Ch 4 K1 Segment Fields 1 - 3

The video summarizes the K1 Segment Fields #1 through #3 from Chapter 4 of the Metro 2 Credit Reporting Resource Guide, helping readers use Metro 2 to accurately read credit reports, identify errors, and draft dispute letters to consumer reporting agencies (CRAs). The K1 Segment includes: Field #1 (segment identifier, "K1"), Field #2 (original creditor name, with reporting rules varying by account type—collection agencies, debt buyers, check guarantee companies, student loan guarantors, U.S. Department of Education, or U.S. Treasury), and Field #3 (creditor classification, e.g., retail, medical, banking, automotive, etc.).

For readers, these fields ensure the original creditor is identifiable; errors like a missing or incorrect creditor name (e.g., wrong format for a debt buyer) or misclassified creditor type (e.g., "retail" instead of "medical") can be flagged as deviations from Metro 2’s standard. Such inconsistencies provide a basis for dispute letters to CRAs, enforcing accurate reporting per the industry format.