The Wings and Dream each climbed two spots to break into the top five. The Aces, Liberty and Sun maintain their hold on the top three spots.
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Daniel Ricciardo said he is talking to Formula One teams about a reserve role next year and that taking a break from racing could prove to be “a blessing in disguise.”
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Job growth slowed but much of the recovery remains strong.
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Experian does more than just credit scores. They also provide a background check service. Not just for you personally either. They have 2 different business background check reports they can provide. Many people are scared of what it on their background check because it can make or break your chance at funding. It is vital that you know what type of information lenders are seeing when they run an Experian background check on your business.
There are two different Experian background check reports for businesses. Experian refers to it as tenant screening. They offer this for individuals as well as businesses. The two different reports are the Business Profile Plus Report and the Business Credit Score Report. Before we get into the detail of each of these however, you need to understand the Experian business credit scoring process. Your business credit score affects each of these reports.
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The Intelliscore Plus credit score is a credit-risk evaluation based on statistics. The goal is to help those offering funding make decisions about whether or not your business is a good investment.
It’s similar to how lenders use your personal credit score. Before they decide to lend money to you, they check your credit score. The Intelliscore Plus can provide an idea of the credit risk associated with a specific business.
The scores range from 1 to 100. The higher your score, the lower your risk class. Alternatively, the lower your score, the higher your risk class. The chart below describes each range and what it means to lenders.
Score Range Risk Class
76 — 100 Low
51 — 752 Low — Medium
26 — 503 Medium
11 — 254 High — Medium
1 — 105 High
In the credit world, Intelliscore Plus is one of the best tools for predicting risk. One reason is that they identify key factors that show how likely a business is to pay their debt.
There are over 800 of these factors. However, they can all fit into the following general categories.
Not surprisingly, this is how well you are making payments. It includes the number of times your accounts become delinquent. It also shows the percent of accounts that are currently late. Your overall trade balance is listed too.
Frequency refers to the amount of times your accounts have been sent to collections. It includes the number of liens and judgments you may have. Any bankruptcies related to your business or personal accounts also show up here.
In addition, frequency has to do with your payment patterns. Were you regularly slow or late with payment? Did you start off paying bills late but get better over time?
This specific factor focuses on how you use credit. For example, how much of your available credit is currently in use? Do you have a high ratio of delinquent balances in relation to your credit limits?
If you are about to start a business or are somewhat new to this game, the list above may seem a bit overwhelming. If your business is not yet in operation or you do not have a long history of business transactions, how will they rate you?
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In this case, a blended model is used to establish your score. That means they consider your personal consumer credit score with your business’s credit score.
When it comes to a business Experian background check, there are two different options. They each contain similar information. One is just more detailed than the other. As a result, there is a slight price difference between the two reports as well.
According to Experina, this contains summary information on the following:
This report costs $39.95.
This is the more detailed version of the Business Credit Score report. It includes detailed information on the following:
This report costs $49.95.
Surprising to many is the fact that so much more than credit history is included in the Experian background check. Of course, often there is no background check when simply applying for a business loan. The thing is, Experian offers reports that contain similar information to lenders as well as potential landlords. Basically, they are providing a more complete picture of overall fundability. Of course, that is affected by much more than the business credit score.
In addition to the reports offered with the Experian Background check, Experian offers a number of other products. These include reports designed to help you as the owner monitor your business credit.
This one is currently $149 monthly and contains mobile-friendly alerts and score improvement tips.
This report is currently priced at $49.95. It features comprehensive financial payment data and predictive information on payment behavior.
This is the least expensive of the reports, currently priced at $39.95. Basically, it includes comprehensive business and credit information. Also, there is a summary of financial payment data.
This report sells for $99 right now. It shows the value of your company and contains Key Performance Indicators. Additionally, it shows your business’s fair market value.
Experian also furnishes premium corporate profiles at an additional cost. The enhanced profiles contain even more detail including:
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This is in addition to the data supplied in their basic corporate profiles. They also have information on credit inquiries made in the past nine months.
