Requirements for Reporting Commercial Data
All new Equifax data furnishers are required to comply with certain basic requirements:
- Furnishers that report tradelines on themselves are NOT accepted by Equifax
- Furnishers that report “pay for tradelines” are NOT accepted by Equifax
- For financial institutions, data must be provided in either the standard commercial layout template (highly encouraged) or in the Metro 2® Format (Packed or Character Format)
- For non-financial contributors, data must be provided in the standard commercial layout template and the Metro 2® Format is not accepted
- Data must be transmitted electronically
- The entire file should be reported (e.g., all current, delinquent, collections, charged-off accounts) for any portfolios leveraging Equifax Commercial Data and Data Furnishers must report their full file in cycles or monthly (preferred)
- The only exception would be banks that report SBA loans only and do not receive solutions from Equifax Commercial
- Data must be in accordance with current Equifax reporting guidelines
- Furnishers must be assigned an Equifax Member Number to confirm the data furnisher has successfully passed the Equifax credentialing process.
- DATA CONTRIBUTION MINIMUMS (These thresholds DO NOT apply to those that are buying EFX Commercial services)
- Tradeline Minimums
Financial:
• Must have either a State or Federal lending license
• No minimum as long as a licensed lender
• 1,000 records if not licensed
- Trade Credit:
• 500 records