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5 Reasons to Report Credit Data


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Every lender must make the decision on whether or not to report credit data. Furnishing data to the credit bureaus is still voluntary, but there are a number of reasons to embrace this action as a lender. Here are five reasons to consider if you are on the fence about becoming a data furnisher.

Published in: Data & Analytics
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5 Reasons to Report Credit Data

  2. 2. Are you on the fence about reporting consumer credit data to Experian?
  3. 3. Reporting data is quick, easy and builds your credibility as a lender.
  5. 5. GET ON THE SAME PAGE AS REGULATORS Yes, data reporting is still voluntary, but don’t forget, reporting can help the consumer, a big priority for regulatory agencies. Data reporting protects consumers throughout their financial journey by revealing a more complete credit history. A credit report with greater details allows consumers to evaluate mistakes of the past and make themself more desirable to lenders in the future.
  6. 6. MAINTAIN OR INCREASE ON-TIME PAYMENTS If you’re not reporting delinquent payments, what is the incentive for your customer to pay on time? There are no consequences on their credit file, and they might prioritize their payments according to who reports and who does not.
  7. 7. MINIMIZE YOUR DELINQUENCIES AND COLLECTIONS Your customer may seek additional credit elsewhere. If you’re not reporting data, another lender does not have visibility to their obligation and may extend credit. This may cause your customer to become overextended, impacting their ability to pay you back.
  8. 8. REWARD YOUR CUSTOMERS Good credit is a valuable asset. When consumers pay you on time, their credit scores can increase, giving them access to more financial products, at a lower cost ... but only if you report the activity. On the flip side, incomplete or missing data can have a negative impact to their score, or result in no score at all.
  9. 9. GAIN DEEPER CONSUMER INSIGHTS When lenders consistently report, consumer files thicken and all lenders gain visibility to credit quality and behaviors. Layer on the power of analytics and lenders can proactively determine when a consumer is in the market for a new line of credit, on the verge of transferring a balance, or entering a state of credit distress. Insights will help you maximize profitability and retention, and minimize losses.
  10. 10. To learn how to begin reporting to Experian, visit/call