Not surprisingly, you can subscribe to business credit alerts. Experian’s Business Credit Advantage program serves as a self-monitoring service. You get unlimited access to your business’s business credit report and score. You can make use of this tool for proactively handling your business credit. Alerts are sent for:
By taking advantage of this, you can always be ahead of the game. Then, you won’t have to be surprised by what your Experian background check turns up.
Experian Reporting and Scores
While there are many problems that could potentially pop up, the business credit score issue is one of the most common. It is possible to improve it however. Here’s how.
Paying your bills on time will help establish your small business as one that meets financial obligations. This will eventually help push your score up. As a result, lenders will view your business as low risk.
Keep your debt low. That’s good advice. Still, opening business credit accounts can help raise your credit score. The key is to use all credit responsibly.
By now, you’re aware that your personal credit is fair game when it comes to your Intelliscore Plus score. Running a business is hard work. However, don’t let your personal finances suffer. See to it you stay on top of your personal debt. Steer clear of credit checks that are not necessary. Basically, do not compromise your personal credit for business needs.
Many of the factors that show up on your Experian background check reports are fundability factors. There are fundability factors that will not show up directly on these reports. However, some will still affect your report indirectly. Others are outside of the reports all together. You need to know what they are and understand how they can affect your ability to get funding.
Here are a few things you need to keep on your radar when it comes to your Experian background check and managing fundability.
There are other agencies that collect business information. The information these businesses have can indirectly affect reports from business credit agencies. Two examples of this are LexisNexis and The Small Business Finance Exchange. These two agencies gather data from different sources. Those sources include public records. That means they could have access to information relating to automobile accidents and liens. You may not be able to access or change the data these agencies have on your business. However, you can ensure that any new information they receive is positive. Enough positive information can help distract attention from negative information.
On the surface, it seems obvious that all of your business information should be the same across the board. However, when you start changing things up, like adding a business phone number and address or incorporating, you may find that some things slip through the cracks.
This is a problem because of fraud concerns. When business information doesn’t match up, it sets off alarms. Maybe your business licenses have your personal address but now you have a business address. You have to change it. Perhaps some of your credit accounts have a slightly different name or a different phone number listed than what is on your loan application. Do your insurances all have the same information?
The key to this piece of the business fundability is to monitor your reports frequently.
Both your personal and business tax returns need to be in order. Not only that, but you need to be paying your taxes, both business and personal.
It is best to have an accounting professional prepare regular financial statements for your business. Having an accountant’s name on financial statements lends to the legitimacy of your business. If you cannot afford this monthly or quarterly, at least have professional statements prepared annually. Then, they are ready whenever you need to apply for a loan.
Often tax returns for the previous three years will suffice for personal financials. Get a tax professional to prepare them. This is the bare minimum you will need. Lenders may also ask to see check stubs and bank statements.
There are several other agencies that hold information related to your personal finances that you need to know about. For example, many business owners do not realize that their ChexSystems report can affect fundability. In the simplest terms, this details any bad check activity. It makes a difference when it comes to your bank score. If you have too many bad checks, you will not be able to open a bank account.
Everything can come back to bite you. Have you ever been convicted of a crime? Do you have a bankruptcy or short sell on your record? How about liens or UCC filings? All of this can and will affect your Experian background check and the fundability of your business.
Your personal credit score from Experian, Equifax, and Transunion all matter. You have to have your personal credit in order because it will definitely affect the fundability of your business. If it isn’t great right now, get to work on it. The number one way to get a strong personal credit score or improve a weak one is to make payments on time, consistently.
Also, make sure you monitor your personal credit regularly to ensure mistakes are corrected and that there are no fraudulent accounts being reported.
Sometimes your ability to get funding doesn’t have as much to do with your credit. Sometimes it has more to do with your timing and application. First, consider the timing of the application. Is your business fundable right now? If not, do some work to increase fundability.
Next, make sure that your business name, business address, and ownership status are all verifiable. Lenders will check. Lastly, make sure you choose the right lending product for your business and your needs. Do you need a traditional loan or a line of credit? Would a working capital loan or expansion loan work best for your needs? Choosing the right product to apply for can make all the difference.
