Tag: File

Arizona families file lawsuit challenging state law ban on transgender participation in school sports

Two families in Arizona have filed a lawsuit challenging a state law that bans transgender girls from participating in school sports, with one parent citing concern for their child’s “self-esteem” and “confidence.”

The lawsuit filed in the U.S. District Court in Tucson challenges Senate Bill 1165, which restricts participation in school sports based on a biological sex. 

The identities of the two plaintiffs in the case, an 11-year-old and 15-year-old, have been concealed out of fear for their safety. Their names are listed as Jane Doe and Megan Roe, respectively. 

ESPN PERSONALITIES SLAM BIDEN’S TITLE IX PROPOSAL AMID UPROAR OVER TRANSGENDER ATHLETES IN WOMEN’S SPORTS

“Jane will be very upset if she is not allowed to play sports on a girls’ team. Jane knows this would be because she is transgender, and I worry about how that will affect her self-esteem and her confidence,” the mother Jane Doe said via a statement provided by the National Center for Lesbian Rights (NCLR), which is representing the plaintiffs in the case.

“Jane will not receive all the positive benefits that school sports provide. This includes the obvious physical benefits, but also social and emotional benefits of playing with other kids, learning how to win and lose, and having coaches and other adults who support the team.”

“No parent ever wants their kid to lose out on opportunities and experiences that can help them grow as people,” the mother of Megan Roe added. “Sports provide all kinds of benefits to kids, and it is very upsetting that they may be completely cut off for my child.” 

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM

Attorneys in the case have also argued the law violates the Equal Protection Clause under the U.S. Constitution and Title IX.

State Superintendent of Public Instruction Tom Horne was named a defendant in the case. He called the lawsuit’s logic “backwards.”

“Title IX was aimed at giving girls equal opportunities for playing sports. When a biological boy plays in a girls’ sport, it disadvantages the girls,” Horne told The Associated Press. “There have been lots of news stories about girls who worked hard to excel at their sports, found they could not when they had to compete against biological boys and were devastated by that.”

The lawsuit also names the Arizona Interscholastic Association, the Kyrene School District in Tempe and The Gregory School in Tucson as defendants in the case. 

The lawsuit follows the Biden administration’s plan to release new Title IX rules that would bar states from banning transgender students from competing against the gender they identify as.

The Associated Press contributed to this report. 

Senegalese prosecutors file appeal for opposition leader who received 2-month sentence

Prosecutors in Senegal who had sought two years in prison for opposition leader Ousmane Sonko have filed an appeal after he was given a much lighter, two-month suspended sentence for his conviction on libel charges in a case his supporters say was politically motivated.

The outcome of Thursday’s verdict allows Sonko to run for president next year though he still faces unrelated criminal charges in a pending rape case that would disqualify him if he is convicted. Sonko is widely viewed as the top opposition candidate in Senegal’s elections next year.

Sonko has not yet decided whether to appeal the sentence in the libel case, his lawyer Bamba Cisse told The Associated Press.

SENEGAL’S TOP OPPOSITION POLITICIAN GETS 2-MONTH SUSPENDED SENTENCE FOR LIBEL

Sonko was also ordered to pay about $330,000 to Tourism Minister Mame Mbaye Niang, who accused the politician of defamation and public insults.

Neither Sonko nor his lawyers were present on Thursday when the verdict and sentence were delivered.

SENEGAL POLICE SMASH WINDOWS OF OPPOSITION LEADER’S VEHICLE, FORCIBLY REMOVING HIM

Each of Sonko’s previous court appearances led to protests in the streets of Dakar, the capital, and Sonko himself was forcibly removed from his vehicle by police on two occasions. Demonstrations have taken place not only in Dakar but in cities throughout the country.

Sonko’s supporters see the charges against him as the latest attempt to cut short his political career. Sonko finished third in Senegal’s 2019 presidential election and has called on President Macky Sall to declare publicly that he won’t seek a third term.

