UPDATES to this data change: Phase 1 has been rescheduled to mid-October.
Phase 2 target is late October. Accounts that meet the below criteria will have their Scheduled Payment Amount reported as ‘blank’ and not ‘$0’ as first communicated.
Equifax will implement a change to the reporting of the Scheduled Payment Amount (SPA) field on tradeline data.Specifically, the SPA will be reported as ‘blank’ if the account is being reported by the data furnisher as paid in full, transferred or in a charge off status.The reporting changes will be implemented in two phases as outlined below.
Phase 1 – now mid-October, 2019 (~10M accounts over time as furnisher updates are received)
Phase 2 – confirmed for late October, 2019 (~500M accounts at one time)
EXPLANATION:Equifax is making a change to report the SPA as ‘blank’ when an account is paid in full, transferred or in a charge off status.In these cases, there is no balance due so there should be no SPA due.These changes are reflective of the industry-standard Metro 2® furnisher reporting guidelines for Scheduled Monthly Payment Amount.
It is our understanding this reporting condition is or will be handled in a similar manner at the other National Credit Reporting Agencies (NCRAs.)
- The changes will be applied to accounts reporting:
- in a charge off status (Rate 9)
- as paid in full or transferred: Activity Designators ‘B’ (Paid and Closed), ‘D’ (Trans/Sold/Paid), P’ (Paid), T’ (Transferred) and/or with “paid or transferred” Narrative Codes such as 098 (Settlement Accepted), 123 (Transferred/Sold), 158 (Closed or Paid Account/0 Balance).
- Phase 1 will be implemented to accounts currently being reported by data furnishers.If SPA for the target accounts is reported as > $0, Equifax will change the output SPA to ‘blank’. An estimated 10M tradelines will be changed in this Phase over time as furnishers report on their active accounts.
- Phase 2 will be implemented to accounts no longer currently being reported by data furnishers.If the last reported SPA for the target accounts is > $0, Equifax will change it to ‘blank’. An estimated 500M tradelines will be changed in this Phase at one time.
- The Scheduled Payment Amount field is also called “Terms” in Equifax’s 5.0 version output.
No accounts will be added or deleted with this data change; simply changing the Scheduled Payment Amount / Terms to ‘blank’ when account is paid in full, transferred or in charge off status.