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Consumer credit is used when money, goods or services are provided to someone on the promise of payment instead of actual payment. How that person honors their promise is shown on a credit report. As a business owner, you may find yourself in a position where you need to report consumer credit to someone's credit report because he is delinquent on his account. There are three ways to accomplish this: through a credit reporting agency, a collection agency or a credit reporting service. |
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Step 1 Gather all account details, including contracts, banking information and receipts. You will need to be able to provide all of these details when you are reporting consumer credit. Step 2 Consider becoming a member of a credit reporting agency if you do high volume business. This will allow you to report accounts directly to the agency that manages the person's credit report. You will need to pay a membership fee and have at least a hundred accounts to report to the credit reporting agency. Step 3 Consider hiring a collection company. Although you will have to give the collection agency a percentage of the debt owed to you, these companies usually have a credit reporting agency membership already. They will take care of getting the delinquent account added to the person's credit report. They will also handle collection attempts for your debt. Step 4 Consider using a credit reporting service. These companies are for reporting consumer credit when you do not have the volume required to be a member of a credit reporting bureau and do not need to services of a collection agency. They also offer their services at a flat fee so they are ideal for saving money on large amounts of debt. |
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