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