Errors in credit reporting can happen—but under the Fair Credit Reporting Act (FCRA), furnishers are legally required to correct any inaccuracies promptly and accurately. Whether the issue involves a misreported balance, wrong delinquency code, or even consumer identity, furnishers must take specific actions to resolve and resubmit corrected data using the Metro 2® format.
Why Timely Corrections Matter
The FCRA requires that all information furnished to credit reporting agencies be:
- Complete
- Accurate
- Not misleading
Failing to correct even a minor mistake can negatively impact a consumer’s credit score, ability to access credit, and may expose the furnisher to legal liability.
Steps for Correcting an Error in a Metro 2® Submission
1. Identify the Source and Scope of the Error
Before taking corrective action, determine:
- Which field(s) contained incorrect information
- Which consumer(s) and account(s) were affected
- Whether the error was systemic or isolated
2. Correct the Data in Your Internal System
Always start by updating the source system that feeds your Metro 2® file to ensure that the error doesn’t recur in future transmissions.
Make the necessary corrections, whether to:
- Account Status
- Balance
- Payment History Profile
- Consumer identifying information
3. Resubmit the Corrected Tradeline in Your Next File
You do not need to recall or delete the previous record. Instead, send a corrected version of the same account in your next scheduled Metro 2® submission. Credit bureaus will replace the old data with the new one if:
- The same account number and consumer information are submitted
- The updated tradeline includes all required fields with corrected values
Be sure to populate:
- Full tradeline, not just the field that was corrected
- Accurate Date of Last Update to reflect when the correction was made
4. If Needed: Submit an Off-Cycle Update
If the error is significant (e.g., misreported charge-off, fraud alert, identity mismatch), you can coordinate with the credit bureaus to submit an off-cycle update to correct the error as soon as possible rather than waiting for the next reporting cycle.
Contact your bureau representative to initiate this process.
FCRA and Regulatory Compliance
The FCRA requires that:
- Furnishers promptly investigate any identified or disputed error
- They correct or delete information that cannot be verified
- They inform all CRAs that received the incorrect data about the correction
Furnishers have 30 days to resolve any dispute or correction from the time it’s identified (or up to 45 days if the consumer provides additional information).
Failure to act may be considered negligent or willful noncompliance, which can result in civil penalties.
Impact on the Consumer’s Credit Report
- Corrected Scores and Lending Decisions
Timely correction ensures consumers are evaluated based on accurate information. - Reduces Legal Risk and Disputes
Proactive correction lowers the chance of FCRA disputes or consumer complaints. - Preserves Credibility of Furnisher Data
CRAs and lenders rely on your reporting—accurate corrections maintain your reputation.
Conclusion
When a mistake is found in Metro 2® reporting, prompt and proper correction is not only a best practice—it is a legal requirement under the FCRA. Furnishers should update their systems, resubmit corrected tradelines, and if necessary, coordinate with CRAs for off-cycle fixes. This protects both consumers and furnishers while reinforcing the integrity of the credit reporting system.