WWE will pull out all the stops for Tuesday’s NXT card. Paul Heyman, John Cena, Cody Rhodes, Asuka and Becky Lynch are all set to make an appearance in one way or another for one of the biggest episodes in the brand’s history. One of the bigger matches will be Carmelo Hayes and Bron Breakker … Continue reading Carmelo Hayes vs Bron Breakker on NXT may be preview of future WrestleMania main event, Paul Heyman says
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Plenty of Jobs Still Available on Main Street
The latest NFIB employment survey finds small firms planning to raise wages and remain eager to add staff.
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From the Navy to the Olympics and a 'win' against Lomachenko, Robson Conceicao ready for his main event
Robson Conceicao faces Xavier Martinez on Saturday in a high-stakes fight. Here’s how the Brazilian junior lightweight contender made his way to the spotlight.
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The Three Main Powers Of Network Marketing
The Three Main Powers Of Network Marketing Multi level marketing, ‘MLM’, as well as Multi Level Marketing are all terms that describe the exact same kind of service design. This market has actually had greater than it’s share of sleazebag scoundrels and also hustler that have actually made use of as well as abused the …
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Get Your Dun and Bradstreet Rating and More with D&B’s 5 Main Business Credit Scores
Do you want to know all about the Dun and Bradstreet Rating and all of their scores and reports? D&B is the oldest and largest credit reporting agency. But you will need a D-U-N-S number to start building business credit. What if you don’t have a D-U-N-S number? Then get one; they are free. Go to: dnb.com/duns-number/get-a-duns.html. So this number gets a business into their system.
What are D&B Reports All About?
To consider the scores, you need to look at D&B Reports. D&B offers database-generated reports. The business services giant produces such a report in order to help their clients decide whether a business is a good credit risk. Companies use the reports to make informed business credit decisions and avoid bad debt. So several factors enter into creating such a report.
In general when D&B does not have all of the data they need, they will indicate as much in their reports. But missing data does not necessarily mean a company is a poor credit risk. Instead, the risk is unknown.
This is true for the Dun and Bradstreet Rating and for any other D&B business credit score.
The main reason for a client using this kind of a report is to engage in credit risk monitoring of merchants, suppliers, and business partners. This helps companies make informed business credit determinations and steer clear of bad debt.
Dun & Bradstreet takes many factors into account in producing such a report. These include a predictor of payment delinquency; how financially stressed a company is compared to comparable businesses; an evaluation of supplier risk; credit limit recommendation; D&B rating; and PAYDEX score. So let’s consider all of these factors in turn.
Is D&B Data at All Accurate?
D&B Data is only as good as how complete it is. D&B constantly gathers data. So it works to improve its analyses to assure the greatest degree of accuracy possible. To ensure as accurate a report as possible, give D&B your company’s current financial statements.
What are Dun & Bradstreet Scores All About?
Now let’s look at Dun & Bradstreet Scores. D&B has five main scores. PAYDEX is maybe the best-known. The other four are the D&B Rating; Delinquency Predictor; Financial Stress Score; and the Supplier Evaluation Risk Rating. For a sample Business Information Report, go to products.dandb.com/download/2019_BIR-Snapshot-Report.pdf.
So the main score is PAYDEX. However, a business will not get a PAYDEX score, unless it has at least 3 trade lines reporting, and a D-U-N-S number. A business must have BOTH to get a D&B score or report.
What is the PAYDEX Score?
Let’s focus on the PAYDEX Score. This is Dun & Bradstreet’s dollar-weighted numerical rating of how a company has paid the bills over the past year. D&B bases this score on trade experiences reported by various vendors. The Score ranges from 1 to 100; higher scores mean a better payment performance. PAYDEX scores reflect how well a company pays its bills. Larger bills get more weight in the calculation.
What is the Dun and Bradstreet Rating?
