As a Credit Reference Agency, Teletrack contractually requires customers to report all accounts that are issued, preferably, at the time that they are issued, and that customers update the current account status as the status changes or no less frequently than once a month. These updates are a requirement of both Teletrack and Experian, and in accordance with The Principles of Reciprocity.
The Principles of Reciprocity indicate that data will be shared on the principle that subscribers receive the same credit performance level data that they contribute, and should contribute all such data available. At a minimum, you must report account status updates to Teletrack and Experian on a monthly basis in order comply with The Principles.
Current status of outstanding obligations is both a positive and a negative sign for a consumer. It is an indication that the consumer was trusted for the extension of credit, but too much outstanding debt could warn a lender against issuing credit to the consumer. Because of this, it is extremely helpful to share accurate current information on consumers’ activities among lenders.
Report Accounts
Teletrack recommends that all account information be updated in real time. This provides the most accurate credit picture to all subscribers and improves the quality of the credit information on an individual. Experian requires a monthly update in batch form from each subscriber of the account activity from the preceding month.
Teletrack facilitates monthly updates through the creation of a snapshot batch file from its databases to Experian, thus satisfying your contractual agreements with Experian.
The Teletrack Reporting schema should be used to report accounts in real time. You will need to furnish both the consumer information and the account information. The schema identifies several data elements that are required and others that may not be relevant to the type of account or to the status of the account. For example, Due Date is a required field, but the Closed Date/Time is not required until the loan is Paid or Closed.
The Subscriber ID and Account Number are critical for updating consumer credit performance. The Account Number is the number that you have assigned to the account. All references to a specific account must include these two elements.
To obtain a copy of the Teletrack Reporting schema contact Teletrack at uk@teletrack.com.
Required Information
As discussed above, there are several required pieces of information of account reporting and update, including:
- Account Type
- Open Date/Time
- Currency
- Current Balance
- Account Condition
- Account Number
- Account Status
- Transaction Code of the original search
- Transaction Date/Time
Demographic information related to the consumer must also be sent for each transaction and update. In addition, several other data elements are required the first time you report a loan, including the Original Balance and Due Date. We recommend that you send all the available and appropriate fields concerning a transaction each time you update that consumer’s account status. This information is helpful in ensuring that each consumer’s record is accurate and current.
If you would like more information about reporting and updating accounts, please contact us at uk@teletrack.com.