When it comes to your business, you have to watch your back. Everything you do can affect your ability to get funds, even if it is on your personal credit. However, the more your business builds strong fundability of its own, the easier the process will be despite your personal finances. Watch your back. Make payments. Make sure all your information is consistent across the board. What do you need to know about your Experian background check? It probably says more than you think. However, if you follow our suggestions, it is more likely to help you than hurt you.
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Everything has to start somewhere, with something. A flower starts with a seed. A book starts with the first letter typed, a house begins with the first nail hammered, and a move begins with the director’s word. When it comes to business credit, it all starts with business trade lines.
You have heard the adage you have to have money to make money. You have probably heard you have to have credit to get credit. While both of these are true to a point, seemingly catching us in a vicious circle, it isn’t entirely true with business credit.
A circle has no clear beginning. Business credit however, does. Just not very many people know about it, and it can be difficult to find. We know the secret though, and we are willing to share.
Of course, we all know that a lot of work goes in a house, a book, a garden, and a movie before that actual first nail, letter, seed, or director’s word. This prep work lays as solid foundation for the final masterpiece. There is a way to lay a solid foundation for business credit as well, before you even consider looking into business trade lines.
Research is how a book or movie starts, and any construction starts with clearing the area and dirt work. A garden spot must be tilled and fertilized before seeds can be planted. Something similar is necessary to establish and build business credit. You have to build a solid foundation for that credit to sit on. Now, that foundation is not necessarily your business. Your business and your business credit will grow together. You can start the prep work at the same time you are starting your business.
To be clear, if your business is already up and running you can still establish business credit. The foundation can still be built. In this way it is different than a building or a book. However, as with any first steps, it is much easier to take them in the beginning.
Before you consider business trade lines, you need to consider how your business is set up. For many new business owners, starting a business just kind of happens. You have something you do that you love, and you decide its time to use it to make money. You may find a location or start from your home. Likely you simply mingle funds in your personal bank account. You have a business name but the business address, email, and phone number are all the same as your personal contact information. It is sort of a natural progression.
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If you want to establish business credit, you have to be purposeful to set up your business separate from yourself. This means doing a few things differently.
First, you have to incorporate. Running as a DBA, sole proprietorship, or partnership really won’t cut it. You can choose from running as a corporation, S-corp, or LLC based on your specific needs, but it needs to be one of these three. Each one comes associated with a different cost and varying levels of protection, but each will serve the purpose of separating your business from yourself.
Next, establish separate contact information for your business. You need a business address, email, and phone number that is different from your personal address, email, and phone number. The phone number should be from a toll-free exchange, and your email address should be associated with your professional website. Do not use a free service such as Gmail or Yahoo, and don’t ignore the professional website part. These days, a poorly put together website can ruin a business.
After these first steps are complete you need to play the numbers game. In order to establish business credit, your business has to have two numbers associated with it. The first is an EIN. This is an identifying number for a business, similar to a social security number. You can get one for free on the IRS website.
The next is a DUNS number. This is a number assigned by Dun & Bradstreet, the largest and most commonly used business credit reporting agency. To have a business credit file with them, you must have a DUNS number. You can apply for it for free on their website, but note that they will definitely try to sell you other services. Be strong. The number is free and the other services are not necessary.
Open a separate bank account for your business. This is the account through which all business financial transactions should run. If your business is already up and running, it may take you some time to get everything switched over, but it will be worth it. Not only will is help separate your business from your personal credit, but it will also help tremendously when it is time to do your taxes.
Okay, so these steps ensure that your business is on record as a business at all the right places. As soon as something credit related is reporting, it will have a place to go. How do you get something reported though? You need accounts that will report your on-time payments. Lenders will not even consider extending you credit however, if you don’t have a credit score, or if your credit score is bad. How do you break into the circle?
You can find a tiny crack with business trade lines. These are vendors that sell things you use in the everyday course of business, and they are vital to building business credit. Here’s how it works. They will extend net30 terms on invoices, without a credit check, and then report your invoice payments to the business credit reporting agencies.
For most of these vendors, you will have to make a few initial purchases before they will extent net30 terms. Some want to see a minimum time in business or a certain revenue level as well. We have compiled a list of six easy approval business trade lines to help you get started.
