Once credit has been offered to consumers or vendors, it is with the understanding that the arranged payment schedule will be adhered to. Of course, things do not always work out as planned and sometimes vendors default on their payments. If no method of recourse is agreed upon by the parties or no communication ensues, a business is left with no choice other than to report the vendor to a credit bureau. It is a fairly simple and straightforward procedure to execute.
- Difficulty:
- Easy
Instructions
- Credit agency accounts
- Documents proving delinquency
-
-
1
Open accounts with the two major credit bureaus that have a staff for business claims: Equifax and Experian.You need to have accounts with both of these as they report differently and have independent records. In the event that you have to sue a vendor for default, accounts both bureaus will put you in a better legal position than only one or two. Remember, you are filing late payment reports for vendors and not consumers; you must contact the business division of the credit bureaus.
-
2
Gather the necessary documents that support your claim for vendor late payments. You must have the date they were supposed to pay and the amount that is due. It is federal law that financial institutions may report a vendor late after 30 days of nonpayment. Be sure it is documented that the 30 days have passed so you may legitimately file a claim. You must also have the vendors business address, phone number and outline exactly what the issue is with a vendor. Clarify this information in the beginning, and the case will not take as long to solve.
-
3
Report the vendor that is late once you have obtained all necessary paperwork that substantiates your claim of late payments. One of the main differences in reporting a vendor versus a consumer is that you must have a DBA (doing business as) name if it is different from the legal name. You may also choose to file a report with Dunn and Bradstreet (D&B) depending on your circumstances. Unlike Experian and Equifax, they handle strictly business claims. By filing with the credit bureaus and D&B, you are better able to strengthen your legal position if you must go to court.
Read Next:
-
How to Get Late Payments Off of Credit Report
A late payment can have a huge impact on a total credit score especially if the payment is 60, 90 or even...
-
Credit Report Laws on Late Payments
A late payment entry on your credit report harms your credit history and score. Late payment entries are negative citations from your...
-
How to Dispute Late Payments on a Credit Report
If you're late 30 days or more on a credit account, the creditor can report this information to the major credit bureaus,...
-
How to Report Late Payments to the Credit Bureau
Having a business in which you extend credit to customers can both increase sales--and increase your business costs due to the manpower...
-
How to Get Late Payments Off of a Credit Report
If you're an average American, you probably have a few dings, like late payments, on your credit report that you'd like to...
-
How to Report Payments to a Credit Bureau
Credit-reporting agencies track data shared by creditors that define a company's experience with a consumer. But creditors are not required to report...
-
How to Report a Vendor's Late Payments to the Credit Bureau
Businesses of all sizes are sometimes confronted with vendors who are unable or unwilling to pay bills. Suppliers who are late with...
-
How to Fix Late Payments on Credit Reports
Create a dispute for the payment history that is incorrect by contacting all three credit bureaus. A dispute can be made online...
-
How to Refinance With Late Payments
Late payments get recorded on your credit report and can affect your ability to get additional credit. The occasional late payment for...
-
How to Get a Late Payment Fixed on a Credit Report
The Experian, Equifax and TransUnion credit bureaus maintain credit records about your financial activity, and they are known to make mistakes. Bob...
-
Credit Bureau Reporting for Delinquent Tenants
When tenants become delinquent, their record of payments can be reported to one or several credit reporting agencies. For a landlord to...
-
How Long Do Late Payments Stay on a Credit Report?
If you make a late payment to a creditor or lender that is more that 30 days past due, your creditor will...
-
How Do I Report Vendor Failures to Credit Reporting Agencies?
Most businesses offer some type of credit to consumers, vendors and other businesses. The likelihood of delinquent payments from any of those...
-
How to Report a Business for Non Payment
There are many companies that have contracts with other businesses to sell their products or services. After the payment terms are discussed...
-
How to Report Payment of Rent to the Credit Bureaus
A consumer credit report documents credit and loan accounts, judgments and collections along with personal information and statements about your credit history,...
-
How Late Can a Mortgage Payment Be Before It Is Reported to the Credit Bureaus?
Technically mortgage payments are late if the payments are not received on the due date although most lenders allow borrowers a 15...
-
Can a Homeowners Association Report Late Payments to a Credit Agency?
The very same fees that go to keeping your neighborhood well kept could also cost you your home and ruin your credit...
-
How to Get Late Payments Removed from Credit Report
A late payment can drastically effect your credit score. Timely payments can contribute up to 35% of your credit score. This article...
-
How to Dispute Late Charges Reported to Credit Bureaus
The Fair Credit Reporting Act (FCRA) allows you to dispute incorrect entries on your credit report. Military Money says the credit bureaus...
