How to Report to Credit Bureaus
Research the three credit bureau agencies., Use credit reporting to collect bad debts., Negotiate with removal of a bad credit entry.
Step-by-Step Guide
-
Step 1: Research the three credit bureau agencies.
In the U.S., there are three national credit bureaus, Equifax, Experian, and TransUnion.
These bureaus collect, update, and store credit histories on most U.S. consumers.
When a consumer applies for a loan to buy a car or house, for example, the bank will contact these credit bureaus to find out your credit history and FICO credit score.A credit score ranging from 300 – 850 is assigned to each consumer based on the number of late payments, the amount of outstanding debt, or whether the person ever filed for bankruptcy or defaulted on a loan. -
Step 2: Use credit reporting to collect bad debts.
Most people do not want a negative report on their credit history.
If you are trying to collect money from someone and they haven't paid, give them a final due date.
Then tell them you will be reporting the non-payment to the three credit bureaus if the money is not paid by that date. , Another tactic to try in collecting payment is to report the bad debt to the credit agencies, and then offer to remove it if the debt is paid within a specific time period.
Be sure that the debt is reported to all three bureaus, as an unreported debt will not show up on a bureau's credit report if that credit bureau does not have a record of it. -
Step 3: Negotiate with removal of a bad credit entry.
Detailed Guide
In the U.S., there are three national credit bureaus, Equifax, Experian, and TransUnion.
These bureaus collect, update, and store credit histories on most U.S. consumers.
When a consumer applies for a loan to buy a car or house, for example, the bank will contact these credit bureaus to find out your credit history and FICO credit score.A credit score ranging from 300 – 850 is assigned to each consumer based on the number of late payments, the amount of outstanding debt, or whether the person ever filed for bankruptcy or defaulted on a loan.
Most people do not want a negative report on their credit history.
If you are trying to collect money from someone and they haven't paid, give them a final due date.
Then tell them you will be reporting the non-payment to the three credit bureaus if the money is not paid by that date. , Another tactic to try in collecting payment is to report the bad debt to the credit agencies, and then offer to remove it if the debt is paid within a specific time period.
Be sure that the debt is reported to all three bureaus, as an unreported debt will not show up on a bureau's credit report if that credit bureau does not have a record of it.
About the Author
Roger Lewis
Roger Lewis is an experienced writer with over 4 years of expertise in lifestyle and practical guides. Passionate about sharing practical knowledge, Roger creates easy-to-follow guides that help readers achieve their goals.
Rate This Guide
How helpful was this guide? Click to rate: