Step 5 - The software will perform validity checks on the accounts, to ensure the information which you
have entered, is compliant with the latest regulations related to the Fair Credit Reporting Act (FCRA), the
Fair Credit Billing Act (FCBA) the Equal Credit Opportunity Act (ECOA), the Fair Debt Collections Practice Act
(FDCPA) and the Metro 2® format layout specifications.
Step 6 - Send your accounts to the National Credit Repositories which you have a reporting
agreement with. Once the Credit Repository has received your accounts, they will run extensive processes to
verify the data which you have submitted. They may also request additional information from your company and
may have you manually verify the data which was submitted. Because of the time involved in this initial
verification process, the first batch of accounts may not be updated for several weeks. Once the bureaus
have approved your accounts, they will typically update the accounts within a thirty day period. This process
and time delay will vary between bureaus. Please contact your sales representative at the bureau for their policies.
Step 7 - Repeat steps 4-7 on a monthly basis. Please note: Monthly reporting is required by all credit
reporting agencies. Customers which do not report on a monthly basis, risk termination of their reporting
agreement and accounts purged from their databases.
We do not meet the minimum number of accounts to report to the credit bureaus. What are our options?
Each Credit Bureau has their own policy on reporting minimums
[click here] for
complete details. Basically, you should report your entire portfolio with accounts aging up to 6.5 years.
If you are still unable to meet their minimums, the bureaus may allow you to report through a
Third Party Processor/Stacking Service
such as The Service Bureau. You will need to have Metro 2® compliant software
(Credit Manager) and a
data furnisher's agreement in order to use this service. Additional processing fees apply
for this service, [click here] for pricing.
What should a company look for in a Metro 2® credit reporting software package?
The best software should be fully tested, accepted and approved by the National Credit Bureaus to which you will be reporting.
Credit reporting software must be kept up-to-date with the latest reporting laws and regulations and follow
the strict guidelines defined in the Metro 2® Credit Reporting Resource Guide.
Full reporting capability to handle all credit bureau approved reporting scenarios, which your company may encounter.
Credit reporting software must accurately report your companies accounts to the credit bureaus using the
Metro 2® format.
Please note: Simply submitting an account to the National Credit Reporting Repositories does not guarantee
acceptance into their database. If the software you are using does not conform to the list above, chances are,
the credit bureaus will exclude the non-compliant accounts. If excessive compliance errors are reported month
after month, your reporting agreement with the bureaus, may also be compromised.
Purchasing the best credit reporting software package should be based on the accuracy in which it reports your accounts,
and the features which best suit your companies needs.
Software should be easy to use and provide intuitive Help Screens. This will help eliminate any second-guessing
as to what the credit bureaus may require in a particular field.
Easy and secure uploading of your accounts to the National Credit Bureaus.
Software can be limited to the number of accounts which it will reasonably handle. Make sure the software
which you are selecting can handle the volume of accounts which your company has to report.
What are the main differences between Pro and Elite versions of Credit Manager?
Direct reporting and processor reporting is available using the Pro and Elite versions. If using The Service Bureau's
processing service additional fees will apply. The Pro version supports up to 100,000 accounts where the Elite version
will support over 2 million. Click
for complete feature comparisons.
The best option for most businesses is our Pro version.
All versions of Credit Manager support the Metro 2, 426 (uncompressed) format.
Can I import my accounts from another file into Credit Manager?
does have an extensive and flexible import engine. This process will take accounts in various formats
click here to read more and import the accounts into
Importing accounts can help eliminate manual data entry errors, thus providing more accurate information to the credit bureaus.
Non-credit reporting software packages generally do not use the same codes, which the credit bureaus require.
However, our flexible import utilities will allow you to cross-reference the information to the codes the credit bureaus require.
Does Credit Manager support all reporting codes and segments?
Supports all company types, status codes, type codes, comment codes, compliance condition codes, Consumer Information Indicators,
24-month payment history and all appended segments including reporting up to 6 co-signers/co-makers.
is the best option to handle any bureau approved reporting scenario.
