Description
Get a glimpse of how furnishers train personnel to avoid FCRA risk factors in Metro 2 reporting.
There has been a lot of chatter in this industry regarding creating Metro 2 letters for challenging items in a credit report. However, so many are in the dark of precisely what this means. You will see all types of interesting letters sent to CRAs, with most users of these letters throwing everything at the wall with no understanding of the process. Many of those letters have worked great and some often miss the mark. They are not guaranteed.
What you should know as a Credit Consultant is that there has been a great deal of improvements on how furnishers are reporting data in CDIA’s Metro 2 Format. Technology has significantly improved, and there are many companies offering solutions to furnishers to get it right. But, unfortunately, this is why so many are sending letters that are simply not working as great as they have before. But those adjusting to the technology will have some success.
Writing a simple letter for a single entry challenging a Metro 2 reporting format could be just as effective.
This training will help you understand risk factors from a furnisher’s perspective to become creative in your approach to challenging reported data. Also, there are some case laws to help you understand risk factors.
We have taken a deep dive into Metro 2 since 2018 and are now ready to share our findings with our members. This is 2021 and our information is based on 2018-2019 and some 2020 data. There are also some 2021 law changes. However, the process is still the same. CDIA only change some reporting standards in the metro 2 file. This training will not share how to write a letter but increase your understanding of the challenges facing furnishers complying with Metro Standards. Therefore, the training is not for everyone. However, if you seek a deeper understanding of Metro 2 that is NOT readily available to everyone, this training is for you. With knowledge, one can find their own strategies to create their own letters to be an effective credit consultant for their clients.