How to Report a Debt to a Credit Agency
If you want to report a debt to a collection reporting agency you must be a business with a license and dedicated office space. Any data you send must be in a format which is acceptable by the reporting agencies. Information is reported at the same time each time each month. Some businesses and creditors don't send information to all three credit reporting agencies. There are also fees incurred by a business from the credit reporting agencies when they become a member.
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Things You'll Need
- Data approval
- Furnisher's agreement and application
- Metro 2 format conversion
- Test accuracy
- Manual update
Instructions
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Get your data approved by the credit reporting agencies that you wish to provide data to. There is an application and data furnisher's agreement that anyone desiring to send in information must sign.
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Convert your data to the Metro 2 format which is how credit agencies accept information. All information is transmitted on the last day of the month. Data will be transmitted by way of a secure https connection to the credit reporting agencies of your choice.
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Test the accuracy of your data to make sure all information is correct and all rules and regulations are adhered to. File transmissions are sent to the credit bureau, as a test, to see if it is being received and that all information is correct.
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Once information is received by the credit reporting agencies, they will download the information. The process normally takes about one week. At this point, all changes are updated to reflect the new information, such as balance and date last paid.
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If someone has an account with a creditor that does not report to the credit reporting agencies, you can request that your information be forwarded. The creditor will fill out a paper form with your information and send it to the credit agencies. Unfortunately, your information will not be updated on a regular basis.
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