Ch 4 Overview

The video summarizes Chapter 4 of the Metro 2 Credit Reporting Resource Guide, focusing on its role in defining data fields, which is essential for readers aiming to accurately read credit reports, identify errors, and draft dispute letters to consumer reporting agencies (CRAs). While Chapters 2 and 3 connect Metro 2 to the FCRA’s "maximum possible accuracy" requirement, Chapter 4 provides the practical tools: detailed definitions of data fields organized by segment. These segments, likened to chapters in a book, include the header record (basic file info), base segment (consumer account details like status, balance, past due amount), J1 segment (co-borrower at the same address), J2 segment (co-borrower at a different address), K1 (original creditor), K2 (purchased account info), K3 (mortgage data), K4 (specialized payment info, e.g., balloon payments), L1 (account number changes), N1 (employment), and trailer record (batch verification).

Each segment lists specific fields—like names, dates, or balances—and how they should be reported per Metro 2 standards. For readers, this chapter is key to decoding a credit report: by mapping reported data to Metro 2’s required fields, they can verify accuracy and completeness. Discrepancies, such as missing fields or inconsistent co-borrower data (noting Metro 2 allows multiple J1/J2 entries), become clear errors to dispute. Chapter 4 thus empowers users to cross-reference a report against the industry standard, pinpoint factual inaccuracies, and build evidence-based dispute letters citing Metro 2 noncompliance.