Welcome to the Frequently Asked Questions page. Select a question from the list below. If you do not find an answer to your question, please contact us for further help: 801-334-0051.
Yes. The National Credit Repositories require a Data Furnisher's or Service Agreement for reporting accounts whether you are reporting directly (in-house) to the repository or through a Third Party Processor/Stacking Service. This is a separate agreement from pulling credit reports. Please contact each National Credit Bureau to which you will be reporting and obtain this agreement. [click here] for complete details regarding contact information and minimum number of accounts.
Each Credit Bureau has their own policy on reporting minimums [click here] for complete details. Basically, you should report your entire portfolio with accounts aging up to 6.5 years. If you are still unable to meet their minimums, the bureaus may allow you to report through a Third Party Processor/Stacking Service such as The Service Bureau. You will need to have Metro 2® compliant software (Credit Manager Lite) and a data furnisher's agreement with Equifax, Innovis or TransUnion in order to use this service. Additional processing fees apply for this service, [click here] for pricing.
Direct reporting and processor reporting is available using the Pro and Elite versions. If using The Service Bureau's processing service additional fees will apply. The Pro version supports up to 100,000 accounts where the Elite version will support over 2 million. Click [Here] for complete feature comparisons.
The best option for most businesses is our Pro version.
All versions of Credit Manager support the Metro 2, 426 (uncompressed) format.
Credit Manager does have an extensive and flexible import engine. This process will take accounts in various formats click here to read more and import the accounts into Credit Manager. Importing accounts can help eliminate manual data entry errors, thus providing more accurate information to the credit bureaus.
Non-credit reporting software packages generally do not use the same codes, which the credit bureaus require. However, our flexible import utilities will allow you to cross-reference the information to the codes the credit bureaus require.
Credit Manager Supports all company types, status codes, type codes, comment codes, compliance condition codes, Consumer Information Indicators, 24-month payment history and all appended segments including reporting up to 6 co-signers/co-makers. Credit Manager is the best option to handle any bureau approved reporting scenario.
The ease of use of any software package is largely based on the skills and understanding of the individuals using the software. Credit reporting can be complicated, however, we have made our Credit Manager software easy to install and use, and as user friendly as possible. Moreover, the software comes with extensive context sensitive help screens and the backing of a knowledgeable and accessible support staff. In short, you will find the Credit Manager software as easy as it gets for reporting accounts to the credit bureaus.
Once the Credit Repository has received your first batch of accounts, they will run extensive processes to verify the data which you have submitted. They may also request additional information from your company and may have you manually verify the data which was submitted.
Because of the time involved in this initial verification processed the first batch of accounts may not be updated for several weeks. Once the bureaus have approved your accounts, they will typically update the accounts within a thirty day period.
This process and time delay will vary between bureaus. Please contact your sales representative at the bureau for their policies.
A Stacking Service or Third Party Processor, such as The Service Bureau will accept accounts from multiple customers who do not meet the current bureau account reporting minimums, combine the accounts together and submit a "stacked" file to the bureaus. You must be approved by the credit bureaus to use this service, meet their processor reporting minimums and have a data furnishers or service agreement with each bureau to which The Service Bureau will forward your accounts. This service is available for Equifax, Innovis and TransUnion, additional processing fees apply.
Answer: In 1997, the credit reporting industry initiated the use of the "Metro 2®" format which became the industry standard for reporting debtor information.
The Metro 2® format layout was developed by Consumer Data Industry Association (CDIA) to replace the Metro format which was developed in the late 1970's. The Metro 2® format layout is described in the Metro 2® Credit Reporting Resource Guide. It facilitates complete and greater accuracy of reporting of data and provides the following features:
Answer: Metro 2 support two formats, the Metro 2, 366 and the Metro 2, 426. While both formats are similar the 366 packs all numeric fields like dollar amounts and dates to save file space, where the 426 format does not contain packed fields. When opening the Metro 2 file in a text editor (or similar) the 366 packed fields are not human readable where the 426 fields are readable.
The credit reporting agencies (CRA) are separate entities and maintain their own databases, therefore your trade lines will only be displayed on the bureaus which you submit data and have a reporting agreement with.
Credit Managers Metro 2® file was tested and approved by all major credit bureaus, prior to it's release.
Credit Manager is capable of importing fixed formatted files such as a Metro 1 file into its database and export in the Metro 2® format. Please note: After importing, your accounts may require additional information or editing to be compliant with the Metro 2® format and meet current regulations. Our intuitive compliance management system will help guide you through correcting any compliance issues.
Minor revisions, which include compliance updates and minor enhancements, are available at no charge. Major revisions are available at a discounted rate to customers with a yearly support agreement. For complete description of Major revision policies, please [contact us] for a copy of our support agreement.
We have several options available to best suit your needs.
Promoting on-time payments can provide your customers with the best opportunity to build or establish credit.
Reinforces borrower incentives to manage credit wisely and avoid delinquencies and defaults. Reporting credit improves the performance of the entire market and lowers the costs of making credit available.
Better information results in better lending. Sharing payment information provides other creditors the information they need to avoid overextending your customers. As a result, your customers will be in a better position to pay their loan on time.
Customers who know you are reporting payment history are more likely to make on-time payments.
Allows a collection agency better leverage to collect a debt.