There are lots of reasons WHY you should report your customers’ and tenants’ payment data to the major credit bureaus. Reporting credit reduces your risk of late payments, creates a record of both positive and negative payment histories, and helps your organization to maintain a great reputation for fair and consistent credit decisions.
But do you know HOW to report consumer payment information to the credit bureaus? If not, you’re not alone. Lots of businesses and individuals who extend credit or expect timely payments have thought about reporting their customers’ or tenants’ payments, but just don’t know how. Others have done a little research into the process and have quickly become overwhelmed by the process.
Reporting on your own can be difficult
We understand. Getting set up to report to TransUnion, Experian, or Equifax on your own can require a lengthy application, certifications, learning about legal regulations and compliance, finding and installing the right software, creating files in a format the bureau will accept, sending test files, and making sure you submit your data on time every month.
TransUnion’s requirements for credit reporting, for example, may include the following:
- Learning about Sections 604 and 607(a) of the Fair Credit Reporting Act, Section 6802(e) of the Gramm-Leach-Bliley Act, and other rules
- Completing an application and letter of intent
- Submitting references and a business license
- Waiting for an on-site inspection
- Verifying your reasons for reporting credit and your business’ legitimacy
- Obtaining Metro 2 software, WinZip 11.1, and Adobe Acrobat Reader
- Having a minimum of 100 accounts to report
If you stopped reading after the first few bullet points, we don’t blame you. It’s a lot! Just a quick review of this list can convince you that the benefits of reporting your credit data to the credit bureaus just aren’t enough to outweigh the time and cost of getting set up.
And this is the process for getting set up to report credit data to just one of the major credit bureaus. Each one has slightly different requirements, so you’d have to repeat the credentialing and setup process with each one separately, one at a time.
Partnering with Datalinx is the answer
But wait! Don’t give up on credit reporting just yet. At Datalinx LLC, we’ve been helping small businesses and organizations like yours report data to the major credit bureaus for almost 20 years. We understand the process inside and out, and know exactly what’s been keeping you from doing it on your own.
We exist to make credit reporting possible and easy for any organization, no matter how large or small.
Working with a partner like Datalinx will streamline and simplify the process of credit reporting. We remove the roadblocks like having 100 accounts minimum or finding the right software to work with your existing programs.
Why partner with Datalinx?
- Our software will work with your system; our pros will make sure of that
- You won’t have to learn the reporting formats; we’ll convert your data for you to be sure it’s accepted every time
- Don’t have 100 accounts? No worries. We eliminate that requirement for you.
- We know everything about the rules and regulations of the credit reporting industry, and we’re just a phone call or email away when you need help
Still wondering if credit reporting is right for your business? Give us a call today for a one-on-one consultation and find out why Datalinx can and should be your credit reporting ally.
Speak Your Mind