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Call us at 1 888 348 0832, option 3 to find out more about reporting to credit agencies such as Experian.
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Reporting to Credit Agencies
Becoming “first-in-wallet” is an advantage for many companies who report consumer payment data to Experian. Since risk management is part of business, companies like yours are in search of simple and effective tools that have the potential to make a significant impact. By reporting your consumer accounts receivable data to credit agencies, you can minimize the occurrence of late payments or defaults in your account base.
What are the Benefits of Reporting to Credit Agencies?
Click on a link below to learn more about the benefits of reporting to credit agencies.
- Better leverage in debt collection
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Customers who know you are reporting payment behavior to credit agencies are less likely to default on their debt.
- Creating opportunity for consumers
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Promoting on-time payment behavior can provide your customers with an opportunity to build or establish credit.
- Fight against identity theft
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Many consumers pull or monitor their own credit regularly. Once reported, consumers can see the accounts associated with their identification. Click the button below to learn more about Experian's fraud detection and prevention solutions for your business.
Start Reporting to Experian
Take time now to read and understand the basic steps and requirements for reporting consumer data to Experian. If you are still interested in using Experian for your reporting needs, follow the steps below or contact Experian at 1 888 348 0832, option 3. We can answer your questions and help you get started with data reporting.
Step 1 - Get Approved for Reporting Access
In order to report consumer data to Experian, you must first get approved for reporting access by Experian's Membership Department. Part of the approval process includes a physical inspection where a 3rd party must come to your location and perform an inspection for security purposes. There is a non-refundable fee of $75 to perform the inspection.
To get started, click the button below and complete the new client registration application. Experian's Membership Department will then review your application.
Step 2 - Obtain Metro 2 Credit Reporting Software
Once you have been approved by Experian's membership department for reporting access, you must get set up with a software vendor that will report in a Metro 2 format. There are costs associated with Metro 2 credit reporting software, therefore, it is important that you do not purchase the software until you are fully approved by Experian's membership department for reporting access. Please contact a Metro 2 software vendor for more details about costs.
- Learn more about Metro 2 format
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Metro 2 is the industry-standard format required for reporting to Experian. It meets all requirements of the Fair Credit Reporting Act (FCRA), the Fair Credit Billing Act (FCBA), and the Equal Credit Opportunity Act (ECOA).
Visit the Consumer Data Industry Assocition website for more information about the Metro 2 Format for credit reporting
Step 3 - Register to Use e-OSCAR
You will need to register to use e-OSCAR as part of the process for reporting consumer data to Experian. e-OSCAR is a web-based, Metro 2 compliant, automated system that enables Data Furnishers (DFs), and Credit Reporting Agencies (CRAs) such as Experian, to create and respond to consumer credit history disputes. There are costs associated with using e-OSCAR, therefore, it is important that you do not register until you are fully approved by Experian's membership department for reporting access.
For more information about e-OSCAR, associated costs, or how to register, visit www.e-oscar.org.