Tag: Scores

Rory McIlroy rips TPC River Highlands as 'obsolete' course after Travelers Championship's low scores

Rory McIlory was once again in the Top 10 of a PGA Tour event this week at the Travelers Championship with an impressive 18-under score after 72 holes. 

Normally, a showing like that would be more than good enough to a win a tournament, but he finished tied seventh and five shots behind the winner at 23-under, Keegan Bradley. He set the tournament record by one shot. 

TPC River Highlands in Cromwell, Conn. took a shot from McIlroy after he said the course has basically failed to adapt to the club and ball technology that has evolved for the professionals. 

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM

“I don’t particularly like when a tournament is like this,” McIlroy explained via The New York Post. “Unfortunately, technology has passed this course by, right? It sort of has made it obsolete, especially as soft as it has been with a little bit of rain that we had.”

Tournament officials were asked about the conditions at TPC River Highlands this week due to the pros scoring well all over the course. With many rounds in the low 60s, the officials said a cold spring, which rarely happens in the area, didn’t allow the grounds to firm up. 

KEEGAN BRADLEY WINS TRAVELERS CHAMPIONSHIP, BREAKS TOURNAENT RECORD BY ONE SHOT

Add in the rain that McIlroy mentioned, and the course becomes even softer, allowing for more aggressive play. When it comes to these PGA Tour pros, they salivate at conditions like these because they know they can go at pins and fairways without the usual risk at other courses. 

Take Los Angeles Country Club for example at last week’s U.S. Open or Oak Hill Country Club for the PGA Championship. Justin Thomas and Max Homa were cut after two rounds at the Open and players like Jon Rahm and Tony Finau barely scraped by at Oak Hill. 

Not every course is going to have treacherous roughs and cunning greens like those two. Yet, McIlroy, who has played virtually everywhere on Tour, made a point to make a comment that shows he believes it needs to get tougher out there. 

Nonetheless, he wasn’t able to score as high as he wanted to. He was off on a tear to start his final round Sunday, though, when he birdied five of the first eight holes he played. But he couldn’t keep that momentum pushing throughout the round. 

It was a great pay day either way. 

“I knew I was never going to win with the way Keegan was playing, but I felt like I probably needed a couple more birdies to finish Top 5,” McIlroy said.

The Rocket Mortgage Classic is next on the PGA Tour docket at Detroit Golf Club, which owns a 134 slope rating, measuring the course’s difficulty. An average rating is 113. 

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.

Dun and Bradstreet Rating Credit Suite

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.

Dun and Bradstreet Rating Credit Suite

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.

Dun and Bradstreet Rating Credit Suite

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.

Equifax Loans Credit Suite

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.

Equifax Loans Credit Suite

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.

Equifax Loans Credit Suite

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:

  1. Your business credit score and
  2. 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:

  1. Your business credit score and
  2. 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.

How to Easily Improve Your Business Credit Scores in a Recession

Yes, You Can Easily Improve Your Business Credit Scores in a Recession – This is Foolproof!

Do you know your small business’ business credit score? And is it, maybe, not so hot? Then consider these simple tips for how to easily improve your business credit scores in a recession.

Every Small Business Needs Business Credit Building

This is especially true in an economic downturn, when bank loans can be scarce.

Company credit is credit in a small business’s name. It doesn’t attach to an owner’s personal credit, not even when the owner is a sole proprietor and the sole employee of the small business.

Thus, an entrepreneur’s business and personal credit scores can be very different.

The Benefits

Because small business credit is distinct from consumer, it helps to protect a business owner’s personal assets, in case of litigation or business bankruptcy.

Also, with two distinct credit scores, a small business owner can get two different cards from the same vendor. This effectively doubles purchasing power.

Another benefit is that even startup businesses can do this. Visiting a bank for a business loan can be a formula for disappointment. But building small business credit, when done right, is a plan for success.

Personal credit scores are dependent on payments but also additional considerations like credit usage percentages.

But for small business credit, the scores truly just depend on whether a small business pays its debts timely.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Easily Improve Your Business Credit Scores in a Recession: Take Steps to Improve Your Payment History

How do you improve your payment history? It’s easy – just pay your bills on time, and as close to ‘in full’ as possible. Of course, that is not always as easy as it sounds. The truth is, just as you need to keep your personal spending within your means, you will need to keep your business spending realistic as well.

