Metro Status Codes

Discussion in 'Credit Talk' started by Steve A, Apr 7, 2001.

  1. Steve A

    Steve A Guest

    Get this. When most creditors report to the credit bureaus they do not report in the same way the CRA reports. In my case I had student loans allegedly default. They were reported to the CRA's by means of an outstanding balance and a Metro Status Code. The code initially used to update my status was a 83 (or was it 93?). Anyway, whichever one it was relates to an account past due with an outstanding balance. However, Equifax converts the 83 Metro Status code to an "I5" status, meaning that it "was or is 120+ days past due." However, when I paid the loan off and disputed the status, the creditor updated a different metro status code of 62, which refers to an account that is "paid, but was 120+ days past due." However, Equifax also converts this code to "I5" as well. Either way, the status is represented in a way that it is not clear whether it is paid or not unless you consult the description, which may or may not read "paid in full." The point is that the status stays the same on the credit report regardless of paying the loan off for at least 7 years. "Status" is a latin term for "the situation that currently exists." My situation is that I am paid in full, not that I was past due. Talking about the past is not current matter. So, my point is that Equifax must, but does not update status for loans that go past 120 past due even after they get paid. Hence my lawsuit. I suggest every person that has such a notation dispute it. Funny, the FCRA requires creditors to update status, but does not specifically mention CRA's having to update status. I wonder if this is a lobbying trick. It doesn't matter though, because that would just make a CRA an accessory to a violation by a creditor, if the creditor knew the CRA wasn't updating status...and they all know.
  2. marci

    marci Well-Known Member


    Thank you for going into detail on the Equifax 120+ reporting issue. This must
    be why people who have 120+ day lates on their EQX reports have
    relatively low scores and the reason code "late too recent or unknown".

    I'm anticipating the result of your lawsuit with Equifax.


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