Similar to reporting credit there are three easy steps for reporting resident credit to the credit bureaus. As a certified partner with Trans Union, Datalinx can help you navigate this process and ensure your data is reported accurately and timely to the credit bureau. Please contact us if you have any questions regarding the steps listed below.
Step 1: Get Approved as a Data Furnisher
Each customer must go through a credentialing process before their data can be loaded into the credit bureau database. This process includes providing documentation to verify your business as well as signing a Data Furnisher’s agreement with Datalinx. With over 15 years of experience in the credit reporting industry, Datalinx can help guide you through this process and will work with the credit bureaus to make sure they have everything they need in order to proceed.
Step 2: Convert to Rental 1 Format
The Rental 1 Format is the standard format used by Trans Union for accepting resident credit data into their consumer credit database. In order to report to them directly you must have your data in the Rental 1 Format.
Our credit reporting software service 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 Rental 1 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 Rental 1 File
The last step is to test your newly created file with the credit bureaus. Their testing process usually takes 1-2 weeks and covers both the integrity of the file (how well you followed Rental 1 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 Resident Credit to the Credit Bureaus
Those are the steps to take if you want to report your residential credit data to the credit bureaus. Please contact us if you have any questions on how to report resident credit to the credit bureaus.