Essential compliance rules for banks & credit unions. Follow these guidelines to ensure proper Metro 2® reporting. All other applicable fields should be reported in conjunction with these values.
| Category | Requirement | Details & Notes |
|---|---|---|
| Data Format | Standard Metro 2® Format using M2R software | M2R program formats data correctly using current Metro 2® guidelines set by CDIA® and credit bureaus. |
| Consumer Information | Complete identification data required | Report complete name, address, social security number, and date of birth for legally liable consumer(s) only. |
| Reporting Frequency | Monthly reporting of all accounts | Include open collection accounts, collection accounts paid in full, and accounts requiring deletion or correction. |
| Paid in Full Accounts | Report before purging from system | Report paid in full collection accounts before removing from internal system. Discontinue reporting 3 months after paid in full and closed status is set. |
| Deletion Reason | Description |
|---|---|
| Account Transfer | Accounts which have been forwarded or sold to another entity |
| Reporting Error | Accounts reported in error |
| Fraud Confirmed | Accounts which have been confirmed as fraudulent (use DF status) |
| Deceased Consumer | After reporting ECOA code X for deceased consumer, report appropriate DA or DF account status for accounts with a deceased consumer when no other associated consumers remain responsible |