Each of the four credit bureaus has their own set of requirements to report credit. However, the process for being approved to report to them is very much the same.
Step One: Become a Data Furnisher to Report Credit
First, you must become a data furnisher. This requires going through a verification process known as credentialing. Generally the credentialing process includes the following items:
• Filling out a membership application with the bureau
• Allowing an on-site inspection conducted on your principal place of business
• Verifying business credentials (i.e. bank and trade references)
• Allowing an on-site inspection conducted on your principal place of business
• Verifying business credentials (i.e. bank and trade references)
Step Two: Meet the Bureau’s Credit Reporting Requirements
In addition, each potential data furnisher must meet the reporting requirements of the bureaus. Keep in mind, these requirements may change at any time. So, it’s best to contact the bureaus directly to verify the current requirements.
• Equifax – 500 active accounts
• Experian – No minimum
• Trans Union – 100 active accounts
• Innovis – 100 active accounts
• Experian – No minimum
• Trans Union – 100 active accounts
• Innovis – 100 active accounts
“Active accounts” are defined as those with an outstanding balance. These include open accounts, charged-off accounts, and collection accounts. Closed accounts that have a zero balance do not count towards the minimums above. However, they may still be included in your file.
It’s also important to note that each owner on an account will be counted as an active account. For instance, joint accounts count as two accounts towards the minimum: one for the primary account holder and one for the joint holder. In addition, the bureaus allow you to report accounts within your portfolio from the past seven years.
Finally, the bureaus only require the minimum number of active accounts on your first file. Future files may fall below the minimum requirement.
Step Three: Find a Trusted Credit Reporting Service Company
To complete the approval process to report credit, you’ll need to submit your data to the bureaus using their required format. This is usually Metro 2 reporting format. Datalinx offers custom software solutions that integrate with your existing systems to enable simple and accurate reporting time after time. To get started reporting consumer and commercial credit to the four credit bureaus, give Datalinx a call today.
IM LOOKING TO START A BUSINESS IN REPORTING POSITIVE CREDIT AND WANT TO KNOW IF YOU GUYS HAVE THE SOFEWARE TO REPORT.
Hi Keenan,
We can definitely help you get setup as a Data Furnisher to start reporting positive credit to the credit bureaus. Please contact our on-boarding team at support@datalinxllc.com for more information. Thanks!
Paul
I would like to start reporting positive credit as well and wanted to know if you guys report the information or do I have to…
Can you please help me with this?
Hi Kevin,
We sure can. I’ll send you some more information via email and we can set up some time to discuss in more detail. Thanks for your post!
Paul
I think that someone is false reporting on me is there an investigator that can deal with this?
Hi Misty,
Thanks for your comment. In order to investigate an account on your credit file you need to file a dispute with the credit bureau(s) who are reporting the information. Below are the websites for each bureau. Hope this helps.
EQUIFAX – https://www.equifax.com/personal/disputes
EXPERIAN – https://www.experian.com/disputes/main.html
TRANS UNION – https://www.transunion.com/credit-disputes/dispute-your-credit