Now let’s check out the Dun and Bradstreet Rating. Dun & Bradstreet bases the Dun and Bradstreet Rating on a company’s net worth based on financial statements, as well as the company’s overall condition.
So a Dun and Bradstreet Rating is meant to help businesses rapidly gauge a business’s size and composite credit appraisal. The Dun and Bradstreet Rating is based on information in a company’s interim or fiscal balance sheet, and also an overall evaluation of the firm’s creditworthiness.
If a company’s financial statements are not provided, the score is based on company size, industry, or other related factors. If a company does not provide info, D&B will base certain scores on other related information in their file.
A company will get a lower Dun and Bradstreet Rating if they do not provide any information. It is in every company’s best interests to provide as much info to Dun and Bradstreet as possible.
Learn more here and get started with building business credit with your company’s EIN and not your SSN.
What is the D&B Delinquency Predictor?
So let’s consider the Delinquency Predictor. The Delinquency Predictor runs from 1 to 100. Higher scores are better. Dun & Bradstreet uses predictive models to determine how likely a company is to be late with its payments. Predictive scoring is a method of using historical information in order to try to predict future outcomes. It entails identifying the risks inherent in a future decision. It does this by examining the relationship between historical information and the future event.
This represents an objective and statistically derived counterpart to subjective and intuitive assessments. Such scoring allows a business to rank and order accounts based upon the probability of an event taking place, such as delinquent payments.
That being said, note that predictive scoring only represents a statistical probability. So it is not a guarantee. The scoring system ranks and orders accounts based on the probability of late payments. However, a new company has no historical information, by definition.
The Delinquency Predictor looks at the proportion of slow payments in recent months; Proportion of past due balances to total amount owing; the higher risk industry based on delinquency rates for this industry; any increase in proportion of delinquent payments in recent payment experiences; and any evidence of open suits.
Learn more here and get started with building business credit with your company’s EIN and not your SSN.
What is the Dun & Bradstreet Financial Stress Percentile?
Now let’s tackle the Financial Stress Percentile. The percentile runs from 1 to 100. 1 percentile is most likely to fail. The 100 percentile is least likely to fail. It is a comparison to other businesses.
The Financial Stress Percentile compares the company in question to other businesses in the same location, business sector, number of employees, or number of years in the business. Financial Stress Score Norms show an average score and percentile for all firms with similar demographic characteristics. These Norms can be used in order to benchmark where this particular business stands in relation to the norm for its peer group.
It is based on a much higher raw score, the Financial Stress Score. The Financial Stress Score runs from 1,001 to 1,875. A score of 1,001 represents the highest probability of business failure. So a figure of 1 shows the lowest probability of business failure.
How Does the Financial Stress Score Relate to the Financial Stress Percentile?
The Financial Stress Score is based on a low proportion of satisfactory payment experiences to total payment experiences, a high proportion of past due balances to total amount owing, any UCC Filings reported, and a high number of enquiries to D&B over last 12 months. So this score compares a company to similar businesses in the D&B database.
Dun & Bradstreet produces Financial Stress Scores to forecast the chance of business failure over the upcoming twelve months.
D&B defines business failure in several ways. One is as a business which gets legal relief from its creditors. Another is a firm which discontinues its business operations without paying off all of its creditors in full. Yet another is a business which voluntarily withdraws from its business operations thereby leaving unpaid obligations
Another way is a company which enters into receivership or reorganization. Or it can be a company which makes some kind of arrangement for the benefit of its creditors. And all of this is based on the information found inside D&B’s commercial database.
If your company has a lot of lawsuits and liens against it, those will negatively impact your financial stress score.
What is the Dun and Bradstreet Supplier Evaluation Risk Rating?
How about the Supplier Evaluation Risk (SER) Rating? So this is a scale of 1 to 9. 1 means a company is least likely to fail to pay its own suppliers. Whereas 9 is the opposite, showing highest likelihood.
