We put together a list of FAQ's and answers brought up recently concerning credit reporting during the COVID-19 Pandemic.

COVID-19 Reporting FAQ's

For accounts that were current prior to the Accommodation period:

• Highest Credit or Original Loan Amount = the total amount borrowed
• Credit Limit = assigned Credit Limit for the account (report only if applicable)
• Scheduled Monthly Payment Amount = zero
• Account Status Code = 11 (Current account)
• Payment History Profile (report All prior history) NOTE: The M2R program will automatically adjust the payment history based on the account status code. During the Accommodation period and/or when using an additional code such as Special Payment you will need to manually check and adjust the payment history code for the applicable months.
  • Report value 0 for the months during the Accommodation period
  • As an option, increment the Payment History Profile with value D during the Accommodation period
• Current Balance = outstanding balance amount
• Amount Past Due = zero

For accounts that were delinquent prior to the Accommodation period:

• Highest Credit or Original Loan Amount = the total amount borrowed
• Credit Limit = assigned Credit Limit for the account
• Scheduled Monthly Payment Amount = zero
• Account Status Code = Delinquency Status 71 – 84 as reported prior to the Accommodation period (example 30-day delinquency prior to the period remains a 30-day delinquency throughout the Accommodation period)
• Payment History Profile (report ALL prior history) NOTE: The M2R program will automatically adjust the payment history based on the account status code. During the Accommodation period and/or when using an additional code such as Special Payment you will need to manually check and adjust the payment history code for the applicable months.
  • Report appropriate code that specifies the previous month’s Account Status for each month the account is in the Accommodation period
  • As an option, increment the Payment History Profile with value D during the Accommodation period
• Current Balance = outstanding balance amount
• Amount Past Due = amount past due as reported prior to the accommodation period

For accounts that are brought current during the Accommodation period:

• Highest Credit or Original Loan Amount = the total amount borrowed
• Credit Limit = assigned Credit Limit for the account
• Scheduled Monthly Payment Amount = zero
• Account Status Code = 11 (Current account) or 13 (Paid account)
• Payment History Profile (report All prior history) NOTE: The M2R program will automatically adjust the payment history based on the account status code. During the Accommodation period and/or when using an additional code such as Special Payment you will need to manually check and adjust the payment history code for the applicable months.
  • Report appropriate code that specifies the previous month’s Account Status for each month the account is in the Accommodation period
  • As an option, increment the Payment History Profile with value D during the Accommodation period
• Current Balance = outstanding balance amount OR zero if Paid
• Amount Past Due = zero

To further define your consumer accounts you can elect to utilize these additional Metro 2® reporting options in accordance with the CARES Act amendment to the FCRA as outlined above.

(1) accounts deferred during Accommodation period due to COVID-19 (FAQ 44).

(2) accounts in forbearance as a result of a natural or declared disaster, or for other reasons (FAQ 45).

(3) accounts affected by natural and declared disasters (FAQ 58)

During these uncertain times we are still here and doing our best to keep your business on track. The CDIA® is providing great resources you can access to help answer your METRO 2® data reporting questions. For a list of these resources please visit www.cdiaonline.org/covid-19/.

We know that running a successful business means sticking to a budget. At M2 Reporter we are committed to helping you with this goal by keeping our prices as low as possible. That is why we are transitioning all our invoicing to on-line and email. This will help us keep costs low for metro 2 reporting on our end and hopefully save a little time and money on your end. Less paper waste is good for the environment too, so it's a win win! Didn't get your invoice? Let us know and remember to check your spam and/or trash folders.

Some times watching a video is just easier and faster and we have an option for that. Check out our YouTube channel for tutorials on how to use different aspects of M2R. We are adding new ones weekly so check back often and stay updated on what we are doing. M2 Reporter-YouTube.

According to a July 15th article posted by the Consumer Data Industry Association (CDIA), they are re-issuing guidance to remind data furnishers how they can work with their customers relative to consumers’ disaster-related financial problems. This information is being re-issued due to the expected impact of recent massive flooding along the Gulf Coast and other natural disasters around the country. There is specific guidance available for furnishers who report information about;

(1) accounts affected by natural and declared disasters (FAQ 58), and

(2) accounts in forbearance as a result of a natural or declared disaster, or for other reasons (FAQ 45).

To view the entire Metro 2® announcement, please click here.

What are you doing this holiday weekend? At M2 Reporter we're taking a break from work and firing up the grill. If you are looking for some yummy ideas for your grill check out this list of some of our faves around the office.

This is an all time favorite from our friends at Coastal Farm and Ranch. So good and so easy. Grilled Shrimp Boil Packets.

Keep it light and flavorful with Grilled Cumin Spiced Pork Tenderloin and Fiesta Bean Salad
from SkinnyTaste.

Is chicken on your menu? Add a pop of color, flavor and heat with this tasty Grilled Chicken with Strawberry Chili Salsa recipe.

Don't forget dessert! You can grill it too. Apple Crisp Pizza on the Grill is another great recipe from Coastal Farm and Ranch. Don't forget the ice cream.

Have a fun and safe holiday weekend from all of us at M2 Reporter where metro 2 reporting is simplified.

CDIA and the Metro 2® Format Task Force has webinars in May and June. These events are given by representatives from Equifax, Experian, Innovis, and TransUnion. Gather the tools you need to better understand the metro 2 guidelines and report data to consumer reporting agencies properly. Sign up here.