Report Credit Payments

How To Report Your Client’s Payments To The Business Credit Bureaus.

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A sound number of entrepreneurs emphasize establishing a substantial business credit as it lays a stepping stone to new business opportunities as well as financing ventures while saving money when borrowed.

Usually, small businesses provide services or products with zero upfront costs or extend payment terms. These businesses can assist their customers and further strengthen the business by reporting the payment history to commercial credit reporting agencies. These customer payment records, if reported, appear on commercial credit reports.

Why all that effort? What are the reasons and benefits?

  1. Inspirit good conduct:

In atrocious financial conditions, most of the people will prioritize the bills that influence our credit over the bills that have no effect. Businesses should also follow the same instinct. When you remind your customer about the credit, eventually it will hearten your client to look into your invoice on a priority basis. The commercial credit bureau does this practice by providing stickers that are put on invoices to remind clients that payments will be included in their credit records.

  1. Assist your clients to build business credit:

This reporting of payments aids the clients to creating progressive business credit references that uplifts in building a strong credit score. Convincing payment history will benefit them in developing staunch credit scores. Majority business owners trying to establish resilient business credit, now are inclined to search out and conduct business with the companies that report more often.

  1. Improve your conclusion:

Credit reporting agencies can provide you an insight on trends and historic data to develop predictive scoring. This interaction with the commercial credit reporting agency helps improve the data and judgments alike.

  1. Help Other Entrepreneurs avoid deadbeats:

Better data collection by data reporting agencies will eventually help in a more concise evaluation, prediction, and management of the risks involved. A good credit score is established when a business has a track record of paying on time. Businesses that fall behind on their bills are avoided as other business owners can look up for the credit record.

The commercial credit keeps the information about the names of creditors confidential. Rather the information is categorized as a lender or vendor type.

  1. How to report to Experian:

A renowned consumer credit reporting agency states that In the US about 99.9% of the companies are listed in their commercial credit database that includes extensive and verified third-party data. In simple words, Any type of business that invoices its clients may report their credit information or business payments. In simple words, you are eligible to report if your bill has not been paid by the business client.

Experian is always reachable by phone (1-800-478-0650), e-mail at BISdatareporting@experian.com or just by visiting their website

It is free to report with no limitations on the number of accounts to be reported.

Experian will ensure proper reporting of data and is very adaptable in terms of how the information is reported.

  1. How can you reach out to Dun & Bradstreet:

Dun & Bradstreet offers several score products and commercial credit reports to their clients but is known best for its Paydex score. The company includes about 12,000 trade partners that in turn provide a huge number of trade information, 1.5 billion a year to be exact.

The relationship manager of ‘Dun & Bradstreet’ is available 24/7 to help you start reporting. Visit ‘D&B’s website’ or reach ‘D&B’ at 844-201-9144.

Enroll into the trade exchange program so that you can account Dun & Bradstreet.

You must be a member of PPP or DNB services or have at least 300 active credit customers to report. QuickBooks can also be connected to ease reporting.

As a bonus for signing up, you will get stickers to put on the reports you send to Dub & Bradstreet. This will always remind the customers that they have a payment to make.

7. Problem reporting? Try this:

Quite a few business owners report the clients that are not clearing bills on time. A debt collector can also be hired if your business is unable to report. These collection agencies have an association with respective credit reporting agencies that allow debts to be reported.

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Credit Bureaus

Major Credit Reporting Agencies That Control Your Credit Reports


Credit reporting agencies or credit reporting bureau that manage historical credit information about individuals and their businesses. The information that they receive is compiled into a credit report. This report shows the credit score that helps potential employees rate their credibility. Usually, the credit score is measured by Vantage Score and it’s the most modern way of calculating the credit score. It uses letters instead of numbers to calculate the credit score. Credit reporting has done its job for a century but with time local agencies were transformed into three main categories named Central US, Experian the West and Equifax.

Experian:

Experian is one of the biggest names in credit reporting agencies. It’s an Irish based multinational agency. It maintains more than 235 billion individuals and businesses. The company is based in Ireland with its offices in three major countries named as United States, the United Kingdom, and Brazil with 17000 employees. The company creates analytics based on the information collected from the users. This report can be used to predict whether to continue giving mortgages or not etc. The company provides free credit reports to US persons once in a year. Whenever a person buys a new car take a loan or purchase a house. He or she has to undergo a credit check. This credit check is very important. It proves a person’s financial condition to the seller. This check is in a form of credit report and these reports are generated by big names like Experian.

TransUnion:

TransUnion is another name in the Big three credit reporting agencies. A US-domiciled agency based in Illinois and has more than one billion individuals in their community. Like all other credit reporting companies, this company also provides a FREE credit report to its users once in a year. The cost of getting TransUnion is 9.95$ but it cost also depends on the area where you live.

Equifax:

Equifax, with more than one 800 million individuals it is another name in big three. Like other companies, it also provides demographic analytics, sells credit statistics and fraud prevention gigs to its customers. The company takes credit information and then creates analytics that shows the changes of a person to pay back loans and mortgages.

Big credit companies like Chase sapphire, Citi double cash and Discover it uses services of Equifax. Equifax has a good score of 760-850 and good score rating of 660 to 724.

Conclusion:

Summarizing all the above credit reporting agencies take useful credit information from its users and create a credit report and this report is extremely important for the business owner in checking the financial health of a person while he/she is purchasing mortgages, renting a house or maybe purchasing a car. Three big names control all the credit reports and among them, two big are Experian and Equifax. Besides creating report these companies also provide credit monitoring and fraud prevention services.


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