How To Report Auto Loans

image of car keys to visually support page about how to report auto loansBelow are the steps to follow to report auto loans and leases to the 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 major credit bureaus. Please contact us if you have any questions regarding the steps outlined below.

STEP 1 – REPORTING REQUIREMENTS

Data Furnishers must meet the reporting requirements of at least one of the bureaus below in order to report their data. Let your Datalinx representative know which bureaus you qualify for in order to secure your membership.

  • Equifax – No minimum as long as you are a member of one of the two trade associations listed below, otherwise there is a minimum of 500 active accounts.
    • National Independent Automobile Dealers Association (NIADA)
    • National Alliance of Buy Here, Pay Here Dealers (NABD)
  • Experian – No Minimum
  • Trans Union – Minimum of 100 Active Accounts

*Active accounts are defined as those having an outstanding balance with your company.
**Minimum number is only required on the first file. Subsequent file may contain less accounts.

STEP 2 – CREDENTIALING PROCESS

Data Furnishers must go through a credentialing process and sign a Data Furnisher’s Agreement with each bureau they intend to report auto loans. Below are the general requirements for the credentialing process. Work with your Datalinx representative to complete the customer profile section on page 2 of this document to begin the process and obtain the necessary agreements.

  • Data Furnisher Application
  • Third-Party verification of business credentials (i.e. bank and/or trade reference, proof of lender sponsorship, etc.)
  • On-Site Inspection

STEP 3 – TESTING AND APPROVAL TO REPORT AUTO LOANS

Assemble your input file using the Tradeline tab in the Data Furnisher Reporting package. Please ensure all necessary fields are populated as it is expected that your data be sent in this format for all future transmissions.
Submit your initial test file using the connectivity path established by your Datalinx representative. This will ensure secure transmission of your data to the Datalinx servers.

Once received, Datalinx will perform a series of tests to validate the accuracy and adherence to Metro 2 data requirements. If the data meets the requirements, you will be approved to begin reporting your data in our production environment. If concerns or issues are present your Datalinx representative will work with you to resolve them.

Please contact your Datalinx representative or the support team (support@datalinxllc.com) with any questions or concerns.

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