Metro 2 Format for Credit Reporting
What is the Metro 2 Format?
In the United States of America, all the major credit bureaus recognize Metro 2 as the standard reporting software for all the business credit data. The Metro2 format created by the consumer data industry association (CDIA) in 1997. Metro2 format created to report all the commercial and credit information to the credit bureaus. In this article, we will discuss the details of Metro 2.
Why Credit Bureaus Require Metro 2 Format?
A uniform or a standard method of reporting is necessary for some of the below reasons.
- All four major credit bureaus need one standard reporting format.
- Metro 2 Format easier than all other formats
- Metro 2 format meets the required criteria of the Fair Credit Reporting Act (FCRA) and the Fair Credit Billing Act (FCBA).
- The Data Analytics Screen improves the accuracy of filling data up to 4 digit year fields.
- The Software allows storage and reporting of consumer payment of up to 24 months.
- Business can report data both at the account and consumer level in detailed format using this software.
- Metro2 software designed to meet all the data feeding by the business which the four major credit bureaus need.
- The customer’s credit reports generated quickly when a business sends relevant information on time.
How Can You Use It?
The CDIA only uses Metro2 format software for business. Metro 2 Software used by business who all need to feed data into it. Metro 2 Format needs special software like Experian of GoldenOmega to convert data into this format. Therefore, CDIA also advises you to use a system that meets the accurate and timely reporting of data.
When You Find the Software for Converting Data into Metro 2 Format, Your Steps Include:
- Preparing the data of your business or customers credit information in the needed format
- Entering needed data into the credit reporting software
- Uploading the format into the particular credit bureau of your business location.
- Validating data through the bureaus.
- Adding the data validated to the credit reports of customers
Experian of GoldenOmega
Metro 2 Credit Reporting Software, such as Experian of GoldenOmega formats your accounts into Metro2 form needed by all the major Credit Information Bureaus of America. The Software performs a check of statements. Experian of GoldenOmega performs the verification of compliance of accounts in the format needed and submits it up to date information according to the latest reporting standards of Metro 2 requirement consequently.
The Experian software gets updated according to the latest version of Metro 2 format. If the standards not followed, the information subjected to the rejection by the bureaus. If you don’t comply with the requirements, The bureaus consequently make rejection of your entire Metro2 Format business file. So, Experian handles every aspect of reporting laws and standards to keep for business file up to date.
Our Software is clear simple and easy to use. It also very well integrates with the existing system of yours. You can have the basic templates for filling almost all the required fields. So, Contact or Call us Today at (916) 939-7083 to book a demo or for more details.