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WHAT MATTERS The industry practice is to set the Payment Rating to a code of 0 if the account was current on the closing date or to a code of 1-6 reflecting that the account was past due when it was paid off. This forms the basis of recent claims under FCRA brought by plaintiffs who claim that this standard method of reporting is inaccurate. Metro 2 is the standard system used by furnishers of credit information for reporting consumers’ account information to credit reporting agencies. This system requires the input of several different codes, including an Account Status code, a Payment Rating code, and various others indicating the current balance, payment amounts, and amount past due. When an account is closed or paid off, the codes are set to reflect the outstanding balance and past due amount as zero, and the Account Status code is set to 13, reflecting that the account was paid or closed with a zero balance. Additionally, pursuant to the guidelines in the Credit Reporting Re

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