What is an Industry Standard

The video explains how to use Metro 2, the credit reporting industry's standard, to read credit reports, identify errors, and draft dispute letters to consumer reporting agencies. Metro 2, established by the Consumer Data Industry Association (formerly the Credit Bureaus Trade Association), is a technical standard adopted across the credit reporting industry. It is detailed in the annually updated Credit Reporting Resource Guide. The video highlights that under the Fair Credit Reporting Act (FCRA), credit bureaus and furnishers must adhere to a "reasonableness" standard to ensure reported data is as accurate as possible. By understanding Metro 2, individuals can leverage this standard to evaluate the accuracy of credit report information and challenge discrepancies effectively.