Ch 4 Base Segment Field 16

The video covers Base Segment Field #16, "Actual Payment Amount," from Chapter 4 of the Metro 2 Credit Reporting Resource Guide, guiding readers on using Metro 2 to accurately read credit reports, identify errors, and draft dispute letters to consumer reporting agencies (CRAs). This field requires reporting the dollar amount of each payment received during the reporting period (in whole dollars), with multiple payments totaled if applicable. It must be updated monthly and retained historically. Referencing Chapter 3’s chart on required fields, the video notes that this data should always be present.

A credit report lacking historical payment amounts—or showing inconsistent figures—violates Metro 2’s standard, offering a clear error to dispute. They can cite this monthly reporting requirement in letters to CRAs, using the absence or inaccuracy as evidence of noncompliance.