Credit Reporting (Metro2)

CL Loan supports Metro2 format for sharing borrower’s contract and other details with credit reporting agencies. The report is generated on a monthly basis for all current borrowers in the CL Loan system, manually by the system administrator. This report is sent to the respective credit bureaus on their request.

When a loan is sold, or settled (between lender and borrower), then the Metro2 file is created once for it and subsequently the 'Include In Credit Reporting' field on the contract is deselected. The loan is considered equivalent to Closed Obligations Met from Metro2 reporting perspective. In future, the Metro2 file generation job does not pick up this contract.

While reporting written off loans, the Metro2 file indicates the current balance as per the charged off amount on the loan write off date.

The Base Segment in the Metro2 file uniquely identifies a data furnisher. Data Furnishers are typically creditors, lenders or debt collection agencies that a consumer has had an experience or a past relationship with. This also contains the social security number of the customer. Therefore, once the Metro2 file is created and sent for credit reporting, the Base Segment records and the Metro2 file is deleted for data security purposes. This is done through the schedulable batch jobs:

• DeleteBaseSegmentDefinition

• DeleteMetro2Files

Users can also start these batch jobs manually if needed through the deleteBaseSegment Visualforce page. The page checks for any metro2 base segments holding SSN information and displays an error message, based on which, a user can choose to trigger the batch apexs to delete those Metro2 base segments.