Account Status 05 (Account transferred)
to become obsolete for reporting
Effective April 2022
As noted within Exhibit 4 (Account Status Codes) in the Credit Reporting Resource Guide (CRRG®) since 2020, Account Status 05 (Account Transferred) will become obsolete for reporting in April 2022.
Refer to the Transferred category within Exhibit 6 for a list of Special Comment Codes that should be used instead of Account Status 05. Refer to Frequently Asked Question & Answer 46 for guidance on reporting transferred accounts, and to Frequently Asked Question & Answer 47 for guidance on reporting sold accounts.
All guidance that relates to accounts being transferred or sold has previously been updated to advise that the Account Status should be reported as of the time of transfer or sale so no further updates will be made to existing CRRG® FAQs (46 & 47) as a result Account Status 05 being retired.
The Metro 2® Task Force recommends that data furnishers transition away from reporting Account Status 05 as soon as possible.
If there are any questions, please e-mail email@example.com.
CDIA and Metro 2® Task Force
Metro 2® Webinar:
Retirement of Account Status 05 (Transferred)
Dec. 8, 2021 @ 2pm ET
Join us Dec 8, 2021 for the Metro 2® Webinar: Retirement of Account Status 05 (Transferred). Developed in collaboration with the Metro 2® Format Task Force, which includes experienced representatives from Equifax, Experian, Innovis, and TransUnion, this webinar will discuss how accounts that are transferred internally or to a servicer should be reported, as reflected in the 2021 Credit Reporting Resource Guide®.
The reporting of accurate data is an essential obligation of data furnishers under the Fair Credit Reporting Act. Account Status 05 will be retired for Credit Reporting in April 2022.
Presented by Pat Dubie, Training Consultant at Consumer Data Industry Association, this webinar will focus on the following discussion topics as they pertain to transferred accounts:
· Use of the L1 Segment to identify the Identification Number and/or Account Number Change
· Use of Special Comment Codes to identify the “transferred’ condition
· FAQ #46
Duration: 45 minutes
Cost: $245 per registration (incl. up to 5 individual participants login)
Your registration includes:
· Access to the scheduled webinar and all handout materials
· An audio re-play file of the event accessible online for up to one year, which can be shared internally with your team
· Free download of the latest version of the Credit Reporting Resource Guide® (CRRG®)
· The webinar is a single sign-on experience.
If you can't join us for one of the scheduled webinars, you may register for the on-demand replay of this event. The on-demand replay as well as the handout material will be emailed to you approximately 48 hours after the purchase.
To view CDIA's Metro 2® attendance policy, please click here.
Legal Disclaimer: CDIA's teleseminars are educational in nature and do not represent legal advice. If you need legal advice, consult an attorney in your jurisdiction.
Earlier this month I was fortunate enough to be able to take care of some obligations - it's a big chunk of everything and I'm looking forward to (hoping for?) a nice score bump.
Of course, my timing was horrible and all the payments came through just after the closing date, so now I have to wait an entire billing cycle to see the effects (which will be the 1st or 2nd week of October). Time is moving sloooowly...
I just wish they would report when the payment was made instead of waiting the full billing cycle - that is, I wish credit reporting was in real time and not batch cycle.
Any explanation would be great. I thought to list a series of events would be better than some long paragraph. I have pics and proof for all events below.
Mid May: Ordered Vehicle (checked credit score showing 730 at the time)
June 7: Toyota Financial Services received payment for old lease
June 12: TFS closed account
June 30: TFS reported to the credit bureau account closed on June 12
Friday July 9: Credit was pulled by dealer (first of knowing of outstanding balance on a said closed account)Was able to get bumped to a Tier 2. (Nothing was reported nor sent to me that I had an outstanding balance)
Monday July 12: called Transunion because their score was what was pulled that hurt the deal. Transunion said that they show nothing of delinquency on my report AND show no history of it being removed nor it ever being on there in the first place.
Evening July 12: called Experian because no other apps were showing a tier 3 credit score. They also said they had no history of it ever being on my report. (Talked to about five differnent people) They put me on a callback list to speak to a supervisor. Associate had said supervisor was in a meeting and would call back.
July 13: Called Experian again to figure what happened. Received notifications that my credit score had increased 66 points and delinquency was removed notifications on Experian app. (No certainty that it was removed from report because they said there’s nothing bad on my report. I guess I take their word for it??)
Evening July 13: received a notifications from credit apps that Toyota Motor Credit has reported positive activity on a outstanding loan balance. Loan paid.
July 14: Called TFS to request document to cross reference dates.
July 16: Called TFS to speak to Toyota Motor Credit. Turns out there’s no one to speak to in that department. It’s the same as calling TFS. Called Experian again to ask why they are just now reflecting on my credit that I had an outstanding balance that was just closed on July 13 not what TFS sent which states that it was closed in June 12. Experian had told me that the account was closed in June but when I explained to them that’s not what I’m seeing in my emails and notifications, they became combative and hung up on me. No one can tell me how and why on July 9, a inaccurate mistake cost me money and no one can send me my credit report to verify that there’s no delinquency. TFS agree that someone dropped the ball (but not them) and is willing to send any and all reports they have on my accounts. All credit bureaus has yet to send me to any documentation of removal of alleged delinquency and I will never know what happen on July 9th that cost me money. I’m paying more than I should and I could’ve been out of $1k(nonrefundable deposit to order vehicle) because I will not sign a tier 3 deal. Who knows how long I would’ve been without a car in this market if that were true.