Consumers expect their banks and credit card companies to report their payments to the four major credit bureaus. But what about payments made to small businesses and organizations like car lots, property rentals, utilities, and HOAs?
Datalinx has great news. Virtually any small business or organization that extends credit to consumers can report this data to the four credit reporting agencies. Experian, Equifax, Innovis, and TransUnion will all accept information about your customers’ or tenants’ payments. You just have to get set up with the right information, software, and formatting to get started.
As a credit reporting software service, Datalinx can help you navigate this process. We’ll ensure your data is reported accurately and in a timely manner with each of the four 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 data before it can be loaded in their database. 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. Datalinx has nearly 20 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 that all four bureaus use to accept data into their consumer 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.
These’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 two to four weeks. The tests covers the integrity of the file, or how well you followed Metro 2 guidelines. Also, it 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 after your file has been approved.
How to Report to Credit Bureaus
Basically, those are the steps to take if you want to report your in-house credit data to the credit bureaus.
Please contact us if you have any questions on how to report to the credit bureaus.
How To Report Credit
Learn how to report consumer credit and collections to the credit bureaus (Equifax, Experian, Trans Union, and Innovis)! We will cover the onboarding process, Metro 2 formatting, and registering with E-Oscar.