Q: Hello Netiva, I went to a credit seminar and they said that companies pay to report negative information on our reports, is this true?
A: Hello! Hmm, yes and no… Companies pay for the software that allows all the info submitted to be in the exact same format, tools to reduce errors, and eOSCAR, which is the browser-based disputing system that works with the software previously mentioned.
So, yes they pay for all the systems in order to report ALL information, not just negative. They are ultimately paying for the systems/software; not the supplying or furnishing of information.
Companies furnish info for free on a regular basis to the bureaus; and then pay the bureaus to receive credit info from them on a particular consumer when considering their risk in lending then new credit, or services.
So, yes companies pay to be a data reporter/furnisher to the credit bureaus as far as purchasing the necessary systems and software; no they don't pay to furnish the data itself on a regular/monthly basis.
Hope this helps! 🙂