How to Report Credit Accounts to Credit Bureau
If you have a business where others are responsible for paying you a fee for a product, it is important to have access to credit bureau reporting. It is almost a given that some customers at some time will default on payment. If they fail to repay what they owe, report them to a collections agency in an attempt to collect the money. The process of doing so is fairly simple if done step by step.
- Difficulty:
- Easy
Instructions
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Credit Reporting
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1
Open up an account with the three major credit bureaus: Trans Union, Equifax and Experian. There are fees associated with each bureau but do not avoid this by only using one or two of them. Debts can show up differently with each one, and having access to all three will allow the debt to be fully reported. Also, the fees that are paid will allow you to have access to other features like credit checks, as well as the ability to file credit reports. A debt that shows up with all three bureaus is more difficult for the customer to dispute than just one or even two.
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2
Gather all necessary information about the customer who has defaulted on payment. The more info you have, the better off you will be. All three bureaus will require Social Security number, home address, any previous addresses, phone number and information on their job if you have it. There are many websites that offer background checks on individuals for a nominal fee. It is best to have as much information as possible.
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3
Give the credit bureau information about the debt, as well as the individual's personal information. Report the person who has defaulted by filling out a form with each agency. All the personal information you have obtained will be used to send out notices about the delinquent payment as well as to make sure you are reporting the right person.
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4
Report delinquent businesses to Dunn and Bradstreet, Inc (D&B). If you are dealing with a group, business, corporation, or anything other than a single individual, this step should be taken. Equifax, Trans Union and Experian are the only places you need to report to if one person has defaulted on payment. If you must report to D&B, you will need to open an account with them for a small fee. This will allow you to report any other delinquent businesses and also check business credit ratings. In order to file a report, fill out a form with them as you did with the three major credit bureaus.
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