What is credit bureau reporting?
Resolve reports invoice payment history to a major credit bureau to help build your customers' business credit. Credit bureaus rely on businesses to share credit transactions and payment history data to fuel their credit score algorithms, and ultimately provide accurate assessments of credit risk for every business.
What are the benefits for my customers?
Customers that pay invoices on time will see their credit score impacted positively over time. Better business credit scores often lead to increased trust in B2B relationships, better rates/terms/amounts for credit products, and easier credit approval processes.
What happens when my customers pay late?
Customers that do not pay invoices on time will see negative impacts to their business credit score. Resolve gives a 30 day grace period to help lagging customers pay their late invoices before the data on those late invoices is reported.
What do I need to do to have my customers' invoice payment history reported?
You do not need to do anything to enable credit bureau reporting. Resolve automatically compiles the data and sends it to a major credit bureau via Secure File Transfer Protocol (SFTP).
Can I turn off credit bureau reporting for some or all of my customers?
At this time you cannot turn off credit bureau reporting for any customer.
What data is sent to the credit bureau?
Some basic customer information is sent with a breakdown of credit line amount and outstanding payment balances:
Date Credit Line was approved/opened
Original Credit Limit
Current Credit Limit
Total Account Balance
Total Amount Past Due
A breakdown of Amount Past Due by days (1-30, 31-60, 61-90,...,180+)
Other account-related data points to ensure the data is attached to the correct business, such as Account Number (does not include sensitive PII)
How often is my customers' data reported?
Customer invoice payment history is sent monthly.
Does Resolve's credit bureau reporting impact my customers' personal credit scores?
No. Our reporting program only affects business credit scores.