How To Report Consumer Loans

getting ready to report consumer loans

Getting Started With Consumer Loan Credit Reporting

Below are three simple steps to show you how to report consumer loans to credit bureaus. As a credit reporting software service, Datalinx can help you navigate this process and ensure your data is reported accurately and timely with each of the 4 credit bureaus. Please contact us if you have any questions regarding the steps listed below.

Step 1: Sign Data Furnisher Agreement

Each credit bureau must approve your consumer loan data before it can be loaded in their database, and part of that approval requires signing a data furnisher’s agreement. Keep in mind, this process can take a few weeks. But you only need to sign an agreement with the bureaus you want to report too. At Datalinx, we have over 15 years of experience helping customers with this process. We can assist you with obtaining all the necessary information to get started right away.

During this process they may ask you questions about the type of data you will be reporting and how you manage that data internally. They may also ask you to allow for an on-site inspection of your place of business. Again, Datalinx can help you with these conversations and work with the bureaus to make sure they have everything they need to proceed.

Step 2: Convert To Metro 2 Format

The Metro 2 Format is the standard format used by all four bureaus for accepting consumer loan data into their credit database. In order to report to them directly you must have your data in the Metro 2 Format. Our credit reporting software system allows you to use your existing accounting system to generate the core information required for reporting (usually in Excel or Text format). We then take that information and convert it into the Metro 2 Format for monthly reporting to the credit bureaus.

There’s no need for a separate software package with our service, just a simple, easy-to-use template with the required fields for reporting. Please contact us for more information.

Step 3: Test Your Metro 2 File

The last step is to test your newly created file with the credit bureaus. Their testing process usually takes 2-4 weeks. It covers both the integrity of the file (how well you followed Metro 2 guidelines) as well as the integrity of the data (how well you adhered to federal laws including the FCRA and FCBA). By using our credit reporting software service, we will not only validate your file for testing purposes but will continue to ensure you are reporting accurate and timely information every month after your file has been approved.

How to Report Consumer Loans to Credit Bureaus

And in a nutshell, those are the steps to take if you want to report your in-house business loan credit data to the credit bureaus.

Please contact us if you have any questions on how to report consumer loans to the credit bureaus.

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