How To Become A Data Furnisher To Credit Bureaus

Consumers expect their banks and credit card companies to written report their payments to the four major credit bureaus. But what about payments made to small businesses and organizations like motorcar lots, belongings rentals, utilities, and HOAs?

Datalinx has great news. Well-nigh any small business or arrangement that extends credit to consumers can written report this information to the 4 credit reporting agencies. Experian, Equifax, Innovis, and TransUnion will all accept information about your customers' or tenants' payments. You just have to get fix with the right information, software, and formatting to get started.

As a credit reporting software service, Datalinx tin assistance you lot navigate this process. Nosotros'll ensure your data is reported accurately and in a timely fashion with each of the four credit bureaus. Delight contact us if you accept any questions regarding the steps listed below.

Step ane: Sign Information Furnisher Understanding

Each credit agency must approve your data before information technology tin can be loaded in their database. Function of that blessing requires signing a information furnisher's agreement. Go along in mind, this process tin take a few weeks merely you lot merely demand to sign an agreement with the bureaus you lot want to report too. Datalinx has well-nigh 20 years of experience helping customers with this process. We tin can assist yous with obtaining all the necessary information to become started correct away.

During this process they may enquire you lot questions nigh the type of information you will be reporting and how you manage that information internally. They may also ask y'all to allow for an on-site inspection of your place of concern. Again, Datalinx tin assistance you lot with these conversations and piece of work with the bureaus to make certain they have everything they need to proceed.

Step ii: Catechumen To Metro 2 Format

The Metro two Format is the standard format that all four bureaus utilize to have data into their consumer credit database. In social club to report to them directly you lot must take your data in the Metro ii Format. Our credit reporting software system allows you to use your existing accounting organisation to generate the cadre information required for reporting (ordinarily in Excel or Text format). Nosotros then accept that information and convert information technology into the Metro ii Format for monthly reporting to the credit bureaus.

These'south no need for a separate software package with our service, only a uncomplicated, easy-to-use template with the required fields for reporting. Please contact united states for more than information.

Step 3: Test Your Metro 2 File

The final pace is to exam your newly created file with the credit bureaus. Their testing procedure normally takes 2 to 4 weeks. The tests covers the integrity of the file, or how well you lot followed Metro 2 guidelines. Also, information technology covers the integrity of the data, or how well you adhered to federal laws including the FCRA and FCBA. By using our credit reporting software service, we will validate your file for testing purposes. We'll also continue to ensure you are reporting accurate and timely information every month later on your file has been canonical.

How to Study to Credit Bureaus

Basically, those are the steps to have if you want to study your in-house credit data to the credit bureaus.

Please contact us if you take whatever questions on how to report to the credit bureaus.

How To Report Credit

Learn how to written report consumer credit and collections to the credit bureaus (Equifax, Experian, Trans Matrimony, and Innovis)! Nosotros will cover the onboarding process, Metro 2 formatting, and registering with East-Oscar.