Credit bureau reporting - farm land

Posted By: CindyS

Credit bureau reporting - farm land - 04/03/20 02:40 PM

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!
Posted By: CindyS

Re: Credit bureau reporting - farm land - 04/09/20 02:58 PM

Posted By: rlcarey

Re: Credit bureau reporting - farm land - 04/09/20 06:16 PM

Call your Credit Bureau Representative.