How to Report Auto Loans to the Credit Bureaus – Datalinx, LLC

Loan on calculator
Are you concerned in reporting car payments on car loans and leases to the credit chest of drawers ? As a accredit report software service, Datalinx helps you work through the credit report process. Our finish is to be sure your datum is reported correctly and on clock time with each of the major citation agencies .

Reporting Requirements

first, to report car loans and leases, you ’ ll have to meet the report requirements of at least one of the four major credit chest of drawers .
Each of the credit report agencies requires a different number of accounts to start coverage.

  • Equifax – If you’re a member of the NIADA or NABD, there’s no minimum number of accounts required to work with Equifax. Otherwise, there’s a minimum of 500 active accounts.
    • NIADA: National Independent Automobile Dealers Association
    • NABD: National Alliance of Buy Here, Pay Here Dealers
  • Experian – No minimum number of accounts
  • TransUnion – Minimum of 100 active accounts

active accounts are those with an great balance with your company. You ’ re entirely required to meet a mininum number of accounts in your beginning file. Your former files may have fewer accounts .
just let your Datalinx representative know which bureaus you qualify for. We ’ ll avail you to make certain your membership with each is secured .

Credentialing Process

next, you ’ ll go through a qualification summons and sign a “ datum furnisher agreement ” with each agency to which you want to report car loans .
The major credit agency require you to do three things to become modify as a datum furnisher :

  • Complete an application
  • Provide third-party verification of your business information (for example, a bank and/or trade reference)
  • Allow an on-site inspection of your property

Of course, your Datalinx representative will work with you to fill out your application. We ’ ll besides guide you through the other requirements. We want to help you to report car loans deoxyadenosine monophosphate cursorily as possible .

Testing and Approval to Report Auto Loans

last, you ’ ll create the charge you ’ ll transport to Datalinx using the Tradeline tab in your coverage software. Your Datalinx spokesperson will walk you through this process. For best results, please be sure you ’ ve completed all of the compulsory fields. You ’ ll send your data in this format in all of your future files .
The next footstep is to send your first test file using the way your Datalinx pro set up for you. This screen will verify that the transmittance is sent and securely received by our Datalinx servers. As your credit report avail party, we want to be sure your data is accurate as well .
When we get your data, we ’ ll start a series of tests to make sure your charge is accurate and follows the Metro 2 format requirements. Metro 2 is the data format that credit rating report agencies require therefore your information will sync with their systems. If everything looks thoroughly after testing, we ’ ll approve your company to start reporting your data in the Datalinx arrangement. Again, your Datalinx partner will always work with you to fix any issues or concerns.

Questions ? Please contact your Datalinx documentation team at support @ anytime .

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