Streamlined Business Credit Reporting 

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Establishing a direct data furnisher relationship with major credit bureaus—Equifax, Experian, or TransUnion—presents significant hurdles for most small to medium-sized businesses. These stringent requirements often limit direct reporting contracts to large corporations, which possess the resources to manage the intricate regulatory demands and high volume (typically thousands of accounts monthly) necessary for such agreements. The Credit App circumvents these complexities by aggregating credit data from thousands of businesses and managing the business credit reporting for delinquent customers on their behalf. This ensures all regulatory and compliance standards are meticulously met, enabling businesses to effectively impact the credit of non-paying customers without dedicating an entire department to this specialized function.

 

 

How to Report Credit to

Credit Bureau as a Business

 

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Unresolved non-payments can significantly impact your business's financial health. Fortunately, businesses and landlords possess the right to report customer to credit bureaus, a critical step in recovering outstanding debts and mitigating financial losses.

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To effectively initiate this process, begin by gathering comprehensive evidence of the delinquency. This includes meticulously documented proof such as signed contracts, detailed invoices, account statements, and records of all collection attempts. This verifiable documentation is essential for substantiating the claim.

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Once evidence is compiled, you can report non-payment to The Credit App by navigating to the "Start Reporting" tab. After setting up your account, simply input the debtor's information. Here's a typical timeline for this process:

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• Initial Notification: On the day following your submission, the debtor receives electronic notifications (email and text) regarding the impending negative credit mark. This is swiftly followed by both first-class and certified letters via postal mail.

• Resolution Period: A 30-day grace period is extended to the debtor, allowing them an opportunity to resolve the outstanding payment or dispute the claim.

• Credit Bureau Submission: If the debt remains unresolved after this four-week period, the delinquency will be uploaded to the credit bureaus. This action will hit their credit and serve as a formal credit reporting of the unpaid obligation.

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By proactively taking these steps, businesses can effectively report credit and leverage the power of credit bureaus to encourage payment resolution and protect their financial interests.

 

Requirements to Report Credit to a Credit Bureau?

 

Any business entity, including sole proprietorships, possessing a legally binding signed contract that has been in default for over 30 days is eligible to report that outstanding debt through The Credit App.

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Should You Report Non-Paying

Customers to Credit Bureaus?

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Reporting non-paying customers to a credit bureau can serve as a significant incentive for them to settle outstanding balances. Here’s how you can report a non-paying customer:

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• Document the Non-Payment: Maintain meticulous records of all invoices, communications, and missed payments.

• Utilize The Credit App: By using The Credit App, you can efficiently report non-paying customers to Equifax. Simply upload the relevant documentation, pay a nominal fee, and your report will be processed.

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Reporting non-payment not only records the delinquency but also informs other businesses, safeguarding the broader business community.

 

Why Small Businesses Should Report Credit to Credit Bureaus?

 

Traditional debt collection techniques can be both time-consuming and financially burdensome. TheCreditApp.org offers a streamlined, cost-effective alternative to conventional methods, helping businesses significantly improve their debt recovery rates.

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For a flat fee of just $149, The Credit App eliminates the need for extensive paperwork or engaging external collection agencies that typically charge at least 30% of the recovered amount. Moreover, relying on an attorney for debt collection can be fraught with downsides, including high hourly rates, prolonged legal processes, and no guarantee of success, often making it an impractical solution for many businesses.

Our platform allows for rapid reporting of overdue debts, maximizing the likelihood of full payment recovery through early intervention.

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The process is straightforward: simply create a free account, enter your debtor's information, upload supporting documents, and place an order. This user-friendly interface guides you seamlessly through each step, allowing you to quickly hit credit for delinquent accounts.

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Furthermore, The Credit App provides enhanced transparency, allowing you to track the progress of your reported debts in real-time through your online account. You'll receive immediate updates on any changes to your claim's status, ensuring you're always informed.