Do you extend credit to consumers for auto loans? If you’ve ever considered reporting your customers’ car payments to the four credit bureaus, now is a great time to get started. Datalinx will help you navigate the process of reporting your auto loans. As a premier credit reporting service company, we’ll ensure your data is reported accurately and on time to each of the four credit bureaus.
Step One: Sign Data Furnisher Agreement
First of all, each credit bureau has to approve your auto loan data before they can load it into their database. Part of that approval requires signing a data furnisher’s agreement. Keep in mind that this process can take a few weeks. However, it’s only necessary to sign an agreement with the bureaus you want to report to.
At Datalinx, we have almost 20 years of experience helping customers with this process. Rest assured, Datalinx will help you obtain all the necessary information to get started right away.
During this process the bureau may ask you questions about the type of data you will be reporting. Additionally, they’ll want to know 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. We’ll work with the bureaus to make sure they have everything they need to proceed.
Step Two: Convert To Metro 2 Format
The Metro 2 Format is the standard format used by all four bureaus for accepting auto loan data into their consumer credit database. In fact, you must have your data in the Metro 2 format in order to report to them directly.
Our credit reporting software system integrates with your existing accounting system to generate the core information required for reporting. Typically, this is in Excel or Text format. Next, we’ll take that information and convert it into the Metro 2 Format for monthly reporting to the credit bureaus.
Best of all, there’s no need to buy a separate software package when you work with Datalinx. We provide a simple template with the required fields for reporting.
Step Three: Test Your Metro 2 File
Testing your newly created file with the credit bureaus is the last step. Their testing process usually takes two to four weeks. First, the test covers the integrity of the file, or how well you followed Metro 2 guidelines. Also, the test covers the integrity of the data, or how well you adhered to federal laws like the FCRA and FCBA.
With Datalinx credit reporting software service, we’ll not only validate your file for testing purposes. As always, we’ll continue to ensure you are reporting accurate and timely information every month after your file has been approved.
Please contact us if you have any questions on how to report auto loans to the credit bureaus.