If you’re a landlord or property manager, it only takes three easy steps to report rental resident credit to the four major credit bureaus. Whether you want to report tenant payments to Experian, Equifax, TransUnion or Innovis, or all four, Datalinx can help.
As a certified partner of the credit reporting agencies, Datalinx can help you navigate this process. Our propriety software ensures that you report your data to the credit bureaus in the right format accurately and in a timely manner. Here’s how:
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. They must become a data furnisher with each of the four credit reporting agencies.
This process includes providing documentation to verify your business as well as signing a Data Furnisher’s agreement with Datalinx. With nearly 20 years of experience in the credit reporting industry, Datalinx can help guide you through this process. We’ll work with the credit bureaus to make sure they have everything they need from you in order to proceed.
Step 2: Convert to Rental 1 Format
The Rental 1 Format is the standard format the bureaus use to accept 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.
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 one to two weeks. It covers the integrity of the file, or how well you followed Rental 1 guidelines. It also tests the integrity of your 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. We’ll also continue to ensure you’re 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, including rent payments and evictions, to the credit agencies. Please contact us if you have any questions on how to report resident credit to the credit bureaus.
How to Report Rent Payments
Learn how to report rent payments, evictions, and collections to the credit bureaus (Equifax, Experian, Trans Union, and RentBureau)! We will cover the onboarding process, Rental 1 formatting, and registering with E-Oscar.