In my many years as credit manager I have never had to directly report debt to credit reporting agencies.
Now I am testing the waters to determine if this action will prompt some to pay. Usually collection agencies will report debt; however, does anyone know how to report their debt -- good or bad -- directly? If so, how?
Thank you!
Reporting to agencies won't prompt your customers to pay, but the awareness that you plan to do so may. Usually when my accounts have been reported (at other firms) to credit bureaus, it's been via our agency or attorney, and not directly. Except for the provision of monthly information via tape or download, the only thing I've seen posted in this way is negative information.
Thanks, Scott.
One issue with reporting to Credit Agencies is that they usually try to sell a report contract/services in tandem with taking your trade information.
Experian has a new Delinquency Notice Service - DNS that is ties to data contributions that sounds like a great collection tool tied to your trade information. They send delinquent account a warning message that their credit file is going to get hit with a delinquency and give them x days to rectify the situation. CMA's Account Executives can tell you more about that service.
Depending on the amount of lines you would be contributing to their databases the credit agencies will respond differently.
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