A data furnisher is a company that sends updates about your account activity to the credit reporting agencies. These updates are usually sent once per month and include information such as your balance, your credit limit if it’s a revolving account, and whether or not you made your latest payment on time.
When you think about who a data furnisher might be, think about all the accounts listed on your credit report. Do you have an auto loan, a mortgage, a credit card? How about student loans? Whoever owns or services these accounts can end up being the data furnisher for that account on your credit reports.
Data furnishers aren’t required to report your account activity to all three credit reporting agencies, so it’s important to review all three of your credit reports at least once each year. (You can do this via AnnualCreditReport.com.) If you spot a mistake on your credit report, the agency that owns that report will contact your data furnisher to investigate the matter and then get back to you with the results.
Curious about how data about you is compiled into credit reports? Click here to learn more.