Nationwide Credit Bureaus Launch New Training System to Support Data Furnisher Accuracy

Developed by Consumer Data Industry Association’s (CDIA) Metro 2^® Format Task Force and beta tested by ten top banks and other data furnishers, the CDIA is launching a comprehensive and flexible new Metro 2^® e-Learning System to provide detailed guidance on the use of the Metro 2^®, the credit reporting industry’s standard reporting format. It is designed for community banks, credit unions, government agencies and the nation’s largest lending institutions. This new e-Learning System expands on the successful Metro 2^® Format, Webinar Training Series, in-person workshops and the free-of-charge Credit Reporting Resource Guide^®.

With 4.5 billion pieces of data updated every month in credit reports, the Metro 2^® Format is a key to meeting the expectations of regulators.  CFPB examiners are focused on compliance with Appendix E to Part 222 which states that data must be furnished in a standardized and clearly understandable form and manner.  They have observed that data furnisher “…deficiencies have resulted in failure to communicate appropriate and accurate account information to credit bureaus…”  The Bureau goes on to say that “employees did not have sufficient training or familiarity with the requirements of the FCRA to implement it properly.”

Key points about the Metro 2^® e-Learning System:

• Examiners Have Access – In 2014 CFPB requested full access to all Metro 2^® Format training, including this new e-Learning System.
• Train a Team of Professionals – Employees who complete the entire course can obtain a Certificate of Completion.  Employee pursuit of this certificate will demonstrate to examiners that an institution is committed to a professional team of employees who have deep knowledge.
• Ongoing Learning Resource – The System is also designed to answer questions by augmenting the details of the Credit Reporting Resource Guide^®.  Learning modules are based on real-world data furnisher questions and these are updated annually for subscribers.

The new Metro 2^® e-Learning System is offered through the Consumer Data Industry Association, the credit reporting industry’s trade association.  More information about the Metro 2^® e-Learning System can be seen on the CDIA website.

CDIA is an international trade association of more than 120 corporate members. Its mission is to enable consumers, media, legislators and regulators to understand the benefits of the responsible use of consumer data which creates opportunities for consumers and the economy. CDIA members provide businesses with the data and analytical tools necessary to manage risk. They help ensure fair and safe transactions for consumers, facilitate competition and expand consumers’ access to a market which is innovative and focused on their needs. Their products are used in more than nine billion transactions each year.