What is the Metro 2 format?
In 1997, the credit reporting industry initiated the use of the "Metro 2" format which became the industry standard for reporting debtor information.
The "Metro2" format was developed by Consumer Data Industry Association (CDIA) to replace the Metro format which was developed in the late 1970's. The Metro 2 format layout is described in the Metro 2 Credit Reporting Resource Guide.
The Metro2 format facilitates complete and greater accuracy of reporting of data and provides the following features:
- The Metro 2 format is designed to be easier to use and understand;
- provides one standard computer format to be used for reporting accurate, complete and timely consumer credit information;
- meets all requirements of the Fair Credit Reporting Act (FCRA), the Fair Credit Billing Act (FCBA) and the Equal Credit Opportunity Act (ECOA);
- allows for reporting information at both the account and consumer levels;
- allows reporting on debtors that "cannot be located";
- allows reporting of deferred payments and "associate" borrowers /debtors information;
- Identification numbers can be changed to accommodate transfer or sale of debt (asset sales); and,
- the format accommodates a 4-digit "year" field to accommodate reporting in the year 2000 and beyond.