Metro 2 is not a way to fix debt. That makes it sound a lot simpler than reality, but Metro 2 credit reporting codes are still something that has to be explained in order to be interpreted. Unless you’ve been a debt collector, it likely you are less familiar with consumer protection laws such as the Fair Credit Report, the Fair Credit Act, the Equality Credit Act and the Debt Collection Act.
You should also keep in mind that these laws and standards are created by politicians who are unfamiliar with the credit reporting industry. You can probably look at different areas in your work and understand that someone who does not understand the ins and outs of any particular industry may not be the most qualified to create the internal operating rules of that field.
For example, a politician who does not have a degree or background has no knowledge of what a teacher’s job is to teach a class that is full of your children every day, and he is not in a good position to create a law that affects a teacher. function. Sadly, politicians do the same thing every day, in almost every industry.
That is not to say that FCRA and those regulations are not good consumer protection measures, it simply means that in order to implement these regulations effectively, Credit Bureaus had to create a reporting standard for any lender or Data Furnisher that seeks to report information in a consumer credit report.
Add to this the fact that each industry reporting to credit bureaus has its own set of standards and regulations, as well as its own unique type of information that needs reported on the credit report. The credit card company reports different information than the mortgage company, which reports different information from the car lender, the student loan worker, the collector company, the medical debt service, and so on.
Why Metro 2 Credit Reporting Codes?
So, in order to effectively report the data from all the different types of industry accounts as well as stay within the bounds of the Federal Trade Commission, Major Credit Bureaus and Data Furniture have developed Metro 2 credit reporting codes and system software.
With the development of Metro 2 credit reporting codes and encrypted language, the credit bureaus are establishing the common language. They’re creating the standard credit reporting codes that all companies should be using to send data about their customers to them, the bureaus, who will then add that information to the consumer’s credit report.
The Metro 2 credit reporting codes are the FCRA’s full grievance redressal system, so one of the benefits of using the Credit Bureau is the ability to enable banks to comply with the Fair Credit Reporting Act (FCRA) and the Equal Credit Equity Act (ECOA).
Interestingly, Metro 2’s accounting standards set by the Credit Bureaus account are actually HIGHER than politicians set in consumer protection laws, which means that the account reporting report may meet the FCRA or FDCPA standards, but not meet the reporting standards.
This is important for a number of reasons: First, because it opens each account to closer examination more often than disputes based on consumer protection laws only. Secondly, the account does not require any apparent visible error to be deleted. Again, because Metro 2 challenges the reportability of accounts and enforces compliance with Metro 2 reporting standards.
These standards are so strict that in CRGG, the Bureau of Credit Reporting, they say that any deviation from these standards jeopardizes the integrity of the entire account. Recently, the organizers of the organization placed additional emphasis on the accuracy of information sent to and reported by TransUnion, Experian, and Equifax.
The e-Oscar System
Metro 2 Compliance Challenge is a robust process of using the e-OSCAR software to ensure that the items reported on the credit report meet compliance standards set forth by Metro 2 compliance standards. This strategy forces the e-OSCAR system to work for you, not for the benefit of the Credit Reporting Centers.
There is a big difference between a customary debt settlement letter and a Metro 2 Compliance-based application through the e-OSCAR bureau. Submission of the Metro 2 Compliance Challenge prompts e-OSCAR electronically to check whether all data was correct and valid about the Metro 2 formatted reporting standards and reporting in compliance standards set by FCRA.
FCRA requires that only true recorded data which is factually documented to be physically verified as fully true, correct, complete as reported, timely in reporting, of a known responsibility and ownership, or else wisely validated as fully authentic, accurate, complete as reported, at the time of reporting, known liability and ownership, or otherwise cleverly verified can be legally reported in a consumer credit report.
On request for compliance with Metro 2, if the compliance check is missing or delayed or rejected in any way, it will challenge the claim for a statutory challenge to present a valid reporting certificate (reporting process and the reporting item itself) which comprises correct and complete Metro 2 Formatted Reporting Standards, applicable FCRA requirements, applicable FDCPA requirements, and any other standard or principle that may apply.
How Does Metro 2 Benefit You?
Compliance Reporting is the lowest standard of reporting, it is not optional while the truth and legitimacy of claims is a small collection standard but not all compliance standards meet the reporting requirements. The fact is that you can have a legally collected item that can be deleted from the credit report as not being legally reported because it does not comply with Metro 2 reporting standards.
What this means for you is that delivering Metro 2 Compliance Challenges is the best way to maximize the effectiveness of the letters we will be sending to get you the best results possible. We will leverage the credit bureau’s own systems to do your work for you and utilize all the power of all of the Consumer Protection laws as well as the bureau’s own enforced reporting standards at the same time.
Many letters will be drafted on your behalf and sent USPS Certified Mail to the credit bureaus and creditors challenging the reportability of accounts containing alleged negativities. To do this, we leverage METRO2 Compliance Challenges, which are far more effective than the cookie-cutter “dispute letters” used by most credit repair companies. A comparison would be highly technical, but at its heart there is a foundational difference in how Metro 2 Compliance Challenges work vs generic dispute letters:
Metro 2 Compliance Challenges
- Uses the language of the Bureau’s own reporting system to contest “reportability” of accounts.
- Attacks based on the entire set of datapoints reporting for greater effectiveness and efficiency.
- Uses a standard that is stricter than Consumer Protection laws.
- Valid even against accounts with no discernible error.
- Able to challenge every alleged negativity during each round.
Cookie Cutter Dispute Letters
- Can only dispute factual data found on the surface of the credit report, not all the datapoints.
- Generic and readily found on the internet.
- Possibly useless against accounts with no visible errors.
- Relies on overlapping rules and regulations that are subject to much interpretation.
- Averages 5 disputes per round, prolonging the repair process, costing more, with less significant results.
Along the way, we will also guide you how to better manage your credit and how to keep your awesome credit score long after our work is done. We will also give you access to lenders that will grant you approval for new lines of credit strictly for the purpose of adding positive lines of credit to your reports. We do NOT condone taking on debt to build credit.