The Supplier Evaluation Risk Rating forecasts how probable it is that a company will get legal relief from its creditors. Or it can show the chance a business will discontinue its operations without paying creditors in full over next twelve months. The SER rating comes from D&B’s Financial Stress Score. So the Financial Stress Score percentile serves as the basis for the SER Rating.
Factors affecting a Supplier Evaluation Risk Rating are a negative net worth, and the proportion of slow payment experiences to total number of payment experiences reported. So the factors also include if a business belongs to an industry with above average risk of ceasing operations or becoming inactive.
So it is not exactly the same as the Dun and Bradstreet Rating.
What is the D&B Maximum Credit Recommendation?
Consider the Maximum Credit Recommendation. So it includes recommended dollar guidelines. D&B performs an overall assessment of a business for the next 12 months. They also check the predicted risk of business discontinuation. Further, they look at the predicted risk of severely delinquent payments.
D&B bases its dollar guideline amounts on a historical analysis of overall business risk. A recommended limit is based on the probability of severe delinquency. But this recommendation is no guarantee that a business can cover the recommended amount.
More Information about D&B Business Information Reports
What else is in D&B Business Information Reports? In addition to the above scores, a D&B Business Information Report contains trade payments (summary and by industry). So it also has trade line specifics with dollar amounts and terms, and legal events. It also has company events (mainly concerning ownership and management). So it also has a company family tree showing ownership specifics.
A Business Information Report also contains a Risk Assessment summary. So this summary shows the Maximum credit recommendation; PAYDEX; Delinquency Predictor percentile; Financial Stress percentile; and the Supplier Evaluation risk.
Learn more here and get started with building business credit with your company’s EIN and not your SSN.
Dun and Bradstreet Rating: Takeaways
Dun & Bradstreet collects objective data points on businesses and creates Business Information Reports from them. These reports outline five basic scores. So some of these are predictive scores. The more information D&B has, the more comprehensive the report is.
Finally, a Dun and Bradstreet Rating is only as good the information in its report.
Dun & Bradstreet’s database includes over millions of firms spanning the globe. So this includes millions of active companies and millions more companies which are out of business but kept for historical reasons.
D&B constantly gathers data and works to improve its analyses to ensure the greatest degree of accuracy possible. To ensure as accurate a report as possible, it quite literally pays to provide D & B with your business’s current financial statements. In that way, you will have a far more accurate Dun and Bradstreet Rating sand D & B report.
Because an accurate D&B report means you are far more likely to get business funding.
The post Get Your Dun and Bradstreet Rating and More with D&B’s 5 Main Business Credit Scores appeared first on Credit Suite.
Get to Know the Main Business Credit Scores from Equifax Loans
Are you looking for Equifax loans? Equifax is not an actual lender. But what they score will be one of the reasons whether your business can borrow money at all. So consider Equifax loans and scores. Because they are vital parts of the decision making process when it comes to borrowing money or getting credit for your business.
But first, it helps to consider what business credit actually is.
What is Business Credit? How Does it Relate to Equifax Loans?
Business credit is credit which is in the name of a business. It is not tied to the owner’s creditworthiness or Social Security Number. Instead, business credit scores depend on how well a company can pay its bills. Consumer and business credit scores can vary dramatically.
What are the Biggest Business Credit Reporting Agencies?
When you are looking at Equifax loans, then you should be looking at business credit reporting agencies. There are three large business CRAs: Dun & Bradstreet, Experian, and Equifax. There is also the FICO SBSS business score.
Equifax Funding Data
The company gets its data from a data sharing agreement with the Small Business Exchange, and Net 30 type industry trade credit information from a wide variety of suppliers. These suppliers provide products and services to businesses on an invoice basis.
Equifax Financial Report Details and Scores
Equifax has a few main scores:
- The Small Business Credit Risk Score for Financial Services; plus the Small Business Credit Risk Score for Suppliers
- The Small Business Failure Risk Score
- The Payment Trend, and the Payment Index
Check out a sample Equifax business credit report at assets.equifax.com/assets/usis/small_business_sample_credit_report.pdf.
