Getting Started With Metro 2 Credit Reporting
Below is a list of the steps required for reporting your credit data on the
consumer credit file. As a credit reporting software service, Datalinx can help
you navigate this process and ensure your data is reported accurately and timely
with each of the 4 credit bureaus. Please contact us if you have any questions
regarding the steps listed below.
Step 1: Sign Data Furnisher Agreement
Each credit bureau must approve your data before it can be loaded in their
database, and part of that approval requires signing a data furnisher's
agreement. Keep in mind, this process can take a few weeks but you only need to
sign an agreement with the bureaus you want to report too. At Datalinx, we have
over 10 years of experience helping customers with this process and can assist
you with obtaining all the necessary information to get started right away.
During this process they may ask you questions about the type of data you
will be reporting and how you manage that data internally. They may also ask you
to allow for an on-site inspection of your place of business. Again, Datalinx can help
you with these conversations and work with the bureaus to make sure they have
everything they need to proceed.
Step 2: Convert To Metro 2 Format
The Metro 2 Format is the standard format using by all four bureaus for
accepting data into their consumer credit database. In order to report to them
directly you must have your data in the Metro 2 Format. Our credit reporting
software system allows you to use your existing accounting system to generate
the core information require for reporting (usually in Excel or Text format). We
then take that information and convert it into the Metro 2 Format for monthly
reporting to the credit bureaus.
These's no need for a separate software package with our service, just a
simple, easy-to-use template with the required fields for reporting. Please
contact us for more information.
Step 3: Test Your Metro 2 File
The last step is to test your newly created file with the
credit bureaus. Their testing process usually takes 2-4 weeks and covers both
the integrity of the file (how well you followed Metro 2 guidelines) as well as
the integrity of the data (how well you adhered to federal laws including the FCRA and FCBA). By using our credit reporting software service, we will not only
validate your file for testing purposes but will continue to ensure you are
reporting accurate and timely information every month after your file has been
approved.
Please contact us if you have any questions or to
learn more about our Metro 2 Credit Reporting Software
Service. |
