Metro 2 special comment code I: election of remedy
Used where the creditor repossessed the collateral, such as a car, and its value was less than the balance, but by choosing repossession as its remedy the creditor has to treat the account as paid and can't collect the difference. Whether a creditor is limited this way depends on the contract and state law.
Sources describe this code with some variation. Public documentation doesn't agree on every detail of how special comment code I is used, so treat this as a general explanation. If it's on your report, the company that reported it can tell you exactly what it meant.
How it shows on your report
A remark like "Election of remedy."
How it affects your score
The repossession still counts as a serious negative, but no deficiency should be reported as owed.
What to check
With this remark, the account shouldn't show a deficiency balance, and no collection agency should be reporting a remaining balance either. If you get collection letters for the difference, keep them and dispute any tradeline that reports the balance as owed.
If this code is wrong on your report
- Metro 2 explained: the data format behind your credit reportHow lenders send coded data to the bureaus, and how disputes travel back to them.
- How to dispute a credit report error, step by stepA step-by-step guide to disputing credit report errors with Equifax, Experian and TransUnion: online vs. mail, what to include, and how to keep proof.
- Letter builderWrite dispute, goodwill, validation and identity theft letters. Free, printed by you, sent by you.
Glossary: special comment code, Metro 2
Sources
- Special Comment Codes (The Mortgage Office help center)
- Special Comment Code (GoldPoint Systems CIM GOLD documentation)
These explanations are ScoreTuner's plain-English summaries. The official specification is the CDIA Credit Reporting Resource Guide, which is copyrighted and not reproduced here. This is education, not legal advice.