Creditor Classification Codes definition
Creditor Classification Codes means the list of Metro 213 codes that identify the type of business that the Original Creditor is engaged in (e.g., retail, medical/health care, insurance, educational, banking, etc.).
Examples of Creditor Classification Codes in a sentence
The CRAs shall revise training materials and adopt policies and procedures to notify and instruct Collection Furnishers that the name of the Original Creditor and the Creditor Classification Codes are mandatory reporting requirements, and the CRAs shall reject data that is not provided with this information.
The CRAs shall implement a process designed to identify Collection Furnishers who misreport or misuse the Creditor Classification Codes on a recurring basis, such as, for example, by using a default value.