The ruling party says Sall should be allowed to run after a constitutional change in 2016 — made while Sall was president — which changed presidential terms to five years.

Sonko also faces rape charges based on accusations from a female employee of a massage salon who said she was assaulted by him. If convicted, he faces up to 10 years in prison and would be barred from running for president. No date has been set yet for the that trial.

How a Good D&B Business Credit File Can Help In Hard Economic Times

No one realized when the year started that a crushing recession would follow a global pandemic.  And yet, here we are living in this post COVID-19 world.  Here’s how a good D&B business credit file can help you survive.

Everything you Need to Know about Your D&B Business Credit File and the Other Business Credit Reporting Agencies

When it comes to your business, business credit is one of the most important things you can focus on.  Of course, you should keep your main focus on actually running the business. In hard times however, like during a recession, you will be glad you paid some attention to your business credit.   Dun and Bradstreet is the largest and most widely used business credit reporting agency, or CRA.  If you do not have a D&B business credit file, many lenders consider you  to not have credit. There are other CRAs that are worth mentioning however.

It can help to understand a little more about business credit and how it can help in a recession.  What makes it so special?  Who needs it?  How do you get it?

Why Business Credit?

There are a number of reasons why it is important to actively build business credit.

It Shields Your Personal Credit Report

It is important to organization success that you develop business credit. Without a business credit score, your capability to fund your business rests entirely on your individual credit score. That’s not a big deal if you have great personal credit.

However, business financing can impact your personal credit scores as well.  If you finance your business on the merits of your personal credit, you will likely find your balances stay near your limits.  On personal cards the limits are not as high as most business cards allow.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

This has a negative effect on your credit report.  It is true even if you are making your payments on time. If your business has its very own credit report, it’s not a problem. Limits are higher, so you have a lot more credit to deal with. Regardless, it doesn’t impact your personal credit score.

When you have solid business credit, you have access to the funds you need to run your business.  Not only that, but you can do what you need to do without worrying about exhausting cash reserves.

In short, business credit opens the door to higher limits, lower interest rates, and it protects your business transactions from affecting your personal credit.  This is especially important during a recession.  Imagine how much harder hard times would be if your personal credit was declining due to business issues.

Business Credit vs. Personal Credit

It is also difficult to see how a D&B Business credit file, or any business credit file, is necessary if you do not understand the differences between business credit and personal credit.  We break it down here.

Key Differences Between Personal Credit Reports and Business Credit Reports:

  • Personal FICO scores range from 300 to 850
  • Business credit scores usually range from 0 to 100.
  • FICO algorithms are commonly used by consumer credit bureaus to generate a credit score.
  • Business credit scores do not follow industry standard algorithms, meaning they can vary greatly between credit reporting agencies.
  • Business credit usually include only accounts that are in your company’s name. Your personal accounts are on your personal credit report.
  • You can get a free copy of your personal credit report from the three major consumer credit reporting agencies each year. This includes Experian, Equifax, and TransUnion.  There are also several free options for getting a glimpse at your credit scores at any given time.
  • Business credit is quite different when it comes to accessibility. You have to pay to see your company’s credit report and to find out the score at all three major business credit reporting agencies, including Dun and Bradstreet, Experian, and Equifax.
  • Not just anyone can see your personal credit report, but business credit reports are public. Anyone that wants to pay can see your business credit, including your D&B business credit file.

What Makes the D&B Business Credit File So Special?

Besides being the largest and most commonly uses, they offer way more than just a single business credit score. There are many reporting options that lenders can choose from to assess the credit worthiness of a specific business. Here is a breakdown of what they offer, with an explanation of what it all means.

Credit Reporting at Dun and Bradstreet: What Does Dun and Bradstreet Do?

D&B business credit file Credit Suite2

The quick answer is they provide lenders with business credit reports to help them make lending decisions.

