BB&T’s RETAIL Loan Operations department was recently faced with the challenge of updating their credit bureau reporting to meet the Metro 2 requirements.
The Metro 2 format for reporting consumer debt, developed by the credit reporting industry, facilitates complete and greater accuracy of reporting of data. Greater accuracy subsequently produces a better credit report and provides additional features for the report user. The format is the industry standard for providers of information.
Implementing Metro 2 can be complex because it requires interpretation of how the data is stored. BB&T and the RETAIL team worked closely to interpret and fine-tune the data format and ultimately implement a successful conversion to Metro 2.
“We incorporated the changes into RETAIL Release 4.8, which now contains a robust Metro 2 solution that will benefit all RETAIL users in the future,” said Courtney Moses, Vice President and RETAIL Product Manager. “RETAIL will continue, however, to support the original Metro solution for those clients not able to convert to Metro 2 when upgrading to Release 4.8.”
“We were very pleased with the initiative Shaw Systems took in determining, understanding, and implementing the Metro 2 standards into their RETAIL product,” said Chris Lee, Vice President and Loan Operations Manager at BB&T.