5 Common Credit Reporting Mistakes to Avoid

Even experienced credit reporting professionals can make mistakes that lead to compliance issues or inaccurate data. Here are the five most common errors we see and how to avoid them.

1. Incorrect Date Formats

Using the wrong date format is one of the most frequent mistakes. Metro 2® requires dates in MMDDYYYY format. Our software handles this automatically, but it's important to verify your source data is accurate.

2. Missing Required Fields

Forgetting to include mandatory fields can cause your entire file to be rejected. M2 Reporter's built-in validation ensures all required fields are present before submission.

3. Inconsistent Account Numbers

Account numbers must remain consistent across all reporting periods. Changing formats mid-stream can create duplicate accounts on consumer credit reports.

4. Not Updating Account Status

Failing to update account status when circumstances change can lead to inaccurate reporting. Under the FCRA, you must report account closures, charge-offs, and other status changes promptly and accurately.

5. Ignoring Dispute Flags

When a consumer disputes information, you must investigate and report the results. Missing these flags can result in compliance violations under both the FCRA and the Furnisher Rule.

M2 Reporter's software includes automatic checks for all these common issues, helping you maintain accurate, compliant credit reporting.