A credit report entry for an installment loan is called a trade line. It packs codes, dates and dollar figures into a few lines. Lenders report that data in an electronic standard called Metro 2. This guide covers six groups of fields worth checking. One caution first. The detailed code references behind it, mostly a vendor's student loan field list, cover education debt. The sources do not give full field lists for auto loans or personal loans, so treat the examples here as student loan examples.
The Metro 2 format is a standard that the credit reporting industry adopted. According to the Consumer Data Industry Association (CDIA), a trade group, banks, credit unions, card issuers, retailers and auto finance companies use it. The same source says furnishers have duties under the Fair Credit Reporting Act to correct and update the information they send. It does not spell out your dispute rights. For those, check the Consumer Financial Protection Bureau directly.
Identifying the Account
The first fields tell you what the loan is and whether it is yours. In the Student Loan Metro 2 field reference from M2 Reporter, a software vendor, Portfolio Type is I for Installment Loan. Account Type is 12, Education, for federal student loans.
Two more fields set the loan's starting point. Date Opened is the date the account was originally opened. High Credit or Original Amount is the original loan amount, excluding interest. Compare both with your promissory note or closing papers. A mismatch is worth a question to your servicer. The sources do not say why mismatches happen, so do not assume a cause.
Payment and Terms Fields
Scheduled Payment is the monthly amount for your enrolled repayment plan. On an income-driven plan, the reference says it can be as low as $0. A zero on your report may be correct if your plan sets it there.
Terms Duration is the maximum number of months allowed for repayment. The reference says it is blank when payments are not required, such as during in-school status, a grace period, deferment or forbearance. For a post-default or no-longer-guaranteed loan in collections, it is reported as 001. Hold these two fields up against your current plan and your latest statement. A blank or a zero can be right in the wrong-looking moment.
Account Status and Deletion Codes
Account Status says where the loan stands. For federal student loans, the reference lists codes 11, 13, 78, 80 and 82 to 84, plus DA and DF. For loans no longer guaranteed, it lists 62, 64, 93 and 97. The status should match what your servicer has told you.
DA and DF are different. The reference says these codes delete the account from the credit bureau file. If you did not expect a deletion, look closer. The same goes for an active loan that suddenly drops out of your report.
Ownership and Remarks
The ECOA Code shows your relationship to the account. The reference lists 1 for Individual, 2 for Joint, 5 for Co-maker or Guarantor, 7 for Maker, T for Terminated, W for Business, X for Deceased and Z for Delete Consumer. X requires a legally sufficient death notice. Z is used to delete an inaccurate consumer, or a deceased one when no other liable consumer remains. If the code does not match your role on the loan, ask the lender or servicer about it.
Special Comment codes add context. The reference lists AH for Sold, AT for Transferred, AU for Special Payment Arrangements, AM for Legal Action and AW for Other. A blank value removes the comment. If you see AM or AH on a loan you did not expect to see that way, it is worth verifying against your records.
Post-Default Accounts
After default, the reference says Original Creditor Name is not applicable. Creditor Classification 07, Outside Agencies, is used for the lender the claim was paid to. So a missing original lender name on a defaulted student loan may be how the format works.
The CDIA also published an overview of Metro 2 at work. It notes that thousands of lenders and servicers supply data to the bureaus and run different systems. That is a reasonable reason to check your own entries.
Reference Plates
Questions to Ask in Your Review
Two questions cover much of the work.
- Does the reported Account Status match what your servicer or lender has told you?
- Is the ECOA Code correct for your role, such as Individual, Joint or Co-maker?
The sources leave real gaps. They do not explain how to dispute a field, give timelines, or state your FCRA remedies. They also do not explain Payment History, Date of Last Payment or balance fields, or how any field affects credit scores. For dispute rights, start with the Consumer Financial Protection Bureau.
Please seek a professional. This article is general information, not financial, tax or insurance advice. Please seek a licensed financial, tax or insurance professional about your own situation.
