The Consumer Data Industry Association (CDIA) is sending this notice to remind lenders and creditors (also known as “data furnishers” or “furnishers”) how they can work with their customers to address financial problems that those consumers may be experiencing as a result of unforeseen circumstances, like a natural or declared disaster, or for other reasons. This announcement is a reminder to all data furnishers that there is specific guidance available under the Metro 2® Format for those furnishers who report information about consumers where consumer accounts need temporary relief. This temporary assistance may include relief up to and including regular monthly payments being postponed.
Options for consumers’ accounts placed in a temporary relief payment plan are noted in the Credit Reporting Resource Guide® (CRRG®):
FAQ 43 – What are the available options for reporting an account that has regular payments temporarily postponed?
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 via the ‘SUBMIT A METRO 2® QUESTION’ button on the Metro 2® access section of your CDIA account 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 58 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 58 and other relevant furnisher information on the Metro 2®portion of the CDIA website.
About the Consumer Data Industry Association
The Consumer Data Industry Association (CDIA) is the voice of the consumer reporting industry, representing consumer reporting agencies including the nationwide credit bureaus, regional and specialized credit bureaus, background check and residential screening companies, and others. Founded in 1906, CDIA promotes the responsible use of consumer data to help consumers achieve their financial goals, and to help businesses, governments and volunteer organizations avoid fraud and manage risk. Through data and analytics, CDIA members empower economic opportunity all over the world, helping ensure fair and safe transactions for consumers, facilitating competition and expanding consumers’ access to financial and other products suited to their unique needs.
About the Metro 2® Format, and the Credit Reporting Resource Guide® (CRRG®)
The Metro 2® Format is the uniform, universal data reporting format that allows data furnishers, like lenders and creditors, to report consumer credit information to consumer reporting agencies (CRAs) in a consistent and legally compliant manner. The Credit Reporting Resource Guide® (CRRG ®) is the guide published by CDIA to guide furnishers in how to report consumer credit information in the Metro 2® Format