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Why Credit Data Reporting is Important

Improve Data, Analytics & Scoring

By reporting consumer financial data to MicroBilt’s alternative credit bureau and banking risk databases, lenders are assured of receiving the most accurate scorings possible for assessing risk, underwriting loans, and verifying bank, business, and consumer identification.

Organizations also receive more predictive scoring, more comprehensive results, and a consistently updated variety of specialty services that are only available to contributing members. Example services include but are not limited to customized dashboard reporting, industry benchmarking, custom data studies, and “living” risk scoring models tailored to a company’s specific data performance trends.

  • Reporting

    Lenders reporting information to consumer reporting agencies like MicroBilt is important for a number of reasons. Firstly, it helps create a comprehensive and accurate financial profile of an individual.

    This profile is used by other lenders and institutions to make informed credit decisions, such as granting loans or approving credit applications. Reporting information also allows for early detection of fraudulent activity, reducing the risk of identity theft.

    Additionally, it provides consumers with a better understanding of their own credit standing, enabling them to make informed financial decisions and take steps to improve their credit score. By reporting information, lenders can contribute to a fair and transparent credit system that benefits both consumers and the financial industry as a whole.

  • Consumer benefits

    MicroBilt is a consumer reporting agency under FCRA and ACH and Check Processors may furnish their consumer information to MicroBilt under both GLB and FCRA.

    It’s well known that credit reporting benefits borrowers by improving their credit scores and access to affordable mainstream credit. However, the benefits to lenders from reporting their loans haven’t been analyzed until now.

    Key benefits to lenders: improved business operations, more benefits from credit reporting as time goes on, and increased client interest in credit building. The data supports CBA’s belief that credit reporting positively impacts lenders’ financial and operational goals, with a great return on investment for those willing to invest time and resources. Both lenders and borrowers benefit from credit reporting. A win-win situation.

  • Business benefits

    Benefits companies that report consumer payment data to MicroBilt. Companies seek simple tools to minimize late payments or defaults. Reporting credit data to MicroBilt is simple and offers benefits such as improved debt collection, credit building opportunities for consumers, and protection against identity theft.

    The industry standard format for reporting is Metro 2, which meets FCRA, FCBA, and ECOA requirements. MicroBilt offers a browser-based system for processing disputes, and requires secure electronic data transmission using 128-bit encryption.

  • Why to report

    The benefits of alternative credit data reporting The MicroBilt Corporation is the leading single-source provider of alternative credit data reporting services and risk management solutions in the United States. By aggregating the most diverse and comprehensive combination of alternative credit data in the industry, lenders and businesses gain 24/7 access to decision critical financial information in a variety of areas, including the following:

    • Consumer financing
    • Short-term lending
    • Fraud prevention
    • Debt collection and recovery
    • Background screening
    • Business credentialing
    • Bank verification
    • Identity identification
  • How to report

    In order to ensure files are processed efficiently and consistently MicroBilt has created a file and folder naming convention. The naming convention provides support for multiple products/services and is simple and easy to use. For your reference the convention is derived from four (4) parts: product, file type, date and sequence. In the unlikely event where multiple files are supplied on the same day adding ‘00’ at the end of the filename can be used as a sequence number. In normal conditions this would be set to 00.

    Files can be submitted as a comma or pipe delimited file. If submitting comma delimited and a column contains a comma within a field then ALL data columns should be outputted using double quote marks as the text qualifier. When the files have completed processing, you will see them in the processed folder: /rVd_Contributions/Processed.

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