In the last several years natural disasters seem to be more common in our lives. People who experience a natural disaster may also experience un-predicated financial problems. In light of these possible issues the Consumer Data Industry Association (CDIA) is re-issuing guidance to remind data furnishers how they can help their customers who find themselves with financial issues due to natural disasters.  When reporting consumer data accounts via the metro 2 format remember to reference the following metro 2 information for guidance.

To read more on this subject please visit CDIA's news page here.

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Due to the recent government shut down many government employees are not being paid due to lack of funding. The Consumer Data Industry Association (CDIA) is issuing guidance to companies that furnish data to consumer reporting agencies who may put an account into forbearance as a result of a consumer’s inability to make payments due to the government shutdown, or for other reasons (See FAQ 45 document below). 

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Due to the expected widespread impact from the 2018 hurricane season, the CONSUMER DATA INDUSTRY ASSOCIATION® (CDIA®) recently re-issued guidance to remind data furnishers how they can work with their customers relative to 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;

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

CONSUMER DATA INDUSTRY ASSOCIATION®, CDIA®, the CREDIT REPORTING RESOURCE GUIDE®, and METRO 2® are registered trademarks or trademarks of the Consumer Data Industry Association in the United States and/or other countries. Neither M2 Reporter nor its products or services are affiliated with or endorsed by the Consumer Data Industry Association or CDIA.

Collection Agencies

• Collection agencies must furnish the name of the original creditor and the creditor code that characterizes the debt with each account or item reported. See more information about reporting original creditors and codes at M2 Reporter Help.
  
• Credit Reporting Agencies are required to identify collection agencies that consistently misreport or misuse the creditor code Codes; and to take corrective action.
  
• Collection agencies can no longer report any debts that were not the result of a contract or agreement to pay. Credit Reporting Agencies must remove any existing data reported that was not the result of a contract or agreement to pay
  
• Collection agencies must reconcile data relating to accounts in collection that have not been paid in full. Accounts that have not been updated within the last six months must be removed by the agency.
  
• Updated training materials must be provided to the collection agencies by the CRAs .
  

Data Furnishers

• Data furnishers can not report authorized user accounts unless they include a name, address, social security number, and/or date of birth on new accounts.
  
• Data furnishers must use the more advanced, comprehensive Metro 2® reporting format.  The previous Metro 1® format is no longer accepted.
  

Medical Accounts

• Medical debts which have a date of first delinquency less than 180 days before the day the account was reported will not be included by the CRAs.
  
• Medical accounts reported as “paid by insurance” or “being paid by insurance” and eventually paid in full must be removed and no longer reported.
  

Find the full article at CDIA Resources.

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