How to Report a Credit Account to a Credit Bureau
As a business owner, you can use a consumer credit report to determine whether to provide someone with a line of credit, rent someone a home or hire someone as a new employee. Each time you report to a credit bureau, you are telling the world about your transaction with a particular person. You can report a credit account directly to a credit bureau or use a third party.
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Instructions
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Gather all the records of your transactions associated with a person's credit account. You may have to provide verification to third parties who request it.
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Report the credit account directly to the credit bureau. This requires a membership with the credit bureau. You will have to pay membership fees, report at least 100 accounts and use the bureau's electronic reporting system. This option is better suited to large companies who handle many accounts and want to report both good and bad activity.
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Use a credit reporting service to report smaller numbers of accounts. For a fee, these companies report to the credit bureau for you. Although requirements vary, these companies are less expensive than becoming a member of a credit bureau.
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Use a collection agency for a delinquent credit account. These agencies will report the credit account to the credit bureau for you. They also will handle all collections efforts for you. Collection agencies generally charge you a percentage of the debt collected.
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Tips & Warnings
The three major credit bureaus are Equifax, Experian and Transunion.
Do not report any delinquent activity unless it is at least 90 days past due. Each credit bureau also specifies a credit account minimum for reporting. It can be a small as $50.