There are six different Dun and Bradstreet reporting options. All of them measure different areas of credit worthiness.   The most popular option is also the easiest to understand.  It is the PAYDEX.   Generally speaking, this is the Dun and Bradstreet credit score most like the consumer FICO score.  It measures the speed of payment.  The score ranges from 1 to 100.  A 70 or higher is “good.” For example, a score of 100 means that the company makes payments in advance, and a score of 1 indicates that they pay 120 days late, or more.

What Else Does a D&B Business Credit File Include?

In addition to the PAYDEX, there are many other options for a business credit report on you D&B business credit file.

●       Dun and Bradstreet Delinquency Predictor Score

The delinquency predictor score measures the likelihood the company will not pay, will be late paying, or will fall into bankruptcy.  The scale is 1 to 5, and a 2 is good.

●       Financial Stress Score

The financial stress score is a measurement of the pressure on a company’s balance sheet.  It indicates the likelihood of a shutdown within a year.  It measures with a minimum of 5 and a maximum of 1, with a score of 2 being a good thing.

  • Supplier Evaluation Risk Rating

This is a rating that ranks the odds of a company surviving 12 months.  The minimum score is 9 and the maximum is 1.  A score of 5 is good.

  • Credit Limit Recommendation

The credit limit recommendation shows a business’s borrowing capacity.  It is a dollar amount recommendation for how much debt a company can handle. Typically creditors use it to determine how much credit to extend.

  • D&B Credit Rating

This is an estimation of overall business risk on a scale of 4 to 1.  A two is good.  The rating includes letters, the combination of which indicate a company’s net worth.

Even if there isn’t enough information on a business to assign a regular rating, Dun and Bradstreet will assign what they call a Credit Appraisal Score.  This is based on number of employees. Another option is an alternative rating based on what data is actually available.

What Goes into a Credit Rating on Your D&B Business Credit File?

The different scores and ratings are based on information from a number of places. The first is the business itself, but they also tap into public records.  A business must submit a financial statement to D&B before they can have a full rating.  In the absence of that, they give a limited rating based on number of employees.  For example, the rating would be 1R if the business has 10 employees or more, and 2R if they have less than 2 employees.

A composite credit appraisal may also be available in the absence of a financial statement in your D&B business credit file.  A business is only eligible for a rating up to a 2 in this case however. You do not get a 1 rating without a financial statement.

You can also self-report trade references to D&B, in addition to financial statement. This makes it easier to build business credit faster.  You will need a D-U-N-S number, of course.  It is free and easy to get on their website.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

Dun and Bradstreet and the Commercial Credit Score

The commercial credit score is the term used to describe the actual business credit score.  It has three separate parts. Each predicts how likely the business is to default on bills or become delinquent.  Following are the three parts and the scales by which they are ranked.

●       Commercial credit score

Measured on a scale of 101 to 670, it predicts the probability of a company becoming delinquent.  A score of 101 is most probable, so that’s bad.  A score of around 500 is good.

●       Commercial credit percentile

This is measured on a scale of 0 to 100.  It measures the probability of delinquency as well, but against other companies in the Dun and Bradstreet system.  A score of 1 is the highest probability compared to other businesses in the system, and most say a score of 80 is good.

●       Commercial credit class

This is a method of dividing businesses into classes based on the probability of delinquency.  Companies in class 1 are the least likely to be delinquent.  If you are in class 2, that’s good.

Who Are the Other CRAs?

You hear so much about Dun and Bradstreet, it is easy to forget that there are other agencies that offer business credit reports.

Equifax

They collect their information in ways similar Dun and Bradstreet, including: information from public records, financial data from the business, and payment history from creditors.  In addition, they factor information about credit utilization, or how much credit a business is currently using versus how much they have available, into their calculation.

They then use the information collected to generate various scores, similar to those on your D&B business credit file, but not the same.  These scores include the business credit risk score and the business failure score. The business credit risk score measures how likely it is that a business will become 90 days or more delinquent on bills over the next 12 months.  It ranges from 101 to 992.  The business failure score ranges from 1,000 to 1610, and it predicts how likely it is that the business will file for bankruptcy over the next year.  The lower the score, the higher the risk.

