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 What Should You Look For In Metro 2 Credit Reporting Software?

• The software should be fully tested, accepted and approved by the National Credit Bureaus to which you will be reporting.
• Credit reporting software or on-line reporting services must be kept up-to-date with the Metro 2 file format specifications and the latest reporting laws and regulations related to The Fair Credit Reporting Act (FCRA), The Fair Credit Billing Act (FCBA), The Equal Credit Opportunity Act (ECOA) and The Fair Debt Collections Practice Act (FDCPA).
• Full reporting capability to handle all credit bureau approved reporting scenarios, which your company may encounter.
• Credit reporting software must accurately report consumer trade lines to the credit bureaus using the Metro 2 format.
  • Please note: Simply submitting an account to the National Credit Reporting Repositories, does not guarantee acceptance into their database. If the software or on-line reporting services which you are using does not conform to the list above, chances are, the credit bureaus will exclude the non-compliant accounts. If excessive compliance errors are reported month after month, your reporting agreement with the bureaus, may also be compromised.
• Purchasing a credit reporting software package should be based on the accuracy in which it reports your accounts, and the features which best suit your companies needs.
• Software should be easy to use and provide intuitive Help Screens. This will help eliminate any second-guessing as to what the credit bureaus may require in a particular field.
• Easy and secure uploading of your accounts to the National Credit Bureaus.
• Software can be limited to the number of accounts which it will reasonably handle. Make sure the software which you are selecting can handle the volume of accounts which your company has to report.

Credit Reporting and Software Tips

• How Does A Company Report Consumer Credit?
• What is the Metro 2 format?
• What should a company look for in a Metro 2 credit reporting software package?
• Do I need to become a credit bureau member in order to report consumer credit?
• National Credit Bureau Contacts, Reporting Minimums & Requirements
• If I report trade lines to one CRA, do my trade lines show on the other CRA's?
• How long does it take the Credit Repositories to update accounts after submission?
• We do not meet the minimum number of accounts to report to the credit bureaus. What are our options?
• What is 3rd party processing/stacking?
• What to look for in a 3rd party processor?