Updating Credit Report Quickly
2010
How does lenders report data to credit bureaus?
i was always curious about this. how does lenders report to the credit bureaus. do they email, fax or mail documentation, stating that debtor paid as agreed or was late? also, (for example.) if you default on a car loan, how do the lenders quickly get the infomation to the credit bureaus and how long does it take for the bureaus update the negative info? do the lenders have to pay a monthly fee to report to the bureaus or what? can i report negative infomation to the bureaus and ruin some one’s credit if they owes me money?
How do they report? Everything is done electronically, in the past they had to mail tapes and disks, but now just do it through the Internet transfers.
How long does it take to update? Generally business send an update for each customer about once a month. But they will split up the customers and send files for different groups of customes several times a month.
Do they pay a fee? Yes they pay a monthly or yearly fee, this is determined by how much data they send.
Now to what I think your main question was.
Can you report a bad debt? No an individual can not report directly to the credit agencies. What you would have to do is file a civil case, and get a judgment against them. That will then show up on their report as a public record on their credit report.
Franchise Update 07/27/09 – Fast Food Goes Green!
Comment