We cannot predict the future. Who can tell if your company’s particular widget will suddenly take off? All you can do is go by whatever data you can get, and interpret it in a manner that is not overly optimistic. For new companies, that means looking at industry trends. For more seasoned companies, it means closely examining your business’s performance under all sorts of conditions.

Therefore, if it looks like your company can make $1 million next quarter, but you need to borrow money, don’t borrow more than $1 million and, in fact, you probably want to borrow less than that.

Keeping your business spending in check and not gambling the company’s future on a hunch are both good ways to get your credit balances down and, as a result, improve your payment history. After all, your biggest supplier could go out of business, your best worker could retire, or crops could fail or any of a number of setbacks could occur. Being bold in business can often be a virtue – but you still need to pay your company’s bills.

It Pays – Big Time!

The single most vital step you can take to improve your business credit scores is to improve your payment history. Every credit reporting agency weighs this factor heavily.

Easily Improve Your Business Credit Scores in a Recession: Keep on Top of Your Credit Scores

This means regularly getting and reviewing your credit reports. And not just for your business! For new businesses and sole proprietorships, credit bureaus often look at your person credit as well. And this goes double if your business just so happens to be both.  Therefore, you will need to keep on top of both sets of scores, which is a good financial habit to get into, anyway.

Why do this? Because credit scoring reports can have errors and you have the right to dispute them. But you will not know there’s an error unless you check.

Disputing credit report errors generally involves sending a paper letter with copies of all proofs of payment accompanying it, such as receipts and cancelled checks. Of course, you do not want to send the originals – always send copies and retain the originals. Precisely itemize any charges that you are calling into question. Use certified mail so that you will have proof that you sent in your dispute.

Of course, if there are no mistakes on your credit reports, then you will need to move onto the next step. Don’t try to pull a fast one and dispute your credit score if there is really nothing wrong with it! Credit reporting agencies understandably do not like that.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Easily Improve Your Business Credit Scores in a Recession: Keep a Handle on Your Credit Utilization Rate

This goes right along with improving your payment history. Your credit utilization rate is an easy calculation: it’s just your balances divided by your total available credit.

You want to keep this figure under 30% if that is at all possible. So if you borrow less money, and you pay your debts off as quickly as possible, you will keep your business’s credit utilization rate in check.

Credit reporting agencies look at this figure, so if you keep it low, that will help with your score.

Furthermore, credit utilization rate tends to go toward your ability to better balance your budget and work within your means. Of course there can be unexpected expenses. But those should be rare.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Easily Improve Your Business Credit Scores in a Recession: Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and attend to any inaccuracies ASAP. Get in the practice of taking a look at credit reports and digging into the particulars, and not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less.

At Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business.

Update Your Record

Update the relevant information if there are mistakes or the information is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. And for Equifax, go here: www.equifax.com/business/small-business.

Fix Your Business Credit

So, what’s all this monitoring for? It’s to contest any inaccuracies in your records. Errors in your credit report(s) can be fixed. But the CRAs typically want you to dispute in a particular way.

Get your company’s PAYDEX report at: www.dnb.com/about-us/our-data.html. Get your company’s Experian report at: www.businesscreditfacts.com/pdp.aspx?pg=SearchForm. And get your Equifax business credit report at: www.equifax.com/business/credit-information.

Disputes

Disputing credit report errors normally means you mail a paper letter with duplicates of any proofs of payment with it. These are documents like receipts and cancelled checks. Never mail the originals. Always send copies and keep the original copies.

Fixing credit report errors also means you specifically spell out any charges you challenge. Make your dispute letter as crystal clear as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you sent in your dispute.

Dispute your or your small business’s Equifax report by following the instructions here: www.equifax.com/small-business-faqs/#Dispute-FAQs.

You can dispute inaccuracies on your or your small business’s Experian report by following the directions here: www.experian.com/small-business/business-credit-information.jsp.

And D&B’s PAYDEX Customer Service contact number is here: www.dandb.com/glossary/paydex.