Is Credit Manager, Metro 2® software easy to install and use?
The ease of use of any software package is largely based on the skills and understanding of the individuals using the software.
Credit reporting can be complicated, however, we have made our
Credit Manager software
easy to install and use, and as user friendly as possible. Moreover, the software comes with extensive context sensitive help
screens and the backing of a knowledgeable and accessible support staff. In short, you will find the
software as easy as it gets for reporting accounts to the credit bureaus.
How long does it take the Credit Repositories to update accounts after submission?
Once the Credit Repository has received your first batch of accounts, they will run extensive processes to verify the data
which you have submitted. They may also request additional information from your company and may have you manually verify the data which was submitted.
Because of the time involved in this initial verification processed the first batch of accounts may not be updated for several weeks.
Once the bureaus have approved your accounts, they will typically update the accounts within a thirty day period.
This process and time delay will vary between bureaus. Please contact your sales representative at the bureau for their policies.
What is a Stacking Service or Third Party Processor?
A Stacking Service or
Third Party Processor, such as
The Service Bureau will accept accounts from multiple customers who do not meet the current bureau account reporting
minimums, combine the accounts together and submit a "stacked" file to the bureaus. You must be approved by the
credit bureaus to use this service, meet their
processor reporting minimums and have
a data furnishers or service agreement with each bureau to which The Service Bureau will forward your accounts.
What is the Metro 2® Format?
Answer: In 1997, the credit reporting industry initiated the use of
the "Metro 2®" format which became the industry standard for reporting debtor information.
The Metro 2® format layout 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. It
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.
What is the difference between Metro 2®, 366 format and Metro 2®, 426 format?
Answer: Metro 2 support two formats, the Metro 2, 366 and the
Metro 2, 426. While both formats are similar the 366 packs all numeric fields like dollar amounts and
dates to save file space, where the 426 format does not contain packed fields. When opening the
Metro 2 file in a text editor (or similar) the 366 packed fields are not human readable where the
426 fields are readable.
If I report trade lines to one CRA, do my trade lines show on the other CRA's?
The credit reporting agencies (CRA) are separate entities and maintain their own databases, therefore your trade
lines will only be displayed on the bureaus which you submit data and have a reporting agreement with.
Is the Credit Managers Metro 2® file accepted and approved by all credit bureaus?
Metro 2® file was tested and approved by all major credit bureaus, prior to it's release.
I have a Metro 1 formatted file and want to convert it to Metro 2® formatted file. Can Credit Manager accomplish this?
is capable of importing fixed formatted files such as a Metro 1 file into its database and export in the
Metro 2® format. Please note: After importing, your accounts may require additional information or editing
to be compliant with the Metro 2® format and meet current regulations. Our
intuitive compliance management system will help guide you through correcting any compliance issues.
What is your policy for software upgrades?
Minor revisions, which include compliance updates and minor enhancements, are available at no charge. Major revisions
are available at a discounted rate to customers with a yearly support agreement. For complete description of Major revision
policies, please [contact us] for a copy of our support agreement.
How does our company purchase the Credit Manager software?
We have several options available to best suit your needs.
Order on-line with a credit card.
for the order screen.
Phone orders. Please call 801-334-0051 and one of our knowledgeable sales representatives can take your order over the phone.
If you are using a demo copy of the software, fill out the
Company Info located in the File menu, then click on the Help Button and select "Purchase Software" and follow the instructions provided.
What are the benefits of reporting credit?
Promoting on-time payments can provide your customers with the best opportunity to build or establish credit.
Reinforces borrower incentives to manage credit wisely and avoid delinquencies and defaults. Reporting
credit improves the performance of the entire market and lowers the costs of making credit available.
Better information results in better lending. Sharing payment information provides other creditors the
information they need to avoid overextending your customers. As a result, your customers will be in a
better position to pay their loan on time.
Customers who know you are reporting payment history are more likely to make on-time payments.
Allows a collection agency better leverage to collect a debt.