Where/how do I start reporting to credit bureaus?

Metro2 reporting to credit bureaus and other bells and whistles.
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wtech_josh
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Joined: Tue Jul 30, 2019 7:17 pm

Where/how do I start reporting to credit bureaus?

Post by wtech_josh » Thu Dec 12, 2019 2:06 pm

You need an account with at least one of the credit bureaus, and you can upload the Metro2 files that Moneylender generates through each of their online systems once you have an account.

Once you have an account, you'll submit your first file for testing/verification. You'll probably get a response that some data looks weird, or something is missing or invalid. Go through each item one-by-one and make the needed corrections in the settings on the loans, borrowers, and lenders in Moneylender.

Sometimes you'll get a message that something just looks weird, and they want you to double-check that it's correct. For example, one customer makes almost all their loans for $350, and they got a warning that said to verify that the correct amount was being reported for each loan because more than 25% of the accounts were being reporting with the same balance. Just telling them that the reported balances are indeed correct is sufficient to address that issue.

TransUnion - minimum 100 accounts to start reporting - https://www.transunion.com/data-reporti ... ng-started

Experian - I couldn't find a minimum number of loans, they might not have one - https://www.experian.com/consumer-infor ... ncies.html

Equifax - No minimum number of accounts but under 500 accounts might require subscribing to specific service - https://www.experian.com/consumer-infor ... ncies.html

Innovis - from what I gather on their website, you don't submit data directly to Innovis, they pull data from the other three. Please correct me if this is wrong.

You'll probably also need an account to handle responses to credit disputes at https://www.e-oscar.org/.

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