Metro 2 Compliance

Metro 2 Compliance is an powerfully affective process of requesting e-Oscar to verify whether items on your credit reports meet compliance standards. This solution forces e-OSCAR to work to your benefit, not the benefit of the Credit Reporting Agencies. There is a Difference between a traditional credit dispute and a Metro 2 Compliance based request via e-OSCAR.

The Metro 2 Compliance request is a tactic of credit enhancement that requests that triggers e-OSCAR to electronically evaluate whether the all data was mandatorily perfect and complete Metro 2 Formatted Reporting Standards was properly reported within the compliance standards set forth by the FCRA. The FCRA requires that only data which is Factually Documented to be physically verified as fully true, correct, complete as reported, timely in reporting, of a known responsibility and ownership, or else wisely validated.

With the Metro 2 Compliance Request, if the check for compliance is deficient or delayed or refused or else wisely questionable in any manner, it will contest the accusing with a lawfully leveraged challenge to demonstrate the certification of factual reporting (the process as well as the item itself of reporting) which includes the mandatorily perfect and complete Metro 2 Formatted Reporting Standards, the applicable requisites of the FCRA and the applicable requisites of the FDCPA, and or any other standard or regulation otherwise, be it mentioned or not.

Compliance of Reporting is a minimal standard of reporting not an optional one whereas the truth and validity of claims is a minimum standard of collection but not all items that meet collection standards meet the requisites of reporting. The fact is, you can have a collectable item not be legally reportable.

Understanding Metro 2 ComplianceAt Metro 2 is the standard format for which financial institutions must electronically send data about their loan customers electronically to the major credit reporting agencies (CRAs). One of the goals/benefits that should be derived from using a standard format should enable banks to comply with the Fair Credit Reporting Act (FCRA) and the Equal Credit Opportunity Act (ECOA).

The Consumer Data Industry Association (CDIA) provides the definitions that go along with Metro 2 language. Recently, federal regulators have placed an increased emphasis on the completeness and accuracy of the data being transmitted to the major CRAs and data being published by the each of the CRAs.

A review of the CFPB’s Consumer Complaint Database noted over 50,000 complaints from January 1, 2016 through February 28, 2017 related to credit bureau reporting. The accuracy of the data being reported to and by the major CRAs is critical to a consumer’s ability to receive credit in today’s marketplace. Below are some tips to ensure your credit bureau reporting process is complete and accurate.

What is e-OSCAR e-OSCAR is a web-based, Metro2 compliant system that has been developed by Equifax, Experian, Innovis and TransUnion, this automated system that enables Data Furnishers (DFs), and Credit Reporting Agencies (CRAs) to create and respond to consumer credit history disputes. CRAs include Equifax, Experian, Innovis and TransUnion, their affiliates or Independent Credit Bureaus and Mortgage Reporting Companies. e-OSCAR also provides for DFs to send “out-of-cycle” credit history updates to CRAs.

The system primarily supports Automated Credit Dispute Verification (ACDV) and Automated Universal Dataform (AUD) processing as well as a number of related processes that handle registration, subscriber code management and reporting.

ACDVs initiated by a CRA on behalf of a.

Now, the last thing I want to say is this, and this is quite possibly the greatest aspect to it all. If the consumer were to sue the DF and or the CRA for non- compliance reporting of items on their credit report, they would win 100% of the time providing the consumer had proof that they challenged, and that the challenge was received. Because in a court of law, how is a DF or a CRA going to prove this to the court system? They cannot! The DF and the CRA’s know this and quite simply are not going to send their high-priced attorney into a courtroom knowing they will lose the case. They simply delete the item when they realize that the individual sending in the challenges knows what they are doing.