Ch 4 Base Segment Field 21

The video covers Base Segment Field #21, "Current Balance," 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). This field reports the outstanding balance as of the "date of account information," including principal (e.g., balloon payments), plus interest, late charges, fees, insurance, and escrow due in the current reporting period—reported in whole dollars. It excludes future interest, escrow, or insurance and can exceed the high credit or original loan amount, fluctuating monthly.

This definition allows verification of a report’s balance against Metro 2 rules. Errors—like an inflated balance including future fees or inconsistencies across bureaus—can be challenged by obtaining original records from the furnisher (e.g., statements) to confirm the calculation. Such discrepancies provide a basis for dispute letters, leveraging Metro 2’s standardized requirements to demand accurate reporting from CRAs.