Easily Improve Your Business Credit Scores in a Recession Credit Suite

Easily Improve Your Business Credit Scores in a Recession: Personal Credit Score Reports

You can use AnnualCreditReport.com to get your credit report from Transunion, Equifax, and Experian.

Easily Improve Your Business Credit Scores in a Recession: Business Credit Score Reports

You will need to keep on top of three separate reports: Equifax, Experian, and your business’s PAYDEX report.

Equifax

Order your business’s Equifax report here. Dispute your or your company’s Equifax report by following the instructions here.

Experian

You can order your company’s Experian report here.  You can dispute any errors on your or your company’s Experian report by following the directions here.

PAYDEX

Get your PAYDEX report here and you can contact their Customer Service department (it’s a part of Dun & Bradstreet, as they also generate PAYDEX reports) here. D & B’s PAYDEX Customer Service phone number is here.

Easily Improve Your Business Credit Scores in a Recession: Patience is a Virtue in the Credit World, Too!

Finally, you will need to be patient. In particular, because credit reporting bureaus look at payment history. And they also look at the length of your payment history. So this goes directly to how long your company has been in business.

As a result, one piece of the score improvement puzzle is to just let some time pass. Get some distance you from your opening day. Good business credit scores aren’t built in a day.

Easily Improve Your Business Credit Scores in a Recession: A Word about Business Credit Building

Always use credit responsibly! Never borrow more than what you can pay back. Monitor balances and deadlines for payments. Paying off in a timely manner and in full will do more to raise business credit scores than nearly anything else.

Establishing small business credit pays off. Great business credit scores help a small business get loans. Your lender knows the company can pay its financial obligations. They recognize the company is bona fide.

The business’s EIN attaches to high scores and lending institutions won’t feel the need to request a personal guarantee.

Easily Improve Your Business Credit Scores in a Recession: Takeaway

Business credit is an asset which can help your small business for many years to come. Learn more here and get started toward building company credit.

The post How to Easily Improve Your Business Credit Scores in a Recession appeared first on Credit Suite.

Credit Scores Cards Without Late Fees? What You Don’t Know Can Hurt You

Credit Score Cards Without Late Fees? What You Don’t Know Can Hurt You

The passion prices aren’t especially reduced as well as the costs billed for paying late or going over your limitation can be high. Late charges of $39 aren’t unusual, as well as they are evaluated if your expense falls short to show up by the due day, also if it was postponed in the mail.
The debt card business have actually been paying attention to customer grievances concerning costly late charges and also numerous of them have actually reacted. There might be a spin included; Citibanks’s Simplicity card lugs no late costs as long as you make an acquisition each month within the payment duration. Aren’t late costs the card firm’s means of making certain that you pay your costs at all?
With the Citibank card, paying late brings the typical charge of up to $39 if you pay late and also have not made an acquisition throughout the invoicing duration. If you have actually made an acquisition within the invoicing duration, however you have actually still paid late, Citibank may, at its choice, elevate your passion price. American Express will certainly likewise elevate your rate of interest price if you pay late two times in a year, though not as high as the 30% or so that Citibank will certainly bill.
With passion prices possibly climbing to virtually 30% as well as using to your superior equilibrium, you would certainly be a lot far better off maintaining an existing card and also paying the late cost than the hundreds or also thousands of additional bucks you would certainly pay on a big equilibrium after the fine passion price is used. Of training course, you can stay clear of both late costs as well as rate of interest price walkings by merely paying your costs on time as well as preserving a tiny equilibrium or no equilibrium at all.

Aren’t late charges the card firm’s means of making certain that you pay your costs at all? With the Citibank card, paying late brings the typical cost of up to $39 if you pay late as well as have not made an acquisition throughout the invoicing duration. With rate of interest prices possibly increasing to almost 30% and also using to your exceptional equilibrium, you would certainly be a lot far better off maintaining an existing card and also paying the late cost than the hundreds or also thousands of additional bucks you would certainly pay on a big equilibrium after the fine rate of interest price is used. Of program, you can stay clear of both late charges as well as passion price walks by merely paying your expense on time and also preserving a little equilibrium or no equilibrium at all.

The post Credit Scores Cards Without Late Fees? What You Don’t Know Can Hurt You appeared first on ROI Credit Builders.