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If you need computers or other electronics, this is the place to start. Newegg Business offers tons of electronic products, so there is something that pretty much any business can use. To open an account with net30 terms, you’ll need a DUNS number and a bank reference. Net30 accounts range from $500 to $1,000, and they report to Dun & Bradstreet.
This company sells eBooks, software, and even office supplies. You do have to register to see their products, but the process if fast and easy. You will have to make a $60 or more initial purchase to be eligible for a net30 account of up to $2,000. They report to Experian and Credit Safe.
Granger industrial supply sells industrial equipment for outdoors as well as standard tools, and more. To gain net 30 approval you will need a business license, a DUNS number, and bank reference. Their net 30 accounts range from $500 to $1,000 and they report to Dun & Bradstreet.
Another office supply provider, you can order anything from paper to staples, pens to printer ink, and pretty much anything you can think of in between from Summa. They require a $60 initial purchase, and will approve up to $2,000 on net 30 terms. They report to Dun & Bradstreet.
Quill also sells standard office supplies. You will need to make an initial purchase. They’ll usually put you on a 90 day prepay scheduled, but after ordering for 3 months in a row, they’ll typically approve net 30 term. They report to Dun & Bradstreet.
Uline sells a lot of things, but they specialize in packing and shipping equipment and janitorial supplies. You’ll need to place an initial order, and they do ask for a bank reference and two other references. They report to Dun & Bradstreet, so you’ll of course need a DUNS number too.
If you open accounts and get net 30 approval with each of these, you could have between $5,000 and $10,000 in accounts reporting to the credit agencies pretty quickly. Make your payment consistently, and that seed you planted with these easy approval business trade lines will sprout to the point you will be ready for the next step in building business credit before you know it.
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These business trade lines are all part of the vendor credit tier. After you have a few of these accounts reporting, you can apply for accounts in the retail credit tier, then the fleet credit tier, then the cash credit tier. Here’s what you need to know about each tier, and what happens when you get to the top.
This would be relatable to the editing stage of writing a book or a movie, the weeding stage of planting a garden, or the sheetrock stage of building a house. You’ve done the prework of research or preparing the ground, you have planted that first seed, banged out that first word, or hammered that first nail. So now, it is time to move on.
In building business credit, after you have enough business trade lines reporting, this means moving on to the retail credit tier. These are credit cards issued by specific retailers such as Amazon, Office Depot, and Best Buy. Apply for these accounts, purchase things you need in the everyday course of running your business, and make your payments on-time. Your business credit score will grow stronger by the day.
This is where you head into publication, start prescreens, water the garden daily, and start getting the inside of that house ready for move in with paint and appliances. These cards are issued by fleet companies such as Shell and Fuelman. They can be used to purchase gasoline or for automobile maintenance and repairs. Once you have enough of these accounts reporting, it’s time for the last tier.
The cash credit tier is the finished product. Your book or movie is out there for the public to enjoy, your garden is ready for harvest, and you can sleep comfortably in that house each night. The cash credit tier consists of the traditional Visa, Master, and American Express cards not associated with a specific store. Use this wisely, continue to make consistent, on-time payments, and your business credit will be rock solid.
You may be asking yourself the question, why bother? You may have personal credit that will allow you to get what you need to run your business without needing to work with business trade lines. It can take time, and better prices may be available elsewhere. What’s the point? Why do you need business credit?
The fact is, its never a good idea to have your business transactions on your personal credit report. There are a few reasons for this. First, if your personal credit takes a hit, it can affect your ability to run your business.
Also, business credit cards based on personal credit often have a lower credit limit, and business transactions are often very large. If you get close to your limit, your score will take a hit even if you make your payments like you should due to the high debt-to-credit ratio.
By having cards based on your business credit, you can get higher limits, and your personal credit will not be affected by business transactions. This way, you do not have to worry about business transactions keeping you from applying for personal credit you may need to purchase a car or make home improvements.
Regardless of your personal credit score, you really do have to work with business trade lines to start your business credit. After you establish your business and prepare the way for your business transactions to be reported to your business credit profile, you will need accounts to report. Most credit cards will not extend credit to a business with no credit, or bad credit. Working with business trade lines that do not do a credit check is a way around that. You can start building business credit in your business name without your personal credit score ever being involved. So it’s a win/win for you and for your business.
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