Another score they offer is the business payment index.  This is their version of the D&B PAYDEX, and it even runs on the same scale, 0 to 100.  It indicates payment history over the past year.  Different from the PAYDEX however, you have to reach a score of 90 or higher for it to be a “good” score.

Equifax also offers business identity reports that serve as confirmation that a company actually exists. It also verifies details such as the company’s tax ID, number of employees, and yearly sales.

Equifax does not allow business owners to request a report on their company.  They decide themselves when to start a credit file on a specific company.

Experian

Your Experian report could be a lot different than the one from your D&B business credit file.  Their credit ranking, Intelliscore, uses more than 800 variables to predict a company’s risk of defaulting or becoming delinquent. A 76 or higher is considered good with Intelliscore.  That indicates a low risk of late payments or default.  A score from 51 to 75 indicates a low to medium risk and 26 to 50 indicates medium risk.  From 25 down 1 is medium high to high risk.

Intelliscore is considered a blended score of both the business and business owner’s information.  It offers insights into a business’s public record findings, collections, payment trends, and overall business background. A major difference between Experian and the other two characters is that they do not ask businesses to self-report at all.  Rather, they collect all the information themselves. Since it includes personal information, you do have to give permission for a lender to view this report.

Specifically, the Experian credit ranking gives insights into a company’s payment trends, public record filings, collections, and general business background. The result is a blended score calculated using both the business and business owner’s information.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

The Experian Database and Credit Report Generation

Experian’s database has information on over 27 million businesses.  Reports are generated with information from the database, which houses information on bankruptcy filings, payment history, collections, banking, insurance, and leases.

There has to be a minimum amount of information in the database about a business before Experian will generate a score for it. There must be at least one tradeline in the system, so you should definitely do business with a company that will report to Experian if you want to build business credit.

Your D&B Business Credit File and Those from Experian and Equifax Can Make All the Difference During a Recession

You can’t know or choose which one your lender will use to base their decision upon.  That means it is important to build strong business credit with each one.  While a lot of this is out of your control, you can choose which starter vendors you work with.  Since not all starter vendors report to all credit reporting agencies, you need to make sure you do business with a variety that report to each one.  Then you can be on your way to building strong business credit.

 

The post How a Good D&B Business Credit File Can Help In Hard Economic Times appeared first on Credit Suite.

What is Your Business Credit File and Why Does it Matter

What you don’t know about your business credit file can hurt you.  You see, your business credit file is to your company as your personal credit file is to you as an individual.  It details your credit history. In addition, it makes predictions about your ability to repay debts both now and into the future.  These predictions are based upon not only your credit history, but also company finances and data received from other sources, such as public records.  Lenders use it to help determine whether or not to lend to your business.

Your Business Credit File Affects Your Fundability, and That’s a Big Deal

The thing is, your business credit file isn’t the only thing they use.  It is simply a piece of a bigger puzzle known as fundability. When lenders look at your credit file, they are looking at it with fundability in mind.  What is fundability? It is, overall, how your business looks to lenders in regards to return on investment. 

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit. 

Lenders are in it for the profits.  If you do not pay back the debt, they do not make money.  Therefore, they only approve loans to those businesses that appear to be fundable.  These are business that have all their ducks in a row. All licensees are in place. Contact and ownership information is complete, dedicated, and verifiable.  There is a business bank account, and bills are being paid. All of this and more, including your business credit file, come together to create a complete fundability picture.  Find out more about fundability and how to become fundable here. 

How to Start a Business Credit Filebusiness credit file Credit Suite

Unlike your personal credit file, your business credit file is not something that occurs passively.  For it to be complete and correct, you have to take action. This looks different depending on the business credit reporting agency (CRA.)  Some of them do automatically open a file once a business starts opening accounts and those accounts start reporting. However, if that business is not set up properly to build business credit, the information will be all tangled up with personal information and will not accurately reflect the creditworthiness of the business itself. 

