CDIA Hosting Webinar For Debt Buyers and Third Party Collectors

The Consumer Data Industry Association (CDIA) recently announced that two Webinars have been scheduled to update collection agencies and debt buyers on the latest changes to the Metro 2 reporting standard. The sessions are scheduled for either September 30 or October 9.

The Metro 2 Format is the industry standard for the reporting of data to consumer reporting companies. It provides a uniform platform for reporting credit, loan, public record and other information and enables those who report this data to reduce costs through greater efficiency and more precise reporting.

“The reporting of data has become mission critical for collectors and others who deal in distressed debt”, said Stuart K. Pratt, president and CEO of CDIA. “The financial issues facing consumers today are more important than ever. As a result, regulators, like the Federal Trade Commission, will continue to exercise more oversight on those businesses that interact with consumers and have an impact on their financial well-being.”

Last fall, the FTC held a two-day seminar focusing on collection activities and how they affect consumers. That workshop generated numerous comments to the Commission, many of which dealt with the integrity of data being reported by third party collectors and debt buyers to the consumer reporting agencies.

Metro 2 was designed, in large part, to address specific data furnisher questions upon its introduction several years ago. The Format is constantly being updated as changes are requested by data furnishers and others. Last year alone, the Credit Reporting Resource Guide, which is essentially the instruction manual for use of the Metro 2, had more than 100 pages of revisions.

The Webinars will cover the various Metro 2 data fields and codes that are specifically used by third party collection agencies and debt purchasers when reporting consumer credit account information. Some of the material covered includes:

• Identification Numbers and Consumer Account Numbers

• Portfolio Types, Account Types, Terms Duration

• Amount Fields and Account Status Codes

• Special Comment Codes & Compliance Condition Codes

• Date Fields and Original Creditor information

• ECOA Codes and Information Indicators

To learn more about the Webinars, please click here.

About CDIA
Founded in 1906, the Consumer Data Industry Association represents over 300 consumer data companies that provide fraud prevention and risk management products, credit and mortgage reports, tenant and employment screening services, check fraud and verification services, and collection services to  customers.