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!
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!