Data Furnishers

Data furnishers are generally creditors, lenders, utilities, debt collection agencies and public records. These furnishers report their consumers payment history to credit bureau‘s which then collate this data into credit reports and then in turn use those along with statistical analysis to calculate credit scores.

 

How To Become A Data Furnisher?

If you own a business and allow customers allow any form of credit then you should seriously consider becoming a data furnisher, by doing you will be able to send records of non payment to a credit bureau and have these records applied to an individual’s credit report which would negatively affect their credit score – making your customers more likely to pay their invoices on time and not default on any line of credit they have with you.

Data FurnishersTo become a data furnisher you need to have mininum number of monthly consumer accounts to qualify, individuals are also unable to apply to become data furnishers. If you meet these requirements please  follow these steps;

Steps In Becoming A Data Furnisher

  • Contact the credit bureau you want to become a data furnisher for. There are three major credit bureau’s in America; TransUnion (contact transunion), Equifax (contact equifax) and Experian (contact experian)
  • Ask to be transferred to the Business Services department
  • Request an application to become a member of the business reporting program
  • Fill out the application and submit it
  • Wait for a representative to contact you, you will need to make an appoint for somebody to physically inspect your business to ensure it exists. There is a fee for this service
  • Sign a Data Furnisher’s or Service Agreement with the credit bureau once your application is approved. This document states that you agree to make regular accurate reports on your customers.
  • Record all of your customers’ personal information within the Metro 2 program. Update the information monthly whenever your customers make payments. The program will automatically file reports to the credit bureau which will then insert each report into the corresponding credit file.