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Account Status (Transferred)


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REMINDER!

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 metro2info@cdiaonline.org.

 

Thank you,

CDIA and Metro 2® Task Force

 

 

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. 

 

Register Today!

 

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.

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44 minutes ago, IndyPoolPlayer said:

So only with a manual review by a human would an account be seen as transferred to another lender?

Nope.......that status will no longer be used.

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I'm new to this channel, sorry if I ask a stupid question.  what makes the difference with what code the account is being reported and in general what will help me if I know the codes they use, will it be easier with repair? 

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59 minutes ago, joel1 said:

I'm new to this channel, sorry if I ask a stupid question.  what makes the difference with what code the account is being reported and in general what will help me if I know the codes they use, will it be easier with repair? 

knowing the code isn't that useful and doesn't add value in the dispute process. It is merely a way to operationalize the stateus of a tradeline into a standard value such as this:

 

 

Installment Revolving or Option Account Open Account
(30, 60, or 90-day account.)
Meaning
I0 R0 O0 Too new to rate
I1 R1 O1 Pays account as agreed
I2 R2 O2 Not more than two payments past due
I3 R3 O3 Not more than three payments past due
I4 R4 O4 Not more than four payments past due
I5 R5 O5 More than 120 days or four payments past due
I7 R7 O7 Making regular payments under WEP.
I8 R8 O8 Repossession
I9 R9 O9 Bad debt; placed for collection
IA RA OA Account is inactive
IB RB OB Lost or stolen card
IC RC OC Contact member for status
ID RD OD Refinanced or renewed
IE RE OE Consumer deceased
IF RF OF In financial counseling
IG RG OG Foreclosure process started
IH RH OH In WEP of other party
IJ RJ OJ Adjustment pending
IM RM OM Included in Chapter 13
Edited by hegemony
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3 hours ago, hegemony said:

knowing the code isn't that useful and doesn't add value in the dispute process. It is merely a way to operationalize the stateus of a tradeline into a standard value such as this:

 

 

Installment Revolving or Option Account Open Account
(30, 60, or 90-day account.)
Meaning
I0 R0 O0 Too new to rate
I1 R1 O1 Pays account as agreed
I2 R2 O2 Not more than two payments past due
I3 R3 O3 Not more than three payments past due
I4 R4 O4 Not more than four payments past due
I5 R5 O5 More than 120 days or four payments past due
I7 R7 O7 Making regular payments under WEP.
I8 R8 O8 Repossession
I9 R9 O9 Bad debt; placed for collection
IA RA OA Account is inactive
IB RB OB Lost or stolen card
IC RC OC Contact member for status
ID RD OD Refinanced or renewed
IE RE OE Consumer deceased
IF RF OF In financial counseling
IG RG OG Foreclosure process started
IH RH OH In WEP of other party
IJ RJ OJ Adjustment pending
IM RM OM Included in Chapter 13

Talking about codes, what's about the e-Oscar code what they use for disputes, is there anyway it could help me knowing it? Is it possible to open a dispute with a reason that wouldn't fit in any code, they should have to work on it manually?

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Just now, joel1 said:

Talking about codes, what's about the e-Oscar code what they use for disputes, is there anyway it could help me knowing it? Is it possible to open a dispute with a reason that wouldn't fit in any code, they should have to work on it manually?

The best way to try and force an issue is to send a well-written and tailored letter outlining the dispute.  NEVER dispute anything online or use a generic template unless you want to cement something to the report.  The online forms basically were written TO conform to easily coded dispute codes.  For those with legitimate issues, there ARE advantages to being placed into Special Handling, which can often come WITH and BECAUSE of properly written letters.

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4 hours ago, joel1 said:

Talking about codes, what's about the e-Oscar code what they use for disputes, is there anyway it could help me knowing it? Is it possible to open a dispute with a reason that wouldn't fit in any code, they should have to work on it manually?

people covet manual intervention but all a human will do is decide which code your dispute falls into. Chances are great that the $8.80 an hour neanderthal will screw something up. There is nothing magical about getting human intervention in the dispute process.

 

 

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