|
|
| *Loan,banking and credit>>>business credit |
Where and how can a business report bad debt accounts to a credit reporting agency? |
Where and how can a business report bad debt accounts to a credit reporting agency? The quick answer....you can't. In order to be able to post to someone's history the credit bureau must first "verify and certify" their clients in accordance to the Fair Credit Reporting Act. This can sometimes be a lengthy process, because if they allow someone access to these records whodid not have a purpose to have them, they can be held in violation of the law and get in all sorts of trouble. As mentioned in a prior reply, the major reporting agencies generally don't deal with creditors unless they have a certain number of accounts, and they generally have to meet a minimum number of requests. However, there are other companies that "pool" groups of business together to meet this minimum. For example, real estate groups will pool a bunch of landlords to meet this minimum. However, each landlord must still be "verified and certified" in the same manner as the big creditors. Therefore, if you do not have such an arrangement already made, you have no ability to place anything on a consumers credit report. You can turn the debt over to a collection agency, but the fees they charge may discourage small debt collections. You can, however, sue them. If you win a judgement is entered into public record, and that information can be presented to the agency for reporting. There is three major credit agency that keep credit file in Los Angeles area 1) Experian (Fomerly TRW credit) 2) Trans Union 3) I forgot the name You must have at least 500 credit accounts to be able to report acocunts to Equifax or Experian. You should probably contact the credit bureau to determine how to report accounts to them. You should report all accounts to the credit bureau not just the deliquent ones. You can also report to Duns & Bradstreet which excluively track a business's credit activity. |
| Tags |
| debt loan cash loans bad credit mortgage best credit card business credit chase credit citibank credit card credit application credit bureau credit check |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |