How does a company report consumer credit?
• Step 1 – Contact each National Credit Reporting Repository (Equifax, Experian, TransUnion, Innovis) which you will be reporting with, and establish a Data Furnishers or Service Agreement. This is a separate agreement from pulling credit reports. • Step 2 – All businesses reporting to the National Credit Bureaus, must meet the minimum reporting requirements established by each Credit Reporting Agency. • Step 3 – Once you have established a Data Furnishers or Service Agreement with one or more of the National Credit Bureau repositories and meet their account reporting minimums, then you are ready to purchase The Credit Manager – Metro 2 credit reporting software which will accurately report your consumers accounts. • Step 4 – Enter or update your accounts into The Credit Manager software. • Step 6 – The software will perform validity checks on the accounts, to ensure the information which you have entered, is compliant with the latest regulations related to the Fair Credit Reporting Ac