Other CRAs requires you to manually take action to open an account specifically with them.  For example, with Dun & Bradstreet you have to get a D-U-N-S number.  

Other than that, the main thing to do is get accounts reporting to the business CRAs.  There are several, but the most commonly used are Dun & Bradstreet, Experian, and Equifax.  The key is to open business accounts that will report your payments to these agencies. With some, you can also self-report accounts to get your credit rolling, but that isn’t always the best idea.

Self-reporting

Dun & Bradstreet and Equifax each allow you to self-report your payments on accounts.   If you are already in business with vendors that will not report payments, and you cannot make a change, this may be an option.  

Don’t forget you have to have a D-U-N-S number before you start reporting to D&B.  If you don’t have that number already, accounts reported will not matter. Also, it costs money to self-report.  

Additionally, they will try to sell you other products in the process.  If these products will be useful to you, feel free to consider them. Just know that they are not necessary to open your business credit file.  In fact, many of the products and services you will be offered are provided for free by other companies. 

If you choose to self-report with Equifax, you will have to meet certain minimum requirements.  For financial businesses, this means you must have a minimum of 500 vendors to report, and all other businesses must have a minimum of 2,000 vendors. 

Experian does not allow self-reporting, but rather relies on verified information from third-parties. In fact, if you are currently running a business, you probably already have a business credit file with Experian.

 While it is allowed, self-reporting can be costly.  Not only that, but it doesn’t always result in a score increase.  Accounts will report to your business credit file for free anyway if you handle things properly.

It is better to ensure your good credit practices are reported to all three credit agencies by verified third parties rather than self-reporting.  How does this happen? 

Check with Current Vendors

If you have any current vendor relationships, find out if they report your payments to the credit agencies.  If they do not, ask them to do so. They don’t have too, but if they won’t, see about finding other vendors that will. While it isn’t always possible to switch vendors, it is worth it to try. 

For future vendors, ask the question before you begin a business relationship.  This will help establish a business credit file from the beginning. 

Work with Vendors in the Vendor Credit Tier

The credit tiers are a new concept for many business owners.  Here is how it works. You start by opening accounts with vendors, often called starter vendors, in the vendor credit tier. These are vendors that will extend net 30 terms without a credit check, and then report your payments to the business credit reporting agencies. 

After you get enough of these reporting, you can apply for credit cards in the retail credit tier, the fleet credit tier, and the cash credit tier, in that order.  Find out more about starter vendors and the process of working through the credit tiers here. 

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit. 

Get a Business Credit Card

Virtually all credit card companies report to the credit agencies.  Use your business name and contact information and apply for a business credit card.  You may have to make do with a lower credit limit and higher interest rate early on if you do not yet have a business credit score.  However, once you build your credit file a bit, you can ask for an increase in limit or apply for a card with more favorable terms.  

Remember to look for cards with other perks as well.  A few examples of business credit cards and the perks they offer include: 

    • Capital One Spark Cash for Business– unlimited 2% cash back on all purchases, which can add up to a lot over the course of a year.   In addition, you get a 0% introductory APR and, if you spend $4,500 in the first 3 months, you qualify for a $500 cash sign up bonus. 
    • Chase Ink Business Unlimited- unlimited 1.5% cash back on all purchases, and you can earn a $500 cash bonus here too.  There is no annual fee, and you get 0% on balance transfers and purchases for 12 months. 
  • Ink Business Cash Credit Card- 0% APR for 12 months and 5% cash back on purchases made in certain business categories, as well as a $500 sign up bonus. 

Be aware that you probably will not qualify for these immediately if your business credit file is new or incomplete.  Once you get the ball rolling and have a strong business credit score however, these should be accessible.

Ask Utilities to Report Payments

Most utilities do not report payments to credit agencies.  Furthermore, they don’t have to. However, some of them will report if you ask.  The worst they can say is no. Then, if they say yes and you pay on time, it can only help you. 

Consider Taking Out a Private Business Loan

Some private lenders will offer business loans with a low credit score and report payments to business credit reporting agencies.  Here are a few to consider. 

