Datalinx has great news. Virtually any small business or organization that has lent to consumers can share this data with the four credit bureaus. Experian, Equifax, Innovis and TransUnion accept all payment information from your customers or tenants. You just need to start with the right information, software and formatting to get started. Another very relevant change on September 15 is the requirement for a full Social Security number or full date of birth for all reported debts. We have recently received information, again from TransUnion, that either the full Social Security number or the full date of birth after September 15 will be required. If you are a creditor who does not collect any of this data, you must adapt your policies to allow a message after this date. From 15 Further changes are planned for 1 September 2017. The three major credit bureaus set a 180-day waiting period before including medical debts in a consumer`s credit information. The six-month period must ensure that there is sufficient time to resolve disputes with insurers and late payments. In addition, credit reporting offices remove medical debts from consumers` credit reports as soon as they are paid or paid by an insurer. A data provider is an entity that communicates consumer information to consumer account offices (CRAs), which may include credit information bureaus, tenant screening companies, cheque verification services, medical information services, etc.
Like rating agencies and data users, data processors have legal obligations and rules under the Fair Credit Reporting Act (FCRA). The rules are substantially identical to the Federal Trade Commission (FTC) rule (click here to view a summary of the FTC rule). Accuracy and timely handling of critical data issues is essential for all lending institutions. As a contributor, you have access to the Equifax Automated Data View tool that allows you to perform random real-time checks of your customer account data as it appears in our credit file. Step 1 – With each credit information repository (Equifax, Experian, TransUnion, Innovis) to which you report, engage a data provider or service contract. Metro 2 format is the industry`s file format for reporting consumer credit information. Reports in Metro 2 format are very beneficial for the lender, consumer reporting agencies and your client: Step 2 – All companies that report to offices must meet the minimum reporting requirements set by each credit bureau. Communicating credit data to Experian is fast, simple and simple – and we help you every step of the way. Notifying consumer data to credit bureaus is essential for your customers to achieve their financial goals and it is essential for you to grow your business. The procedure for notifying your accounts to TransUnion credit bureaus makes it easy for you to obtain the reporting and reporting requirements you need to successfully communicate the data to TransUnion and acquire the Metro 2 format. The links below provide valuable information about our transmission requirements and the testing process as well as useful recommendations for finding software vendors for this process….