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Credit Advice
Topics addressed on March 14, 2012:
Reporting accounts to Experian is probably cost prohibitive for small business
Dear Experian,
How do I become a member to post debts?
- DHR
Dear DHR,
Experian receives credit information from credit grantors who subscribe to our services and public record information from vendors who collect it from the courts or other government offices.
In order for a business to report account information it must become an Experian subscriber. Before accepting a new subscriber, Experian completes a thorough investigation of the reporting entity, often including a physical inspection to ensure that the company is in the business that it states on the application and that it is a legitimate and viable business.
The business must remain under contract with Experian, which obligates it to comply with the Fair Credit Reporting Act's (FCRA) legal reporting standards. It also ensures that we have an ongoing relationship so that if the consumer disputes the data, we can contact the business to have it verified or corrected.
Because data must be in the correct format and must be updated for any change in the status, there are stringent technical requirements for reporting, maintaining and verifying the data. Often it is not feasible for small businesses with only a few accounts to meet these technical and financial obligations.
If Experian is unable to maintain or verify the information, it will not include the information in its database.
Thanks for asking.
- The "Ask Experian" team