Monday, August 29, 2011

Who Can Report to a Credit Agency?

You have to meet certain qualifications to report to a credit reporting agency. Once you are approved to report, you can submit a test trial to make sure your data is received appropriately. If you decide to provide information, you can choose which credit reporting agencies you report to. Once the information is submitted, the agency will download it into its system.

Requirements

    In order to transmit information to a credit reporting agency, you have to be a business and have a business license. You also need to have designated office space for business purposes.

Application/Agreement

    To submit information, you have to get a membership application from the credit reporting agencies you want to report to. Return the application along with a signed data furnisher's agreement.

Site Inspection

    Sometimes the credit reporting agency will perform a site inspection to make sure you have designated office space.

Metro 2 Format

    The data you submit must be sent using a Metro 2 format. If you need help converting you data, you can contact a credit reporting servicing company to perform this task (see Resources).

Transmission

    Your data will be sent using a secure HTTP connection. After submitting the information, contact the credit reporting agency to make sure it received your data. There are three credit reporting agencies that you can report to (see Resources).

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