic for each Sample Receivable, the Servicer, on behalf of the Issuing Entity, instructed us to note agreement if the # days delinquent value, as shown on the
Preliminary Data File, agreed with the corresponding # days delinquent value, as shown in the applicable Source Document(s), in accordance with the decode table shown below (and in accordance with any other applicable note(s)):
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Preliminary Data File Value
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Source Document Value
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0
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0-29
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1
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30-59
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2
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60-89
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3
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90-119
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4
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120-149
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5
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150-179
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6
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180-209
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v. |
The Servicer, on behalf of the Issuing Entity, instructed us not to compare the credit score Sample Characteristic for any Sample Receivable with a credit score value of <blank>, as shown on the Preliminary Data File.
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