Debt Buyers & Collection Agencies General Reporting Guidelines

Essential compliance rules for debt buyers & collection agencies. Follow these guidelines to ensure proper Metro 2® reporting. All other applicable fields should be reported in conjunction with these values.

Category	Requirement	Details & Notes
Entity Definitions	Debt Buyer vs. Collection Agency	Debt Buyer: Company/individual that purchases accounts for collecting debts. Third-Party Collection Agency: Business/individual hired to collect unpaid debts for others.
Pre-Reporting Requirement	Consumer Contact Required	Do not report an account before reaching out to the consumer(s) and communicating to them about the debt.
Data Format	Standard Metro 2® Format using M2R software	M2R program formats data correctly using current Metro 2® guidelines set by CDIA® and credit bureaus.
Consumer Information	Complete identification data required	Report complete name, address, social security number, and date of birth for legally liable consumer(s) only.
Reporting Frequency	Monthly reporting of all accounts	Include open collection accounts, collection accounts paid in full, and accounts requiring deletion or correction.
Paid in Full Accounts	Report before purging from system	Report paid in full collection accounts before removing from internal system. Discontinue reporting 3 months after paid in full and closed status is set.
Contractual Debt Only	Only report debts based on signed contracts	Do NOT report: fines, tickets, assessments, library fines, parking tickets, etc. Debts must be based on consumer agreement with original creditor.
Medical Debt - Time Restriction	Wait minimum 365 days from DOFD	Do not report Medical Debt collection accounts (Creditor Classification Code 02) until at least 365 days past Date of First Delinquency.
Medical Debt - Amount Restriction	Minimum $500 threshold	Do not report Medical Debt collection accounts (Creditor Class Code 02) with Highest Credit/Original Loan Amount less than $500.
Paid in Full Protection	Never delete paid in full collection accounts	Do not delete collection accounts that are reported as paid in full.

Account Deletion Reasons - Debt Buyers (Account Status DA or DF)

Deletion Reason	Description
Account Transfer	Accounts which have been forwarded or sold to another entity
Reporting Error	Accounts reported in error
Fraud Confirmed	Accounts which have been confirmed as fraudulent (use DF status)
Deceased Consumer	After reporting ECOA code X for deceased consumer, report appropriate DA or DF account status for accounts with a deceased consumer when no other associated consumers remain responsible
Insurance Payment	Accounts that are being paid by insurance or were paid in full through insurance (not by the consumer)

Account Deletion Reasons - Third Party Collections (Account Status DA or DF)

Deletion Reason	Description
Canceled/Returned	Accounts which have been canceled and returned to creditor
Reporting Error	Accounts reported in error
Fraud Confirmed	Accounts which have been confirmed as fraudulent (use DF status)
Deceased Consumer	After reporting ECOA code X for deceased consumer, report appropriate DA or DF account status for accounts with a deceased consumer when no other associated consumers remain responsible
Insurance Payment	Accounts that are being paid by insurance or were paid in full through insurance (not by the consumer)
Bankruptcy Filing	Accounts of consumers who have filed petitions for bankruptcy