How to Become a Member of a Credit Reporting Agency
Your business works financially with other businesses and people on a daily basis. You’d like to know their credit history before investing. For this reason, you may decide to check credit reports. So, how can your business check credit reports? Simple. You must become a member of a credit reporting agency. Here’s how.
Determine which of the three major credit reporting agencies you would like to use. In the United States, the major credit reporting agencies are Equifax, Experian and TransUnion.
Use a search engine such as Google or Yahoo to find information about each of these credit reporting agencies. Each one is different and each one reports information differently. You need to find the one that reports information you need for your specific business.
Once you determine which credit reporting agency is best for your business, you will need to find out some additional information. Going to the credit reporting agency’s website will help. The website usually provides all the necessary information for using the services.
You will need to become member of the credit reporting agency. Becoming a member is a process that begins by filling out an application. Once accepted as a member, you will need to pay fees. By paying a monthly fee, you will be entitled to run a credit check on potential customers and/or investors.
In addition to your monthly fee, you may also be required to pay a fee every time you inquire about a credit report.
To reduce your fees, you may agree to report information to the agency about the financial status of individuals or businesses you work with on a regular basis.