How to Report Tradelines to the Credit Bureau

If you own a business that offers credit, you can join a credit-reporting agency to report the trade lines.

Credit-reporting agencies are designed to act as record-keeping facilities and record the financial payment records of consumers. This allows creditors and lenders to contact one of the three credit-reporting agencies and gather a report showing the way a potential customer has handled previous credit. To report accounts, or trade lines, a creditor must join the credit-reporting agency and meet all the requirements for reporting.

Instructions

1. Call the credit-reporting agency--TransUnion, Equifax or Experian--to which you would like to report the trade lines. You can join all three, if you like.

2. Request information on joining the credit-reporting agency as a business. You will be connected to a representative who will guide you and your company through the process. Be prepared to tell the representative the nature of your business, its location and the number of trade lines you will be reporting monthly.

3. Complete the business application and submit it as directed by the representative.

4. Schedule an appointment to have your business location inspected by a credit-reporting agency specialist. Your business must have a real physical location to quality as a member.

5. Follow the instructions given to purchase the proper credit-reporting software. You will be provided with a short training session on how to use the software and how to report the trade lines.

Tips & Warnings

• Home-based businesses are not eligible for membership with credit agencies.

• If you only have a few accounts to report, you may not be eligible for membership in a credit reporting agency. Credit bureaus typically require anywhere from 100 to 500 trade lines for membership, and requirements may vary based on the type of business. Some bureaus allow fewer than the minimum trade lines if reported through a third-party processor that combines accounts from several clients. Your business also must pay annual fees and service charges related to its membership.

References

• Fin Web: How to Report Delinquent Accounts
• All Business: How Do You Report a Delinquent Account to a Credit Bureau
• Consumer Data Industry Association: Metro 2
• Metro2: National Credit Bureau Contacts, Reporting Minimums and Requirements

Resources

• FMS: Federal Credit Bureau Guide
• Fight Identity Theft: Credit Bureau Contact Information