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The Service Bureau
How To Report Consumer Credit To The Credit Bureaus Using The Metro 2 Format
This document covers the beginning steps of how to report credit history using the Metro 2 format and how to find Metro2 credit reporting software.
We highly recommend reading this information before purchasing any software and or services related to Metro2 consumer credit reporting.
About The Service Bureau
We provide Metro 2 credit reporting software for submitting your consumer credit information in the required Metro 2 format. Our Credit Manager 3 software is widely accepted by all major credit bureaus. We have been recognized as one of the industry leaders for Metro2 Consumer Credit Reporting Software. Our continuing goal is to provide credit reporting software that is user friendly and compliant with the latest Metro 2 reporting guidelines and regulations.
Getting Started With Metro 2 Credit Reporting
There are several steps to reporting your consumer credit history to the major credit bureaus. The following is a step-by-step guide of how to start reporting consumer credit history.
STEP 1 - Contact one or more of the consumer credit reporting agencies and Establish a Data Furnishers or Service Agreement with each Credit Bureau Repository to which you will be reporting (Equifax, Experian, TransUnion, Innovis). Note: this process will take time and effort and should be started as soon as possible.
Why do I need to talk to the credit bureaus?
A credit bureau needs to verify several aspects of your business for many reasons. No business can just start reporting consumer credit history without being approved by one or more of the credit bureaus.
Each major credit bureau will have different requirements to become a data furnisher. A common example of this is the reporting minimums. Most credit bureaus will require a minimum number of accounts to be submitted before you can be approved to start reporting.
It is in your companies best interest to contact each bureau since you may qualify to report to one bureau and not the others.
STEP 2 - After the approval process is complete, you will need to purchase Metro 2 compliant reporting software that meets current laws and regulations. The Credit Manager 3 credit reporting software is designed for accurate reporting in the Metro 2 Format and meets all current laws and regulations including the Metro 2 Format specifications.
What do I look for in Metro 2 reporting software?
Good credit reporting software should always be up to date with the latest Metro2 guidelines, FCRA/ECOA/FCBA/FDCPA and all applicable regulations. This should never be taken lightly; it is your legal reasonability and liability to report accurate information to the credit bureaus. The Credit Manager 3 software has built in auditing and compliance error management that is updated regularly to reflect current reporting laws and guidelines.
Another important aspect to consider in Metro 2 software is Technical Support. Most businesses reporting consumer credit will need help with reporting at some point, a good technical support staff is vital to maintaining and reporting consumer credit. The Service Bureau employs a fully trained, full-time staff, for technical support and in-house programming. We do not out source our support or programming, which allows The Service Bureau complete control of our products, services and quality control.
Data entry and consumer management takes time. When you are dealing with a large number of consumers, you should consider how much time it will take to enter and maintain information from your accounting/billing software. The Credit Manager 3 supports multiple file formats allowing you to import consumer information into our database saving hours of data entry time. This is helpful for first time entry of consumers and updating account information such as a balance, status code, payment and so on.
Easy-to-use. Any software in this day and age should be user friendly. The Credit Manager 3 offers built in help, printed manual and easy to use data entry forms.
Software Demo and Trial Versions. It is always important to test drive a car before you purchase it and software should be the same way. We provide a 30 day demo of our software to help you decide if it is right for you.
STEP 3 - Send Your Metro 2 Consumer File To The Credit Bureaus. Your goal is to complete data entry of all the consumer accounts to be reported to the credit bureau. Once all data entry is complete, you will need to send your Metro 2 file to the credit bureaus. This is typically achieved by sending your file electronically via the internet.
The Credit Manager 3 is designed to make uploading your accounts as easy as possible. Some bureaus may require you to send your first file by Diskette. The Credit Manager 3 supports diskette, Internet and other reporting options.
How long will it take consumer histories to be updated?
Once the credit bureaus receive your first batch of "test" accounts, the accounts must go through an approval process. The time frame of this process will vary between each credit bureau. Once your accounts have been approved and you are sending regular monthly updates, the accounts are usually updated within 30 days after receipt. Again, this time frame varies between credit bureaus. Your sales representative at each credit bureau will be able to provide a more accurate time frame.
How often do I send my Metro 2 file?
For all industries, monthly reporting is required. Reporting should also occur around the same day of each month. Example: If you report on the 15th, you should always report as close to the 15th as possible each month. There are some exceptions made for customers who wish to report daily, weekly or bimonthly. Approval is generally required by your sales representative at the credit bureaus for reporting more often than once per month.