In an informational letter addressing data furnisher responsibilities for third-party collection agencies and debt purchasers, the Consumer Data Industry Association on October 8, 2007 reinforced its recommendation for all data furnishers to convert to the Metro 2 Format.
The Consumer Data Industry Association (CDIA) released an informational letter this month addressing data furnisher responsibilities for third-party collection agencies and debt purchasers. In this letter, the CDIA reinforced its recommendation for all data furnishers to convert to the Metro 2 Format. Currently, the Metro 2 Format does not address additional reporting requirements for accounts that have either been returned to the original lender or resold, in the case of debt purchasers. Therefore, this letter clarified a data furnisher’s duties in response to such situations.
