How much does it cost to report to credit bureau?

Creditors and lenders are not required by law to report anything to credit bureaus. However, many businesses choose to report on-time payments, late payments, purchases, loan terms, credit limits, and balances owed. Credit bureaus collect this data, and it helps create a person's credit report, and often this information can impact credit scores.

Businesses usually also report significant events such as account closures or charge-offs. For example, if a mortgage is paid off, this information is reported.

Governmental organizations that maintain public records don't report to the credit bureaus, but the bureaus usually obtain the documents on their own. For this reason, bankruptcy filings also typically show up on credit reports.

Another example, if a person owes the IRS money, chances are, a public record of a tax lien may find its way onto their credit report, and that can impact your credit score.

Key Takeways

• Credit Bureaus receive information from lenders and creditors, businesses, and government agencies.
• The three largest credit bureaus are Experian, TransUnion, and Equifax.
• Credit reports and credit scores are indicators of how a person handles their debt and credit. 
• Disputes can be filed against misinformation found on credit reports.  

Creditors and Credit Bureaus

Creditors and lenders such as banks and credit card companies must pay to report information to any of the three major credit-reporting bureaus, which are Experian, Equifax, and TransUnion. Because cost is involved, some creditors and lenders may choose to use only one service instead of all three.

By only alerting one credit bureau, this action can adversely affect even a responsible borrower's credit score. Why? Because not all bureaus receive the same positive information about the consumer's payment history.

For example, when an individual pays off a long-term debt such as a mortgage, this information must reach credit bureaus in order for the debt to be removed from a person's credit history and report.

When do creditors report to the credit agencies? It depends. Some creditors report to the bureaus on a monthly basis, although different businesses file on different days, which means that an individual's credit report is continually updated. Some lenders and creditors submit information on a quarterly basis, too.

Negative Hits on Credit Reports

Negative information, such as late or missed payments, remains on an individual's report for seven years, after which the credit bureaus automatically remove the data.

Debtors who find inaccurate information on their credit reports can file a dispute with the credit bureau or with the creditor who provided the incorrect data. Most claims must be investigated within 30 days, and if the claim is substantiated, all three bureaus must remove the negative report.

The Bottom Line

Credit bureaus are the receptacles of credit information from creditors and lenders, both good and bad, that can help or hurt a person's financial future. Debtors may want to pay close attention to their reports to find out what is being shared with the credit bureaus.

Experian collects and analyses the credit histories of over one billion people and businesses globally to produce credit reports. These are used by businesses to help make decisions about lending and lending terms. By providing an unbiased assessment of a customer, the reports widen access to credit so that individuals are closer to getting the credit they need, at a rate they can afford.

For individuals requesting an Experian Credit Report please visit Consumer Services.

Expertise

Local, regional and global reach

We have expertise in operating credit bureaus across the globe – 23 consumer bureaus with over 1 billion records. You can get access to a range of local, regional and global experts to help achieve your business goals.

Consultancy services

Our consulting teams have many years of experience in transforming information and insights into outcome-focused strategies and solutions. Services cover credit risk across the customer lifecycle, Comprehensive Credit Reporting (CCR), open data, decisioning infrastructure, data integration and pricing.

High customer satisfaction

With a Net Promoter Score (NPS) of +53, we are consistently regarded as the best bureau team in the country to work with. We work with you in a consultative partnership approach.

Innovation

Continuous innovation

We are one of the Top 100 World’s Most Innovative Companies by Forbes for the 5th consecutive year and invest $1 billion annually to develop cutting edge solutions.

Innovation ecosystem

We employ over 530 data modellers, engineers and scientists with multiple data and innovation labs across the globe. Get access to Experian global innovations  such as Ascend Analytical Sandbox (Named 'Best Overall Analytics Platform' Fintech Breakthrough Awards 2020). 

Local innovations

We have a deep understanding of the Australian market and have developed custom local innovations such as the Experian Horizon benchmarking tool to help unlock the power of data.

Data

Compelling pool of CCR analytics data

We hold 94% of the credit active Australian population.1

High quality data in market

We have the lowest correction requests comparative to competitors2.

Highly predictive

Benefit from consistently high predictive (GINI)3 CCR score to make better credit assessments and uncover new opportunities.

Fast growing and unique data sets

Secured from critical sectors of the Australian credit industry as well as from niche areas such as Specialty Finance data, short-term loans (including Buy Now Pay Later) and consumer leasing, enabling a more complete view of your customers.

Efficient

We have a low CCR reject rate, reducing the need for rework. 85% of the files we receive are included in the bureau on the day of receipt, with all files loaded and response files delivered within 24 hours.

Technology

Highly responsive

We have a fast response time of less than 0.5 seconds for enquiries.

Stable

Peace of mind with stable, agile and high performing technology with zero outage deployments. Experian’s bureau has a Service Availability Time of 99.9%.

Secure

Local data servers have Encryption at REST and IMPERVA Distributed Denial of Service (DDoS) safeguarding your consumer data with global best solutions.

Certified

Data centres are ISO 27001 ISO 9001 certified to ensure industry best practice in areas such as security incident management and quality management systems.

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1 CCR Analytics Data in Transition Lab (T-Lab)

2 AFCA report on complaints received between November 2018 and April 2019 - 35,263 complaints received where 2,282 relate to consumer credit profiles and Experian received and corrected 414 requests (1% of total complaints)

3 Current Experian bureau GINI is 79

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