METRO2 PORTFOLIO TYPE

ANY QUESTIONS CONCERNING THE USE OF THESE CODES OR ERRORS REPORTED BY THE CREDIT BUREAU, SHOULD BE DIRECTED TO THE CREDIT REPORTING RESOURCE GUIDE (available on our website) OR THE CREDIT BUREAU.

Information taken directly from the CREDIT REPORTING RESOURCE GUIDE     Copyright 2000 © Associated Credit Bureaus, Inc.

 

PORTFOLIO TYPE

Contains the one-charcter abbreviation for type of portfolio.  Values available:         

CODE

TYPE

METRO2 DEFINITION

ERS LOAN TYPE REPORTING DEFAULT

C

Line of Credit

An agreement between an institution and a consumer where the institution agrees to lend a consumer funds up to an agreed uuon credit limit.  The consumer may borrow as much of the line as needed and pays interest on the borrowed portion only.  Monthly payment amounts are revolving, based on the outstanding balance amount.

LC

I

Installment

A loan repayable in installments, usually in set monthly amounts.

CE, VR, PI, BP

M

Mortgage

An instrument of conveyance (usually of real estate) from the borrower to the lender.  The property remains with the use and occupancy of the borrower as long as the conditions of the mortgage are met.  The major conditions are the continual payment of interest and principal amounts.

RE, HE, FM

O

Open Account

Credit extended to a consumer based on an estimate of the general ability to pay.  The entire balance is due upon demand.

 

R

Revolving

An agreement that establishes a maximum credit limit for a consumer.  Monthly payment amounts are revolving, based on the outstanding balance amount.

 

 

Type one of the available codes (listed above) in this field to replace the ERS default if you wish to change the Portfolio Type reported to the credit bureaus.