The Consumer Data Industry Association (CDIA) is sending this notice to remind lenders and creditors (“data furnishers” or “furnishers”) how they can work with their individual customers to address financial problems that those consumers may be experiencing as a result of natural or declared disasters, or for other reasons. This Metro 2® announcement is a reminder to all data furnishers that there is specific guidance available for furnishers who report information about consumers where (1) consumers’ accounts are affected by natural and declared disasters (FAQ 58), or (2) consumers’ accounts placed in forbearance as a result of a natural or declared disaster, or for other reasons (FAQ 45). Please review this announcement and guidance closely. For additional questions about data reporting in the Metro 2® Format, please contact CDIA and the Metro 2® Task Force at firstname.lastname@example.org; or contact your consumer reporting agency representatives directly.
Reporting Credit Account Information in the Metro 2® Format for Consumers Affected by Natural Disasters
Consumer reporting agencies know that natural disasters occur across the United States from time-to-time. Institutions that furnish data to consumer reporting agencies in the Metro 2® Format are reminded that there is specific guidance in FAQ 58 of the Credit Reporting Resource Guide® to assist with the reporting of account information for consumers affected by natural disasters.
You can find the FAQ 58 and other relevant furnisher information on the Metro 2® portion of the CDIA website.
Reporting Forbearance Information
Forbearance is a period of time during repayment in which a borrower is permitted to temporarily postpone making regular monthly payments. The debt is not forgiven, but regular payments are suspended until a later time. As an example, forbearance may be granted if a borrower is experiencing temporary financial difficulty. The consumer may be making reduced payments, interest-only payments or no payments.
Institutions that furnish data to consumer reporting agencies in the Metro 2® Format are reminded that there is specific guidance in FAQ 58 of the Credit Reporting Resource Guide® to assist with the reporting of accounts in forbearance as a result of a natural or declared disaster, or for other reasons.
About the Consumer Data Industry Association
The Consumer Data Industry Association (CDIA) is the voice of the consumer reporting industry, representing consumer reporting agencies including the nationwide credit bureaus, regional and specialized credit bureaus, background check and residential screening companies, and others. Founded in 1906, CDIA promotes the responsible use of consumer data to help consumers achieve their financial goals, and to help businesses, governments and volunteer organizations avoid fraud and manage risk. Through data and analytics, CDIA members empower economic opportunity all over the world, helping ensure fair and safe transactions for consumers, facilitating competition and expanding consumers’ access to financial and other products suited to their unique needs.
The CDIA has re-issued the disaster notice due to concerns about COVID-19. With that said, guidance has been provided in the release on how customers can report consumers who have been negatively financially impacted due to COVID-19. Notification and guidance will be included on CDIA’s website.