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.
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.
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 (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.
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 will handle any bureau approved reporting scenario.Top Of Page
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 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.Top Of Page
Credit Managers Metro 2® file was tested and approved by all major credit bureaus, prior to it's release.Top Of Page
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.Top Of Page
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.Top Of Page
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.
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.
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.Top Of Page
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.Top Of Page
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.Top Of Page