02Secured and Collateralized Installment

    Account Type Code 02: Secured Loan (Non-Specific Collateral)

    Account Type Code 02 means "Secured Loan (Non-Specific Collateral)". A closed-end installment loan backed by collateral the Metro 2 format has no dedicated account type for, such as a share account, a certificate of deposit, securities, or equipment. It is reported in Account Type (Field 15) of the Base Segment, 2 characters at position 84.

    Specification

    Code02
    MeaningSecured Loan (Non-Specific Collateral)
    FieldAccount Type (Field 15)
    RecordBase Segment
    Length / position2 chars · 84–85
    CategorySecured and Collateralized Installment
    CRRG referenceCRRG Exhibits 1 & 2 (Account Type Codes)

    What Account Type Code 02 means

    • The catch-all secured installment code. It exists because the format assigns dedicated codes only to a handful of collateral classes: vehicles (00), real estate (19, 25, 26 and the other mortgage codes), and recreational merchandise (11).
    • Fully secured means the pledged collateral covers the loan. If it only partly covers it, the accurate code is 03.
    • Does NOT mean the loan is real-estate secured. A loan against a house is a mortgage code, and misrouting it to 02 hides the tradeline from the mortgage view of the file.
    • Does NOT mean the collateral is unknown. It means the format has no more specific code, which is a different statement.
    • Common in the credit union world as a share-secured or CD-secured loan, where the pledged funds are frozen for the loan term.

    When to report 02

    • 1A credit union reports a share-secured loan where the member's savings balance is pledged and frozen.
    • 2A bank reports a loan secured by a certificate of deposit held at the same institution.
    • 3A lender reports a passbook loan opened specifically so a thin-file consumer can build payment history.
    • 4An equipment financier reports a fixed-term loan secured by a UCC filing on a titled piece of equipment that is not a vehicle.
    • 5A broker-affiliated lender reports a fixed-term loan collateralized by a pledged securities account.

    Reporting rules

    • Use the specific code when one exists. Reach for 02 only after confirming the collateral has no dedicated account type.
    • Do not report the value of the collateral in Credit Limit. Collateral value has no field in the Base Segment.
    • Report the original amount advanced in Highest Credit and let Current Balance amortize.
    • If the collateral covers only part of the exposure, report 03 rather than 02.
    • Keep the code stable when the collateral is released at payoff. The account type describes what the loan was, not what it becomes.

    Codes and fields that must agree

    A file can be structurally valid and still be wrong. These are the cross-field conditions Account Type Code 02 has to satisfy.

    • Portfolio Type must be I (Installment), so Scheduled Monthly Payment Amount and a numeric Terms Duration in months are both required.
    • Credit Limit must be zero-filled. Secured does not mean lined.
    • Highest Credit / Original Loan Amount carries the amount advanced and stays fixed for the life of the account.
    • Terms Frequency is normally M. A share-secured loan paid by payroll deduction may legitimately report B or S.
    • If a second party pledged the collateral, that relationship belongs in ECOA and a J1 or J2 segment, not in Account Type.
    • Do not populate the K3 segment. K3 is mortgage information and has no meaning on a non-real-estate secured loan.

    Common errors involving 02

    B012
    Portfolio Type Mismatch
    The portfolio type does not match the account type or terms
    B018
    Scheduled Monthly Payment Missing on Installment Account
    An installment or mortgage account has no Scheduled Monthly Payment Amount
    B016
    Invalid Portfolio Type
    The Portfolio Type code is not one of the valid Metro 2 values

    Vocabulary

    Account TypeHighest Credit

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    Source: CRRG Exhibits 1 & 2 (Account Type Codes). Last reviewed 2026-08-25.

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    Metro 2 Account Type Code 02: Secured Loan (Non-Specific Collateral)