Not reporting your customer's credit history yet? Here are a few things to consider.
Metro 2® FAQ 58 pertaining to natural or declared disaster area reporting has been updated by CDIA®. There is specific guidance available for furnishers who report information about;
We've updated our customer company access feature.
We have recently updated our customer file access. To access M2R program updates, upgrades and your company's files you will need to have a registered account with M2 Reporter. If you are not registered please call or email us to setup your company for access today.
If you have a current registered account with M2 Reporter you can go to www.m2reporter.com , click on the Log In menu option and log into your account. Once you are log in you can access any program updates, upgrades or company files we are working on for you.
Did you know M2 Reporter's current version of the M2R metro 2 credit reporting software has a new search and filter feature?
With this new tool you can sort, search and filter all your accounts in M2R making it easier to find and update the data you are looking for. You can also use this feature in conjunction with the M2R export/import tool to quickly update batches of metro 2 customer accounts at one time. See it in action here. If you don't have the current version get in touch with M2 Reporter and make sure you're reporting with the latest and greatest!
We've made accessing your files for M2R even easier.
Now you can access your M2R program and company files at anytime. If you have a current account with M2 Reporter just go to www.m2reporter.com , find Other Services under the Product and Services menu and choose the Company File Access option. Once there you can find your company name in the drop down list, click on the download button file you need , enter your password and download your files. It's that simple!
Call or email us today to setup up your Company File Access account.
2014 update to be released soon
We are very excited for the latest version of M2R to be released. It is scheduled for release the first of March. All current customers will have access to this update for free. Check back soon for access to the download.
With the new release you get:
Since many data furnishers furnish information on private student loans, we are sending out a July 25 statement from the federal bank regulatory agencies
encouraging financial institutions to work constructively with private student loan borrowers experiencing financial difficulties. Prudent workout arrangements are consistent with safe and sound lending practices and are generally in the long-term best interest of both the financial institution and the borrower.
Student loan borrowers who are unemployed or underemployed may face hardship in making payments on their private student loan debts after separation from school or during periods of economic difficulty. Current interagency guidance permits prudent workout and modification programs for retail loans, including student loans, and provides that extensions, deferrals, renewals, and rewrites may be used to help borrowers overcome temporary financial difficulties. Institutions that have private student loan workout programs should provide borrowers with information that clearly explains the programs, including eligibility criteria and the process for requesting a modification.
The statement was issued by the FDIC, the FRB, and the Office of the Comptroller of the Currency. These agencies also provided a link to a statement, Agencies Encourage Financial Institutions to Work with Student Loan Borrowers Experiencing Financial Difficulties.
Consumer Data Industry Association
We are providing information sent out by CDIA concerning recent natural disasters that have happened in the USA and how these events may effect your credit reporting options.
Important Metro 2® Announcement
Consumer reporting agencies are mindful of recent natural disasters across the United States.
The Consumer Data Industry Association (CDIA) is reissuing an important Metro 2® announcement on disaster area and forbearance reporting to remind data furnishers how they can work with their customers relative to consumers’ storm-related financial problems. The Metro 2® announcement below is a reminder to all data furnishers that there is specific guidance available for furnishers who report information about (1) consumers affected by natural and declared disasters (FAQ 56), and (2) accounts in forbearance as a result of a natural or declared disaster, or for other reasons (FAQ 45). Please review this announcement and guidance closely. For additional questions about data reporting in the Metro 2® Format, please contact CDIA and the Metro 2® Task Force at firstname.lastname@example.org; or contact your consumer reporting agency representatives directly.
Reporting Credit Account Information in the Metro 2® Format for Consumers Affected by Natural Disasters
Consumer reporting agencies know that natural disasters occur across the United States from time-to-time. Institutions that furnish data to consumer reporting agencies in the Metro 2® Format are reminded that there is specific guidance in FAQ 56 of the Credit Reporting Resource Guide® to assist with the reporting of account information for consumers affected by natural disasters.
You can find the FAQ 56 and other relevant furnisher information on the Metro 2® portion of the CDIA website.
Reporting Forbearance Information
Forbearance is a period of time during repayment in which a borrower is permitted to temporarily postpone making regular monthly payments. The debt is not forgiven, but regular payments are suspended until a later time. As an example, forbearance may be granted if a borrower is experiencing temporary financial difficulty. The consumer may be making reduced payments, interest-only payments or no payments.
Institutions that furnish data to consumer reporting agencies in the Metro 2® Format are reminded that there is specific guidance in FAQ 45 of the Credit Reporting Resource Guide® to assist with the reporting of accounts in forbearance as a result of a natural or declared disaster, or for other reasons.
You can find the FAQ 45 and other relevant furnisher information on the Metro 2® portion of the CDIA website.
Consumer Data Industry Association
The question, "Should we be reporting our customers credit history and if so, why?" is often asked. The simple answer is yes. Credit history data opens doors. We can obtain a loan to start a small business, buy a home or to help pay for our chlidren to go to college because of a credit report. Data protects us from crimes like identity thefts.
A credit report supplies important information about a perspective customer, tenant, employee, etc. Each report contains a record of their credit history that includes information about:
Credit reports are important because lenders, insurers, employers, and others may obtain a credit report from credit bureaus to assess how a consumer or business manages financial responsibilities. For example:
CDIA consumer data reporting
Federal Reserve - credit
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