topic Re: small business trying to report in General Credit Topics

small business trying to report

Stugotsv10 — Sat, 24 Nov 2018 12:07:09 GMT

So I own a small business, but we do extend credit, I'd like to report to the credit bureau's but as I said we are super small, is there a 3rd party we can go through that we can use to report through? since we simply are not big enough to report to any of the 3 (not even close from what I understand)

Anyone know of a 3rd party that can do this?

Re: small business trying to report

RonM21 — Sat, 24 Nov 2018 12:24:16 GMT

Op, I don't have a business, so no experience I can speak of on this. But I just did a random web search on the topic "Third Party Credit Reporting" and numerous links of options popped up, like it is a very common thing. Outside of someone else here recommending an option from their experience, it may just come down to you researching and deciding on one that you like best.

Re: small business trying to report

Stugotsv10 — Sat, 24 Nov 2018 12:47:11 GMT

Thanks for the fast reply.

I did that, and contacted a bunch and they all seem to semm software to report for companies that are already approved to report (which I'll never meet the requirements)

Re: small business trying to report

RonM21 — Sat, 24 Nov 2018 12:53:30 GMT

I see. Hopefully, someone will come to this thread today that will be able to give your more direction. With the knowledge people have here with different things, I'm sure someone will be able to guide you.

Re: small business trying to report

RobertEG — Sat, 24 Nov 2018 15:54:12 GMT

Yes, the big-3 CRAs do have minimum size requirements in order to establish a reporting agreement.

They also have requirements that the party must have the ability to use the Metro 2 reporting software, and report electronically.

Any 'ole Joe cannot establish reporting agreement with one of the Big-3 CRAs.

Perhaps you could find a smaller CRA, such as Innovis, who does not have the size and electronic reporting requirments of the Big-3.

However, reporting to a CRA other than one of the big-3 will not result in teh ability to also obtain a credit score, as the lack of broad reporting to smaller CRAs results in lack of broad-based data, and thus ability to generate a meaningful credit score.

Re: small business trying to report

Stugotsv10 — Sat, 24 Nov 2018 16:02:50 GMT

and no 3rd party can report for us as a "Service" if they are already established?

Re: small business trying to report

RobertEG — Sat, 24 Nov 2018 17:04:33 GMT

In my opinion, no.

Furnishers of information to a CRA become subject to dispute and investigation requirements under FCRA 611, and to civil action for not conducting a reasonable investigation of reported information that is disputed by a consumer.

They are also subject to assuring that anything reported is not knowingly inaccurate, and for promptly notifying the CRA of any needed updates. See FCRA 623(a)(1) and 623(a)(2).

If the information submitted by a furnisher is not related to their own information, but rather they are only acting as a reporting conduit for another, then the furnisher could not assert to it not knowingly being inaccurate, and could not conduct and be subject to civil action for lack of reasonable investigation of the reported information.

That would be a real legal issue that would, in my opinion, preclude proxy reporting.