What is the Purpose of Equifax Loans Scores?
It is a good idea to explore the purpose of scores. Scores answer one basic question: How likely is a business to go severely delinquent in its payments? The score is an indication of whether a company is likely to make late payments.
Equifax’s Credit Risk Scores for Equifax Loans
It is time to consider Equifax Credit Risk scores.
The key factors are:
- Evidence of Non-Financial Trades Ever Cycle 2+ Delinquent or Charge-Off
- Length of Time Since Oldest Financial Account Opened Suggests Lower Risk
- Available Credit Limit on Revolving Trades Suggests Lower Risk, and
- Company Size (Number of Employees)
Any of these can suggest lower risk.
Learn more here and start building business credit with your company’s EIN, not your SSN.
The Small Business Credit Risk Score for Financial Services
Check out the Small Business Credit Risk Score for Financial Services. The Business Credit Risk Score predicts the likelihood of a business incurring a 90 days severe delinquency, or charge-off over the next 12 months. So the score ranges from 101 to 992. A lower score indicates higher risk.
The Small Business Credit Risk Score for Suppliers
Compare with the Small Business Credit Risk Score for Suppliers. This score predicts severe delinquency or change-offs, on supplier accounts, or bankruptcy within 12 months. So its scores range from 101 to 816.
The Small Business Failure Score
Check out the Small Business Failure Risk Score. So this score runs from 1000 to 1880. Higher scores mean a business is less likely to fail.
Key Factors
The key factors for the Small Business Failure Score are:
- Length of Time Since Oldest Financial Account Opened Suggests Lower Risk
- Total Balance to Total Current Credit Limit Average Utilization in Prior 3 Months Suggests Higher Risk
- Worst Payment Status on All Trades in the Prior 24 Months Suggests Higher Risk, and
- Evidence of Non-Financial Trades for two or more Cycles Historically
Any of these can help to determine Equifax loans decisions.
Details on the Small Business Failure Score
Let’s look at the Small Business Failure Score. The Business Failure Score predicts the likelihood of a business failing through either formal or informal bankruptcy over the next 12 months. So the score ranges from 1000 to 1610. A lower score indicates higher risk.
Payment Trend
So check out the Payment Trend. The Payment Trend shows a twelve month payment trend. This is in comparison to the industry norm. It measures the average days beyond terms by date reported. So this is for non-financial accounts only.
Trended Data
Equifax is using trended data to help its customers make lending and credit decisions. Because trended data helps businesses to identify those more likely to default or declare bankruptcy. And it helps them to monitor on-going account activities. So it also helps them to refine and monitor underwriting and modeling strategies. And it helps to predict propensity to pay. And it helps identify abnormal spending patterns to mitigate fraud and reduce delinquency.
Learn more here and start building business credit with your company’s EIN, not your SSN.
What is the Equifax Loans Payment Index?
Let’s look at the Payment Index. The Payment Index compares payments to the industry norm.
90 or better means Paid as Agreed. So 80 to 89 means one to 30 days overdue. 60 to 79 means 31 to 60 days overdue.
40 to 59 means 61 to 90 days overdue. So 20 to 39 means 91 to 120 days overdue. And one to 19 means 120 or more days overdue.
Equifax Loans Business Credit Scores are Combined with Consumer Scores
Equifax is blending scores with consumer scores. And Equifax offers a blended option. It is for the Small Business Credit Risk Score for Financial Services and the Small Business Credit Risk Score for Suppliers. Both of these scores can be used with commercial-only data or commercial and consumer credit data.
A For-Instance
For example, the blended option for the Small Business Credit Risk Score for Financial Services uses consumer credit information on the business owner, principal, or guarantor. It adds this information to public records, firmographics, and supplier credit history data. It also combined with lease payment and banking information.
