2023 Revisions to Credit Reporting Resource Guide®

1. ​Industry Reporting Standards - ​Clarified which accounts must be reported a minimum of once per month

​An industry standard for reporting consumer accounts will ensure the integrity and consistency of the credit information being reported. 

• All accounts with Account Status Codes 11, 71, 78, 80, 82-84, 88-89 and 93-97 must be reported a minimum of once per month. 
• A final Account Status Code must be reported when the accounts are ultimately paid or closed with a zero balance. 
• If reporting by cycles, all accounts must be reported at the close of each cycle. 
• When reporting delinquent accounts, the “Industry Standard for Reporting Account Delinquency” must be followed. 

2. ​Quick Reference Guides to Industry Standards - Added new reporting standards for Residential Rental Companies.​

While all applicable fields within the Metro 2® Format should be reported, these guidelines provide specific values that apply to reporters of Residential Rental accounts. Refer to the Residential Rental Reporting module for additional details. 

• Portfolio Type - O (Open)
• Account Type - 29
• Date Opened - Lease start date Note: If the lease start date is unavailable, report the date the renter/lessee takes possession of the property. 
• Credit Limit - Blank or Zero
• Highest Credit/Original Loan Amount - Monthly rental obligation amount; i.e., amount of rent due each month.
• Terms Duration - Program default of 001. You will not manually enter or import this value.
•  Scheduled Monthly Payment Amount - Amount of the scheduled monthly payment due for the current reporting period, which should include the monthly rental obligation amount, and utilities and other fees, if included in the rental agreement  
• Account Status - 11, 13, 62, 64, 71, 78, 80, 82 – 84, 93, 97, DA, DF
• Special Comment - Report when applicable

1.
2.
3.
4.
5.​

Legal Action = AM
Special Payment Arrangements = AC, AI, AU
Transferred = O, AT, BA
Sold = AH
Other = AW Removal of comment = blank  

• Current Balance - Outstanding balance amount including any late charges and fees. Note: Do not include one-time fees or damage fees. 
• ECOA Code - ECOA Code 3 (Authorized User) is not applicable.