Leverage BCR to Report Your SBA Accounts
In June, we told you about the SBA’s quarterly data reporting requirements. This is a hot topic with all of the SBA lenders right now. For over a year, the Small Business Administration has required that all SBA loans are to be reported to the commercial credit bureaus on a quarterly basis.
Earlier this month, Joanna Bruno, President of J.R. Bruno & Associates released this eBulletin on “Credit Reporting Requirements for SBA Loans” with a major contribution from BCR’s Vice President of Business Development, Debbie Golbach.
Debbie estimates that about 80%+ of SBA lenders aren't fulfilling the requirement. The SBA only finds out if a lender is complying during a review. Further complicating the issue, most of the credit bureaus have a minimum number of accounts that must be reported. Some SBA portfolios don’t meet those minimums.
This is where BCR can help. We don’t have minimums and can report to Experian, D&B and Equifax on the lender’s behalf. Using BCR as your gateway to report your SBA accounts to the credit bureaus is a wise choice. Not only are you complying with SBA requirements, but BCR makes data reporting easy, giving you one place to send your information. BCR provides this service absolutely FREE.
Visit our Data Reporting page to learn more. If you still have questions, contact our in house SBA expert Debbie Golbach at 615-989-7005 or by email Debbie@businesscreditreports.com.