Equifax Loans Business Credit Reports
Consider Equifax business credit reports. An Equifax business credit report also includes information on the percent of utilization. But this is for financial accounts only. So this is the amount of credit in use. And then that figure is divided by the total amount of available credit.
An Equifax business credit report also includes information from public records. This includes bankruptcies, judgments, and liens.
An Equifax business credit report also includes information on any recent inquiries. It also shows whether the company has any alternate names, and if there is a DBA.
Learn more here and start building business credit with your company’s EIN, not your SSN.
How You Can Navigate and Improve your Equifax Business Credit Report
Let’s look at your actual Equifax business credit report. It divides into sections. Here’s a sample Business Credit Advantage report: https://sbcr.experian.com/pdp.aspx?pg=Sample-BcaP&ftr=nolinksCloseButton&hdr=reportPopup&link=5558
Company Identifying Information
The first part is devoted to identifying information about your company, e. g. the business name, and its address and telephone number, but also details such as whether or not your small business is incorporated, and the date you first went into business. This area will also consist of the number of employees and your company’s annual sales. This sector will additionally display if there are any alerts. So it is at the top.
Scores
The following portion consists of two scores:
- Your business credit score and
- Your financial stability risk rating
Credit Summary
In the summary component, the report shows the number of your business’s tradeline accounts, and the number of business inquiries. It also has your total outstanding balance, and any derogatory information such as liens, judgments, and bankruptcies. If there are any specific tax liens or the like, those are specified further down in the report. And it has the single greatest amount of credit extended, the median amount of credit extended, and the highest and lowest open 6 month balances.
Payment Trend Summary
So this next piece is a number of graphs regarding your payment trends over time.
Trade Payment Information, Inquiries, Collection Filings and Summary
These sections offer more information about the above sections. Also, they contain dates and balances. The Trade Payment Information portion also contains the terms you are paying to various supplier categories.
Commercial Banking, Insurance, Leasing
Next are the specifics on your bank accounts, insurance accounts, and any leases your business is obligated to pay back.
Judgment Filings and Tax Filings
So these two portions show the specifics about any tax liens and judgements against your business.
Hence the details include date, jurisdiction or location, and liability amounts.
UCC Filings and UCC Filings Summary
A Uniform Commercial Code filing is often a part of getting a loan or having credit extended to a business.
These sections have all the details on any UCC filings as against your business. These details include the date, the filing jurisdiction, and the name of the party holding the lien.
Score Improvement Tips
So Equifax offers tips to improve your score. These include urging businesses to negotiate net 30 terms and pay their debts on time. Tips also include keeping your credit utilization within reason and length of credit history.
Furthermore, the end of a typical report gives information on how to dispute any errors.
Equifax Loans: Takeaways
Equifax has five main business credit scores. These are:
- The Small Business Credit Risk Score for Financial Services
- Small Business Credit Risk Score for Suppliers
- Also, the Small Business Failure Risk Score; Payment Trend, and
- the Payment Index
An Equifax financial report will also contain information on public records and more.
While there is technically nothing known as Equifax loans, all of the Equifax funding information you could ever want is in their reports.
The post Get to Know the Main Business Credit Scores from Equifax Loans appeared first on Credit Suite.
Get to Know the Main Business Credit Scores from Equifax Loans
Are you looking for Equifax loans? Equifax is not an actual lender. But what they score will be one of the reasons whether your business can borrow money at all. So consider Equifax loans and scores. Because they are vital parts of the decision making process when it comes to borrowing money or getting credit for your business.
But first, it helps to consider what business credit actually is.
What is Business Credit? How Does it Relate to Equifax Loans?
Business credit is credit which is in the name of a business. It is not tied to the owner’s creditworthiness or Social Security Number. Instead, business credit scores depend on how well a company can pay its bills. Consumer and business credit scores can vary dramatically.
What are the Biggest Business Credit Reporting Agencies?
