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#2234186 - 04/03/20 02:40 PM Credit bureau reporting - farm land
CindyS Offline
100 Club
Joined: Sep 2005
Posts: 132
Illinois
I think I know the answer here, but would really appreciate if someone could confirm...

Regarding the Credit Bureau Account Type code (Metro 2), what code should be used on a Real Estate loan secured by a mortgage on farm ground?

I found where our staff had been coding these as a 7B, which is for "Agricultural" under the Installment category. I believe that they should be coded as a 26 under the Mortgage category.

If I am correct and need to have them change existing active loans from a 7B to a 26, am I also correct in thinking that this type of change should flow over fine to the Credit Bureaus and update the customer's records without causing a duplicate entry?

I appreciate any help. I read through the Credit Reporting Resource Guide and didn't find it specifically spelled out. I'd hate to have them change a bunch of loans only to find out I was the one interpreting it wrong!

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Lending Compliance
#2234491 - 04/09/20 02:58 PM Re: Credit bureau reporting - farm land CindyS
CindyS Offline
100 Club
Joined: Sep 2005
Posts: 132
Illinois
Bump.

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#2234519 - 04/09/20 06:16 PM Re: Credit bureau reporting - farm land CindyS
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,958
Galveston, TX
Call your Credit Bureau Representative.
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