What is Status code 2 on Experian?
A status code of ‘0’ under each month shows all payments have been made on time. A status code of ‘1’ shows that a payment was one month late. If payment is not made the following month the status code is shown as 2.
What does Metro 2 compliance mean?
Metro 2 is the standard format for which financial institutions must electronically send data about their loan customers electronically to the major credit reporting agencies (CRAs).
What do the codes mean on a credit report?
Credit Report Rating Codes
| Installment Account (fixed number of payments | Revolving or Option Account (Open-ended) | Meaning |
|---|---|---|
| I4 | R4 | Not more than four payments past due |
| I5 | R5 | More than 120 days or four payments past due |
| I7 | R7 | Making regular payments under WEP. |
| I8 | R8 | Repossession |
How do you read a Metro 2 format?
How To Read The Metro2 Format
- Report all accounts on a monthly basis.
- Report all accounts with a final status code when they are ultimately paid or closed.
- Credit grantors must report accounts at the close of each cycle.
What are status codes on Experian?
Examples of payment status:
- ND or dash (“-“): No data for this time period.
- OK: Current/terms of agreement met.
- 30 to 180: The number of days past due.
- CLS: Closed.
- BK: Chapter 13 bankruptcy.
- C: Collection.
- CO: Charge off.
- D: Defaulted on contract.
What is an account status code?
Information on commercial accounts should be obtained by contacting the respective commercial credit reporting agency. The account status codes best describe whether the account is current or past due.
What is Metro 2 compliance credit repair?
Metro 2 Compliance is an powerfully affective process of requesting e-OSCAR to verify whether items on your credit reports meet compliance standards. This solution forces e-OSCAR to work to your benefit, not the benefit of the Credit Reporting Agencies.
What is a Metro 2 challenge?
Sending a METRO2 Compliance Challenge triggers e-OSCAR to electronically evaluate whether all data was mandatorily perfect and complete in regard to METRO2 Formatted Reporting Standards, and was properly reported within the compliance standards set forth by the FCRA.
What does M2 mean on credit report?
M2 is a measure of the U.S. money stock that includes M1 (currency and coins held by the non-bank public, checkable deposits, and travelers’ checks) plus savings deposits (including money market deposit accounts), small time deposits under $100,000, and shares in retail money market mutual funds.
What are 611 letters?
611 credit report dispute letter A 611 credit dispute letter references Section 611 of the FCRA. It requests that the credit bureau provide the method of verification they used to verify a disputed item. You send this letter after a credit bureau responds to a dispute and says that they verified the information.
What does Grid code G mean on Experian credit report?
Code G, found in the “consumer payment history” section of an Experian credit report, means that at least one account is in collections. This code is applied if the loan — possibly a credit card, car loan or line of credit — is so far past due the lender felt it necessary to turn the file over to a collection agency.
What is Metro 2 format credit reporting?
To assist data furnishers (such as banks, credit unions, consumer credit card companies, retailers, and auto finance companies) in this process, the credit reporting industry has adopted a standard electronic data reporting format called the Metro 2® Format.
What is Metro 2 compliance?
Credit Bureau Reporting/ Metro 2 Compliance Metro 2 is the standard format for which financial institutions must electronically send data about their loan customers electronically to the major credit reporting agencies (CRAs).
How do I access Metro 2® with my CdiA account?
For additional assistance, please review our CDIA Account Access Guide. Once logged in, you will see your CDIA Online Account homepage. Click on ‘ Metro 2® Access ‘ under the CDIA section and follow the instructions below: you will be directed to the Metro 2® Access Agreement page.
Why do I need to test my Metro 2® format?
Thorough testing of your software version of the Metro 2® Format prevents costly changes, redistribution of your software and customer delays in reporting. If you have any questions regarding the Metro 2® Format, contact your consumer reporting agency contacts.