Credit bureau reporting with Peach
As part of your integration with Peach, we can generate a monthly Metro 2® compliant file representing the status of your consumer accounts using your provided PII. We run Metro 2 reports on the first of each month to show the current status of your borrower accounts based on activity during the previous calendar month. Once generated, we send the file(s) to your specified SFTP location. If you have more than one product on Peach, you can choose which one(s) you want to report on. We support the Metro 2 format for both installment and line of credit products, and offer expanded reporting capabilities for non-retail credit cards, savings and loan companies, banks, credit unions, private student loans, sales finance and loan finance companies, and retail store exclusive accounts.
Metro 2 is the required file format for Equifax, Experian, and TransUnion. To populate the Metro 2 header, we will need your program identifier numbers from the agencies you choose to report to. To obtain your identifier numbers, you will need to establish a relationship with your agencies of choice and pay any fees associated with data furnishing within their network. Please note that some agencies require a minimum of 100 accounts to qualify as a data furnisher, so you may not be able to furnish data during the early stages of your lending or credit program. Peach does not directly support Metro 2 files for business borrowers, or other file formats for alternative reporting agencies. However, your data within Peach is always accessible to you through our snapshot and replica data tables should you need to generate other file formats.
Reporting on migrated accounts
If you are migrating accounts with existing bureau reporting histories, we will need the most recent 24 months of values in the Payment History Profile field of your Metro 2 files. This field contains a 24-character string representing payment activity for each month. Going forward, we’ll maintain reporting for previous months while layering in new payment activity.
Brand new loans originated and boarded to Peach for servicing will have their entire Metro 2 reporting managed by Peach. Our system is designed to handle reporting for migrated portfolios where legacy accounts are serviced alongside new accounts. And since Metro 2 reporting is a loan-by-loan view, we are also compliant in reporting on borrowers who have both migrated and net-new loans or lines of credit. This is just one of the ways we make the complex work of migration less painful for you and your teams.
Handling disputes
Consumers can dispute information on their credit report through the pertinent credit bureau. When this happens, the credit bureau will send the dispute to you through the e-OSCAR intermediary system. You’ll then respond to the dispute through e-OSCAR and either validate the information you originally reported or provide an update to the consumer’s credit report.
Because we automatically generate Metro 2 files for you, you’ll also make any necessary updates to consumer data through the Peach Agent Portal so that the next month’s file accurately reflects the outcome of the dispute. We’re here to support you if you run into any issues or have credit reporting requirements outside of what’s covered in this article.