Trade Data Reporting FAQs
Q. How much does it cost?
A. It’s FREE!
Q. Can I only report my past due accounts?
A. No. You must report on ALL of your accounts. It will help your good accounts establish credit so they can grow and continue to do business with you.
Q. Can I submit an aging file and a customer list file? I can’t get my customer’s addresses on my aging file.
A. We can accept 2 files (an aging file and customer list) as long as there is an account number or customer number on both files.
Q. Does the file need to be in a certain format?
A. The file needs to be a .csv or .txt. file. We can send you acceptable layouts. The credit bureaus require that your format stays the same every month. If the format needs to be changed, please let us know ahead of time. The credit bureaus will need to program to the new layout.
Q. What happens after we send you the signed agreements?
A. After the agreements have been executed a copy will be forwarded to you for your records. Your file will be sent to the credit bureaus to be programmed for their database.
Q. Do each of the business credit bureaus require a separate agreement to start reporting?
A. Altus provides you with everything you need to start reporting to any or all business credit bureaus.
Q. How long does the process take?
A. Once we receive and have uploaded your file to the credit bureau, programming takes approximately 6-9 weeks.
Q. Can I change the layout of my file?
A. The bureaus (Experian, Equifax and D&B) require that your file be in the exact same layout every month. If you need to change the layout for some reason, please let us know ahead of time. The new layout will have to be programmed for their database.
Q. Will I receive a copy of the executed agreements for our records?
A. Of course.
Q. What if I report something in error?
A. Please send us an email with the account number and an explanation so that we can send it off to the bureaus.
Q. Do you offer any reports that will help us with collections?
A. Yes, you will receive a FREE monthly analysis report to prioritize your collection calls.
Q. Should we notify our customers that we are starting to report to the business credit bureaus?
A. We recommend it.