How To Report Auto Loans

Are you interested in reporting car payments on auto loans and leases to the credit bureaus? As a credit reporting software service, AffixData helps you work through the credit reporting process. Our goal is to be sure your data is reported correctly and on time with each of the major credit agencies.

Reporting Requirements

First, to report auto loans and leases, you’ll have to meet the reporting requirements of at least one of the four major credit bureaus.

Each of the credit reporting agencies requires a different number of accounts to start reporting.

• Equifax – If you’re a member of the NIADA or NABD, there’s no minimum number of accounts required to work with Equifax. Otherwise, there’s a minimum of 500 active accounts.

  • NIADA: National Independent Automobile Dealers Association

  • NABD: National Alliance of Buy Here, Pay Here Dealers

• Experian – No minimum number of accounts

• TransUnion – Minimum of 100 active accounts

Active accounts are those with an outstanding balance with your company. You’re only required to meet a minimum number of accounts in your first file. Your later files may have fewer accounts.

Just let your AffixData representative know which bureaus you qualify for. We’ll help you to make sure your membership with each is secured.

Credentialing Process

Next, you’ll go through a qualification process and sign a “data furnisher agreement” with each bureau to which you want to report auto loans.

The major credit bureaus require you to do three things to become qualified as a data furnisher:

• Complete an application

• Provide third-party verification of your business information (for example, a bank and/or trade reference)

• Allow an on-site inspection of your property

Of course, your AffixData representative will work with you to fill out your application. We’ll also guide you through the other requirements. We want to help you to report auto loans as quickly as possible.

Testing and Approval to Report Auto Loans

Lastly, you’ll create the file you’ll send to AffixData using the Tradeline tab in your reporting package. Your AffixData representative will walk you through this process. For best results, please be sure you’ve completed all of the required fields. You’ll send your data in this format in all of your future files.

The next step is to send your first test file using the path your AffixData pro set up for you. This test will verify that the transmission is sent and securely received by our AffixData servers. As your credit reporting service company, we want to be sure your data is accurate as well.

When we get your data, we’ll start a series of tests to make sure your file is accurate and follows the Metro 2 format requirements. Metro 2 is the data format that credit reporting agencies require so your information will sync with their systems. If everything looks good after testing, we’ll approve your company to start reporting your data in the AffixData system. Again, your AffixData partner will always work with you to fix any issues or concerns.

Questions? Please contact your AffixData support to team to assist you.