Ch 4 L1 Segment Fields 1 - 5

The video summarizes the L1 Segment Fields #1 through #5 from Chapter 4 of the Metro 2 Credit Reporting Resource Guide, helping readers use Metro 2 to accurately read credit reports, identify errors, and draft dispute letters to consumer reporting agencies (CRAs). The L1 Segment, used to update account numbers, includes five fields: #1 (segment identifier, "L1"), #2 (change indicator, specifying if the change affects the consumer account number, identification number, or both), #3 (new consumer account number), #4 (new identification number), and #5 (reserved).

These fields track number changes (linked to Base Segment Field #7); errors like a missing change indicator, incorrect new numbers, or failure to update subsequent reports can be flagged as deviations from Metro 2’s standard. Such inconsistencies provide grounds for dispute letters to CRAs, ensuring accurate account identification per the industry format.