Frequently Asked Questions

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.

Question: How does a company report consumer credit?

Answer:
  • Step 1 - Contact each National Credit Reporting Repository (Equifax, Experian, TransUnion, Innovis) which you will be reporting with, and establish a Data Furnishers or Service Agreement. This is a separate agreement from pulling credit reports.
  • Step 2 - All businesses reporting to the National Credit Bureaus, must meet the minimum reporting requirements established by each Credit Reporting Agency.
  • Step 3 - Once you have established a Data Furnishers or Service Agreement with one or more of the National Credit Bureau repositories and meet their account reporting minimums, then you are ready to purchase Credit Manager - Metro 2® credit reporting software which will accurately report your consumers accounts.
  • Step 4 - Enter or update your accounts into the Credit Manager software. View a list of required account information.
  • Step 5 - The software will perform validity checks on the accounts, to ensure the information which you have entered, is compliant with the latest regulations related to the Fair Credit Reporting Act (FCRA), the Fair Credit Billing Act (FCBA) the Equal Credit Opportunity Act (ECOA), the Fair Debt Collections Practice Act (FDCPA) and the Metro 2® format layout specifications.
  • Step 6 - Send your accounts to the National Credit Repositories which you have a reporting agreement with. Once the Credit Repository has received your 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 process, 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.
  • Step 7 - Repeat steps 4-7 on a monthly basis. Please note: Monthly reporting is required by all credit reporting agencies. Customers which do not report on a monthly basis, risk termination of their reporting agreement and accounts purged from their databases.

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Question: What should a company look for in a Metro 2® credit reporting software package?

Answer:
  • The software should be fully tested, accepted and approved by the National Credit Bureaus to which you will be reporting.
  • Credit reporting software must be kept up-to-date with the latest reporting laws and regulations and follow the strict guidelines defined in the Metro 2® Credit Reporting Resource Guide.
  • Full reporting capability to handle all credit bureau approved reporting scenarios, which your company may encounter.
  • Credit reporting software must accurately report your companies accounts to the credit bureaus using the Metro 2® format.
    • Please note: Simply submitting an account to the National Credit Reporting Repositories does not guarantee acceptance into their database. If the software you are using does not conform to the list above, chances are, the credit bureaus will exclude the non-compliant accounts. If excessive compliance errors are reported month after month, your reporting agreement with the bureaus, may also be compromised.
  • Purchasing a credit reporting software package should be based on the accuracy in which it reports your accounts, and the features which best suit your companies needs.
  • Software should be easy to use and provide intuitive Help Screens. This will help eliminate any second-guessing as to what the credit bureaus may require in a particular field.
  • Easy and secure uploading of your accounts to the National Credit Bureaus.
  • Software can be limited to the number of accounts which it will reasonably handle. Make sure the software which you are selecting can handle the volume of accounts which your company has to report.

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Question: Do I need to be become a member, in order to report to the credit bureaus?

Answer:

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.


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Question: Is Credit Manager, Metro 2® software easy to install and use?

Answer:

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.


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Question: We do not meet the minimum number of accounts to report to the credit bureaus. What are our options?

Answer:

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.


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Question: What are the main differences between the Lite, Pro and Elite versions?

Answer:

Direct (in-house) reporting and processor reporting is available using the Pro and Elite versions. Using the Lite version, accounts must be reported through The Service Bureau and additional processing fees will apply. The Lite and Pro versions support up to 100,000 accounts where the Elite version will support over 2 million. Click [Here] for complete feature comparisons.


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Question: Can I import my accounts from another file into Credit Manager?

Answer:

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.


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Question: Does Credit Manager support all reporting codes and segments?

Answer:

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 will handle any bureau approved reporting scenario.

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Question: What is the Metro 2® Format?

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:

  • The Metro 2® format is designed to be easier to use and understand;
  • provides one standard computer format to be used for reporting accurate, complete and timely consumer credit information;
  • meets all requirements of the Fair Credit Reporting Act (FCRA), the Fair Credit Billing Act (FCBA) and the Equal Credit Opportunity Act (ECOA);
  • allows for reporting information at both the account and consumer levels;
  • allows reporting on debtors that "cannot be located"
  • allows reporting of deferred payments and "associate" borrowers/debtors information;
  • Identification numbers can be changed to accommodate transfer or sale of debt (asset sales); and,
  • the format accommodates a 4-digit "year" field to accommodate reporting in the year 2000 and beyond.

View a list of required account information.


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Question: If I report trade lines to one CRA(credit reporting agencies), do my trade lines show on the other CRA's?

Answer:

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.

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Question: Is the Credit Managers Metro 2® file accepted and approved by all credit bureaus?

Answer:

Credit Managers Metro 2® file was tested and approved by all major credit bureaus, prior to it's release.

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Question: Does The Service Bureau guarantee the credit bureaus will accept our accounts?

Answer:

The credit bureaus themselves are the only ones who can make such a guarantee. No matter what reporting solution you choose, the likelihood of the bureaus accepting 100% of your submitted accounts is rare. Basic examples of a bypassed account could include, incorrect spelling of a name, social security number does not match the consumer, and the zip code does not match the address, among many others.

Credit Manager software contains all published and many non-published compliance checks to ensure reporting accuracy and the highest possible acceptance percentage.

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Question: I have a Metro 1 formatted file and want to convert it to Metro 2® formatted file. Can Credit Manager accomplish this?

Answer:

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.

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Question: Does the use of Credit Manager software require per transaction, renewal or annual leasing fees?

Answer:

No.


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Question: What are the support policies for Credit Manager software?

Answer:

Upon purchase of the software, we provide free support for 30 days from the date of purchase. After the free support period has expired, we have three options available to best suit our customer's needs. Option 1, Hourly support billed at $50/30 minutes, minimum 30 minutes. Hourly support is generally used by customers, which rarely require technical support. Option 2 is a six-month agreement for $150. Option 3 is a yearly agreement for $250. Customers with an active monthly or yearly support agreement at the time a new software release is available are eligible for a software upgrade discount.


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Question: What is your policy for software upgrades?

Answer:

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.


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Question: How does our company purchase the Credit Manager software?

Answer:

We have several options available to best suit your needs.

  1. Order on-line with a credit card. [Click Here] for the order screen.
  2. Phone orders. Please call 801-334-0051 and one of our knowledgeable sales representatives can take your order over the phone.
  3. If you are using a demo copy of the software, fill out the Company Info located in the File menu, then click on the Help Button and select "Purchase Software" and follow the instructions provided.

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Question: How long does it take the Credit Repositories to update accounts after submission?

Answer:

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 process, 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.

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Question: What is a Stacking Service or Third Party Processor?

Answer:

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.

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Question: What are the benefits of reporting credit?

Answer:

Promoting on-time payments can provide your customers with an 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.

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