When you are looking at Equifax loans, then you should be looking at business credit reporting agencies. There are three large business CRAs: Dun & Bradstreet, Experian, and Equifax. There is also the FICO SBSS business score.
Equifax Funding Data
The company gets its data from a data sharing agreement with the Small Business Exchange, and Net 30 type industry trade credit information from a wide variety of suppliers. These suppliers provide products and services to businesses on an invoice basis.
Equifax Financial Report Details and Scores
Equifax has a few main scores:
- The Small Business Credit Risk Score for Financial Services; plus the Small Business Credit Risk Score for Suppliers
- The Small Business Failure Risk Score
- The Payment Trend, and the Payment Index
Check out a sample Equifax business credit report at assets.equifax.com/assets/usis/small_business_sample_credit_report.pdf.
What is the Purpose of Equifax Loans Scores?
It is a good idea to explore the purpose of scores. Scores answer one basic question: How likely is a business to go severely delinquent in its payments? The score is an indication of whether a company is likely to make late payments.
Equifax’s Credit Risk Scores for Equifax Loans
It is time to consider Equifax Credit Risk scores.
The key factors are:
- Evidence of Non-Financial Trades Ever Cycle 2+ Delinquent or Charge-Off
- Length of Time Since Oldest Financial Account Opened Suggests Lower Risk
- Available Credit Limit on Revolving Trades Suggests Lower Risk, and
- Company Size (Number of Employees)
Any of these can suggest lower risk.
Learn more here and start building business credit with your company’s EIN, not your SSN.
The Small Business Credit Risk Score for Financial Services
Check out the Small Business Credit Risk Score for Financial Services. The Business Credit Risk Score predicts the likelihood of a business incurring a 90 days severe delinquency, or charge-off over the next 12 months. So the score ranges from 101 to 992. A lower score indicates higher risk.
The Small Business Credit Risk Score for Suppliers
Compare with the Small Business Credit Risk Score for Suppliers. This score predicts severe delinquency or change-offs, on supplier accounts, or bankruptcy within 12 months. So its scores range from 101 to 816.
The Small Business Failure Score
Check out the Small Business Failure Risk Score. So this score runs from 1000 to 1880. Higher scores mean a business is less likely to fail.
Key Factors
The key factors for the Small Business Failure Score are:
- Length of Time Since Oldest Financial Account Opened Suggests Lower Risk
- Total Balance to Total Current Credit Limit Average Utilization in Prior 3 Months Suggests Higher Risk
- Worst Payment Status on All Trades in the Prior 24 Months Suggests Higher Risk, and
- Evidence of Non-Financial Trades for two or more Cycles Historically
Any of these can help to determine Equifax loans decisions.
Details on the Small Business Failure Score
Let’s look at the Small Business Failure Score. The Business Failure Score predicts the likelihood of a business failing through either formal or informal bankruptcy over the next 12 months. So the score ranges from 1000 to 1610. A lower score indicates higher risk.
Payment Trend
So check out the Payment Trend. The Payment Trend shows a twelve month payment trend. This is in comparison to the industry norm. It measures the average days beyond terms by date reported. So this is for non-financial accounts only.
Trended Data
Equifax is using trended data to help its customers make lending and credit decisions. Because trended data helps businesses to identify those more likely to default or declare bankruptcy. And it helps them to monitor on-going account activities. So it also helps them to refine and monitor underwriting and modeling strategies. And it helps to predict propensity to pay. And it helps identify abnormal spending patterns to mitigate fraud and reduce delinquency.
Learn more here and start building business credit with your company’s EIN, not your SSN.
What is the Equifax Loans Payment Index?
Let’s look at the Payment Index. The Payment Index compares payments to the industry norm.
90 or better means Paid as Agreed. So 80 to 89 means one to 30 days overdue. 60 to 79 means 31 to 60 days overdue.
40 to 59 means 61 to 90 days overdue. So 20 to 39 means 91 to 120 days overdue. And one to 19 means 120 or more days overdue.
