Metro 2 Consumer Information Indicator V: Reaffirmation of Debt Rescinded

Specification

Code	V
Meaning	Reaffirmation of Debt Rescinded
Field	Consumer Information Indicator (Field 33)
Record	Base Segment
Length / position	2 chars · 217–218
Category	Reaffirmation
CRRG reference	CRRG Exhibit 11 (Consumer Information Indicator)

Rescission unwinds the reaffirmation. The consumer is no longer voluntarily liable on the reaffirmed terms, and the debt returns to its position in the bankruptcy case.
Per the source appendix, the account returns to its A through H status. V is a transition marker, not a permanent resting state for a fully resolved case.
It presupposes a prior R. Reporting V on an account that never carried a reaffirmation describes an event that did not happen.
It is not the same as a bankruptcy dismissal, a discharge, or a loan modification. It speaks only to the reaffirmation agreement.
The retired legacy reaffirmation codes W, X and Y have no role here either. Rescission after April 2021 is reported with V.

1An auto lender receives notice that a borrower rescinded the reaffirmation within the statutory rescission window and updates the tradeline.
2A credit union's bankruptcy counsel reports that a reaffirmation agreement was not approved and the member rescinded, so the account moves from R to V.
3A servicer discovers a reaffirmation was rescinded months earlier and corrects a tradeline that had been reporting continued liability.
4A furnisher reconciling its bankruptcy vendor feed finds R-tagged accounts with rescission notices on file and updates them.

Report V only where a reaffirmation was actually reported and then rescinded.
Move the account back to the bankruptcy condition that applies, which means reporting the correct petition or discharge code for the case once the rescission is reflected.
Adjust the balance and status to match a debt the consumer is no longer voluntarily liable for, where the case outcome requires it.
Do not re-age the Date of First Delinquency at rescission.
Use S if the reaffirmation indicator should be removed outright rather than transitioned.

A file can be structurally valid and still be wrong. These are the cross-field conditions Consumer Information Indicator V has to satisfy.

Expects a prior R on the tradeline. V without R is a sequence error a validator can catch.
Account Status and Current Balance follow the underlying case: a debt that returns to discharged status is reported at a zero balance with a closed, zero-balance Account Status.
Date of First Delinquency remains frozen at its pre-petition value throughout.
The indicator is consumer-scoped, so a co-obligor who never reaffirmed is unaffected.
S removes R, V and 2A. Q does not reach them.