The 2023 revisions to the Credit Reporting Resource Guide® included updated guidance to sold and purchased accounts (FAQs 47 and 48). Additionally, minor updates were made to FAQ 46, which contains the reporting guidance for transferred accounts. Join this new and important Metro 2® Webinar to learn about the changes and best practices for reporting accounts that are sold and transferred.
This webinar focuses on the revised guidance in FAQ 47, which specifies reporting by the seller and the purchaser when the purchaser WILL convert the seller’s previous account history to their system and FAQ 48, which specifies reporting by the seller and the purchaser when the purchaser will NOT convert the seller’s previous account history to their system. This updated guidance allows for better coordination in reporting by the seller and the purchaser.
The webinar uses sample reporting scenarios to provide attendees with practical examples of how transferred and sold accounts should be reported.
Still reporting Account Status 05 for transferred and sold accounts? Then this webinar is a must attend for you. Account Status Code 05 became obsolete for reporting as of April 2022 and should no longer be reported.