Equifax Loans Business Credit Scores are Combined with Consumer Scores
Equifax is blending scores with consumer scores. And Equifax offers a blended option. It is for the Small Business Credit Risk Score for Financial Services and the Small Business Credit Risk Score for Suppliers. Both of these scores can be used with commercial-only data or commercial and consumer credit data.
A For-Instance
For example, the blended option for the Small Business Credit Risk Score for Financial Services uses consumer credit information on the business owner, principal, or guarantor. It adds this information to public records, firmographics, and supplier credit history data. It also combined with lease payment and banking information.
Equifax Loans Business Credit Reports
Consider Equifax business credit reports. An Equifax business credit report also includes information on the percent of utilization. But this is for financial accounts only. So this is the amount of credit in use. And then that figure is divided by the total amount of available credit.
An Equifax business credit report also includes information from public records. This includes bankruptcies, judgments, and liens.
An Equifax business credit report also includes information on any recent inquiries. It also shows whether the company has any alternate names, and if there is a DBA.
Learn more here and start building business credit with your company’s EIN, not your SSN.
How You Can Navigate and Improve your Equifax Business Credit Report
Let’s look at your actual Equifax business credit report. It divides into sections. Here’s a sample Business Credit Advantage report: https://sbcr.experian.com/pdp.aspx?pg=Sample-BcaP&ftr=nolinksCloseButton&hdr=reportPopup&link=5558
Company Identifying Information
The first part is devoted to identifying information about your company, e. g. the business name, and its address and telephone number, but also details such as whether or not your small business is incorporated, and the date you first went into business. This area will also consist of the number of employees and your company’s annual sales. This sector will additionally display if there are any alerts. So it is at the top.
Scores
The following portion consists of two scores:
- Your business credit score and
- Your financial stability risk rating
Credit Summary
In the summary component, the report shows the number of your business’s tradeline accounts, and the number of business inquiries. It also has your total outstanding balance, and any derogatory information such as liens, judgments, and bankruptcies. If there are any specific tax liens or the like, those are specified further down in the report. And it has the single greatest amount of credit extended, the median amount of credit extended, and the highest and lowest open 6 month balances.
Payment Trend Summary
So this next piece is a number of graphs regarding your payment trends over time.
Trade Payment Information, Inquiries, Collection Filings and Summary
These sections offer more information about the above sections. Also, they contain dates and balances. The Trade Payment Information portion also contains the terms you are paying to various supplier categories.
Commercial Banking, Insurance, Leasing
Next are the specifics on your bank accounts, insurance accounts, and any leases your business is obligated to pay back.
Judgment Filings and Tax Filings
So these two portions show the specifics about any tax liens and judgements against your business.
Hence the details include date, jurisdiction or location, and liability amounts.
UCC Filings and UCC Filings Summary
A Uniform Commercial Code filing is often a part of getting a loan or having credit extended to a business.
These sections have all the details on any UCC filings as against your business. These details include the date, the filing jurisdiction, and the name of the party holding the lien.
Score Improvement Tips
So Equifax offers tips to improve your score. These include urging businesses to negotiate net 30 terms and pay their debts on time. Tips also include keeping your credit utilization within reason and length of credit history.
Furthermore, the end of a typical report gives information on how to dispute any errors.
Equifax Loans: Takeaways
Equifax has five main business credit scores. These are:
- The Small Business Credit Risk Score for Financial Services
- Small Business Credit Risk Score for Suppliers
- Also, the Small Business Failure Risk Score; Payment Trend, and
- the Payment Index
An Equifax financial report will also contain information on public records and more.
While there is technically nothing known as Equifax loans, all of the Equifax funding information you could ever want is in their reports.
The post Get to Know the Main Business Credit Scores from Equifax Loans appeared first on Credit Suite.
The post Get to Know the Main Business Credit Scores from Equifax Loans appeared first on Buy It At A Bargain – Deals And Reviews.