BlueVine

Many private lenders offer options more similar to invoice factoring and lines of credit.  Why? These types of products present less risk than straight term loans.    

The minimum loan amount available from BlueVine is $5,000 and the maximum is $100,000. Annual revenue must be $120,000 or more, and the borrower must be in business for at least 6 months. Personal credit score has to be 600 or above. Also, BlueVine does not offer a line of credit in all states.  You can find out more in our review here.

They report to Experian.  They are one of the few invoice factoring companies that will report to the business credit bureaus. 

Fundation

Fundation offers a fast automated process. Originally, they only offered invoice financing.  Later, they included the line of credit service. Repayments are automatic.  They draft them electronically on a weekly basis.  One thing to remember is that repayment could be as high as 5 to 7% of the amount you have drawn currently. This is because the repayment period is relatively short.  

You can get loans for as little as $100 and as high as up to $100,000, but the max initial draw is $50,000.   They do have some products that go up to $500,000.  Though there is no minimum credit score requirement, they do require at least 3 months in business, $50,000 or more in annual revenue, and a business checking account with a minimum balance of $500.

Fundation reports to Dun & Bradstreet, Equifax SBFE, PayNet, and Experian.  As a result, they are a great option if you are looking to build a healthy credit file. 

The Business Backer

These guys offer a product they call FlexFund Line of Credit.  Funds vary in amounts from $5,000 to $240,000.  Draws can be repaid on either a weekly or daily basis.

They report to Dun & Bradstreet and Equifax.

OnDeck

With OnDeck, applying for financing is quick and easy. Apply online, and you will receive your decision once application processing is final. Loan funds will go straight to your bank account. The minimum loan amount is $5,000 and the maximum is $500,000.

There is a personal credit score requirement of 600 or more.  Also, you must be in business for at least one year. There is an annual revenue requirement of at least $100,000 as well. In addition, there can’t be a bankruptcy on file in the past 2 years. No unresolved liens or judgements are allowed either. 

OnDeck reports to the standard business credit bureaus.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit. 

Credit Monitoring

You know what your business credit file is and how to start it.  You have a toolbox full of tips to help make it stronger. Still, you have no clue what yours actually says.  How can you find out what is on your credit file? Furthermore, how can you correct any mistakes on your file?  That is where credit monitoring comes into play. 

Monitoring your business credit file can help you get an idea of how it is affecting the fundability of your business.  Unfortunately, you cannot get a free copy of your business credit reports like you can with your personal credit reports.  It costs money to monitor your business credit as a general rule.

For example, the big three charge close to $50 or more for each report: 

  • Dun & Bradstreet reports range in price from $61 to $229 per report. 
  • Experian reports are $49.95 per report. 
  • Equifax is $99.95 per report. 

However, you can monitor your credit with D&B and Experian at a fraction of these costs by going to https://www.creditsuite.com/monitoring/. 

What to Do If You Find a Mistake on Your Credit File

First, if you find any inaccuracies in contact information, simply update it.  You will need to do so in writing. Next, look over reporting accounts. If you see any accounts that are not yours, you will also need to contact the company in writing.  It is likely the mistake is due to another business having a similar name, so you may have to do some research and send in copies of your incorporation documents. You may also have to contact the company that is reporting the account. 

If you find accounts reporting late or missed payments that you know are incorrect, notify the CRA of the mistake in writing.  Send copies of supporting documentation showing that the payments were made and when they were made. 

Monitoring your business credit file is vital to keeping it complete, accurate, and healthy.

Your Business Credit File Affects Fundability: It’s Important!

Your business credit file is only one part of the much bigger fundability picture.  However, it is a hugely important part. In fact, without it, the whole picture is pretty much ruined.  For your business to be fundable, your business credit has to be in order.  

This means ensuring your business is set up as an entity separate from yourself, and making sure all your information is consistent across all channels.  

The post What is Your Business Credit File and Why Does it Matter appeared first on Credit Suite.