One common misconception brought up by these groups is that data reporting may hurt consumers. Studies show that this is not the case — data reporting can actually help consumers.
Consumers who do not pay their bills and are sent to collections are typically already reported to a consumer reporting agency through collections or through a company’s internal collections department. This means the consumers with delinquent behavior are already being affected by data reporting. The consumers who benefit are those who pay their bills on a timely basis or have the ability to pay on time. Data reporting will reflect these timely payments and help build both their credit profile and score. Ultimately, it can encourage prompt payment habits from consumers and reward them for their positive payment behavior. Experian’s interaction with clients and review of research suggest that full file data reporting can help improve a company’s bottom line. Reporting data to Experian is a safe and effective way of sharing credit information, and there is no cost to report.
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Studies show that, buyers are 45% more likely to make payments on-time when they know that it affects their credit. We have helped more than 1500 entities improve their payment collection efforts, allowing them to rotate capital at a higher rate and increase revenue.