Process Terms

    Original Creditor: Definition

    The company that originally extended credit before a debt was sold.

    Definition

    The Original Creditor is the company that originally extended credit or provided the product/service that created a debt before it was sold or transferred to a collection agency. When debts are sold, the K1 Segment reports the original creditor's information.

    Usage Notes

    • Must be reported by collection agencies
    • Helps consumers identify original debt
    • Required in K1 Segment

    Related Terms

    K1 SegmentCollection AccountDebt Buyer

    More Process Terms

    Dispute
    A consumer's challenge to the accuracy of reported information.
    ACDV (Automated Consumer Dispute Verification)
    The system used by bureaus to process consumer disputes.
    e-OSCAR
    The industry system for processing credit disputes electronically.
    File Submission
    The process of sending Metro 2 data to credit bureaus.
    Credit Report
    A detailed report of a consumer's credit history.
    Credit Score
    A numerical representation of creditworthiness.
    Tradeline
    A record of a single credit account on a credit report.
    Soft Inquiry
    A credit check that doesn't affect credit scores.

    Simplify Credit Reporting

    Metro2 software handles all the complexity of Metro 2 format compliance, so you can focus on your business.

    View PricingBrowse All Terms