CBA Reporter is a service provided by Credit Builders Alliance that enables nonprofit lenders to report small business, micro, and consumer loan repayment data to the major Credit Reporting Agencies (Equifax, Experian, and TransUnion) to build individuals’ credit histories.
Credit reporting is the process of submitting loan repayment information of borrowers to the credit bureaus (Experian, Equifax, TransUnion, and Dun & Bradstreet). Before CBA was created, small nonprofit lenders could not meet the requirements set by the credit bureaus to report directly to them. Now with CBA, small to large nonprofit, governmental, and tribal authority lenders can submit their borrowers’ loan repayment data to the credit bureaus.
First, credit reporting allows your organization to be more profitable through lower charged-off loan rates and increased on-time payments. Second, it helps borrowers build credit which can help raise their credit scores and help them pay lower rates for future loan products. Third, credit reporting is a great marketing tool to sell your organization’s operations to clients and/or funders. To learn more, download our Benefits of Reporting flyer
Once an organization becomes a CBA Reporter, loan officers submit a specific monthly file to CBA including all of their borrowers’ loan repayment information. CBA checks the data for logical errors, corrects the data if necessary in partnership with the organization, and sends the file to the credit bureaus (Consumer loans are reported to Equifax, Experian, and TransUnion, and commercial loans are reported to Experian Business and Dun & Bradstreet. Loan repayments then become visible on individuals’ and businesses’ credit reports and can then help build positive credit histories and scores. If a borrower disputes certain repayment information on a loan administered by a CBA Reporter to the credit bureaus, CBA manages the dispute and helps the organization appropriately and quickly respond to it.
CBA Reporter is a service that allows organizations to report to the consumer CRAs on consumer data while the Business reporter service is reporting to the business bureaus (Experian Business and Dun and Bradstreet) regarding businesses.
If you are a small organization, you probably cannot go straight to the credit bureaus. To directly report loan repayments to the credit bureaus without CBA, organizations must have loan portfolios larger than 500 loans. Also, organizations need staff with proper training on federal regulations and credit reporting. Also, navigating the complex credit reporting system can be challenging without proper guidance. CBA Reporter allows nonprofits, governmental, and tribal authority organizations with a minimum of 3 active loans to get set up for credit reporting. Without CBA Reporter, many small-medium sized organizations in this space would not be able to get set up.
Yes. All reporters must report their monthly files in a Metro II file format - your software must have the capability to generate this file type.
Yes! CBA Reporters get setup to report consumer loans to Equifax, Experian, and TransUnion. Commercial loans are reported to Experian Business and Dun & Bradstreet.
Yes, as long as your organization has at least 5 current loans by the time it starts credit reporting. CBA was created to address the minimum loan requirement imposed by the credit bureaus.
After you apply to become a CBA Reporter, setup times vary from 3 to 12 months. The setup process mostly depends on your organization’s ability to respond in a timely fashion to CBA’s requests for documentation and other information. For an overview of what to expect in the setup process, please visit this link.
Yes! You can always add on additional CBA services as needed. You will need to become a CBA Access Member in addition to becoming a CBA Reporter. To be able to pull credit reports from TransUnion and Experian, you must become a CBA Access Member. For more information, please visit our page on CBA Access.