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When a allowance yous not repaid to some creditor or lender, it usually goes to collections. If the collections or debt recovery agency cannot collect, the allowance may turn into bad obligation. Bad debt can seriously hurt any company's cash flow. It may also affect the company's earnings and performance. Bad debt loans can be reported to credit reporting agencies (CRAs). The CRA will include the data in the debtor's credit file. This has a negative impact on the debtor's credit score and borrowing capability.

Trouble: Moderately Easy

Instructions

Reporting Bad Credit Loans

1 Test in your obligation recovery or collections business. If the bad debt credit was outsourced to a collections business, they may contain already reported it to a credit reporting agency. Ask them if this has been done. If it has not, you might request that is they do extremely.

2 Set together information associated to the bad debt. If a collections agency was never involved in the recovery regarding the bad debt credit or if they did not report the facts to some credit agency, you can work very yourself. Gather info that includes the amount regarding the debt, when it was written or charged off your accounting books, also the consumer or debtor's information (name, address also phone numbers).

3 Speak to a credit reporting agency (CRA). Experian, Equifax, Trans Union and Dun & Bradstreet are illustrations of agencies that gather plus furnish credit information within the style of credit statements. Call and notify them you are a business that is wishes to report a bad debt credit. They may well question you to mail or fax the bad debt information to them.

Bad debt is considered unrecoverable but you can still penalize the debtor for not honoring their allowance agreement. In reporting it to the credit reporting agencies, you influence their ability to qualify with upcoming loans in additional creditors. If the debtor disputes the information you supplied to a credit reporting agency (CRA), you will be contacted by the CRA and required to verify the info you originally supplied to them.

References

Financial Web: Bad Company Credit Wounds Financial Web: How To: Report A Delinquency To Credit Bureau Agencies CreditReportKB: Establishing Good Business Credit Report

Means

Dun & Bradstreet: Contact Information Experian: Contact Us Equifax: Contact Us Trans Union: Contact Us Federal Work Commission: Credit Reports: What Facts Providers Need to Know