Author: James Dodson

Learn About Your Equifax Credit Report

Did You Want to Learn About Your Equifax Credit Report?

It is time to learn about your Equifax credit report.

But let us start with some definitions and background on business credit.

Business Credit

This is credit in the name of a business. It is not tied to the creditworthiness of its owner or owners. Instead, business credit scores are going to depend on how well a company can pay its bills. Hence consumer and business credit scores can vary dramatically.

Business Credit Benefits

There are no demands for a personal guarantee. You can quickly get business credit regardless of personal credit quality. And there is no personal credit reporting of business accounts. Business credit utilization is not going to affect your consumer FICO score. Plus the business owner is not going to be personally liable for the debt the business incurs.

Business Credit Details

Being accepted for business credit is not automatic. Building business credit requires some work. Some of the steps are intuitive, and some of them are not.

Fundability

Fundability is the current ability of our business to get funding. Some factors are within your control. Others (like your time in business) are not. Your online presence and data are one area which is at or close to 100% with your control.

Business Credit, Fundability, and Business Funding Applications

The better your business credit and fundability are, the more likely you will get approval for business financing. Today, let us concentrate on your Equifax report.

Build Fundability on Business Credit Applications to Avoid Denials

Keep your business looking fundable (legit) with:

  • A professional website and email address
  • A toll-free phone number
  • List your phone number with 411
  • A business address (not a PO box or a UPS box)
  • Get all necessary licenses for running your business

Fundability: Industry Alignment

If your business is over the road trucking, then it needs to be listed that way. Pro tip: when your industry can be called several different names, like long distance trucking, mention those other phrases on your website.

There are Three Main Credit Bureaus – But What Differentiates an Equifax Credit Report?

What distinguishes Equifax reports from reports from the other two main credit bureaus? And can you use that information to your advantage?

Business Credit Reporting Agencies

There are three different credit bureaus for business: Dun & Bradstreet, Experian, and Equifax. FICO SBSS and CreditSafe are also players.

In the business world Equifax and Experian are up there, but it is Dun & Bradstreet which is the major player.

Dun and Bradstreet has more than 10 times the records of the next closest reporting agency. For more information, see dnb.com/about-us/company.html. It makes sense to start with Dun and Bradstreet, even when looking at your Equifax credit report. This is because you are going to have to start the business credit building process with them anyway.

Dun & Bradstreet

Dun and Bradstreet is the oldest and largest credit reporting agency. Go to Dun and Bradstreet’s website and look for your business, at dnb.com/duns-number. But what happens if you are unable to find it? Then get a free D-U-N-S number. You will always need a D-U-N-S number to start building business credit. Go here to get a D-U-N-S number: dnb.com/duns-number/get-a-duns.html.

A D-U-N-S number is how Dun and Bradstreet gets your company into their system. And a D-U-N-S number plus 3 payment experiences leads to a PAYDEX score. A payment experience is a record of a purchase from a business which reports to a credit reporting agency. In this case, Dun and Bradstreet. Once you are in Dun and Bradstreet’s system, search Equifax and Experian’s sites for your business. You can do so at creditsuite.com/reports.

Keep your business protected with our professional business credit monitoring.

Your Equifax Credit Report

But your Equifax credit report is going to be different. The company gets its data from:

  • A data sharing agreement with the Small Business Exchange
  • 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 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.

You can check out a sample Equifax credit report for small business at https://assets.equifax.com/assets/usis/small_business_sample_credit_report.pdf.

Here’s what’s in that report.

Company Identifying Information

The first section is devoted to identifying information about your company, namely your business name and address and telephone number. This section will also include your Equifax ID. An Equifax ID is how Equifax can tell your business from similarly-named businesses.

Credit Risk Score

The next section is about the Credit Risk Score. This score runs from 101 to 992. Higher numbers are better. This section also shows key factors.

Key factors are positives and negatives about your business, such as how old your oldest account is, and whether you have any charge-offs, and the size of your business.

Credit Utilization

The next section shows credit utilization. This is shown as a pie chart. It graphically shows which percent of your available credit line you are using. It also has identifying labels to show how much each percentage truly is. But it is only for your financial accounts.

Payment Index

The next part is your Payment Index. The score runs from 0 to 100. Higher numbers are better. It also shows Industry Median.

There is also a table explaining the numbers:

  • 90+: Paid as Agreed
  • 80-89: 1-30 days overdue
  • 60-79: 31-60 days overdue
  • 40-59: 61-90 days overdue
  • 20-39: 91-120 days overdue
  • 1-19: 120+ days overdue

Days Beyond Terms

This is a line graph. It shows the average days beyond terms by date reported. It is for non-financial accounts only. Plus it shows any recent trends, so if you’ve improved your payment habits, it will show up here.

Business Failure Score

The next piece is on your Business Failure Score. This score runs from 1000 to 1880. It shows its own key factors, like recent balance information.

Inquiries

The next section is devoted to inquiries. It shows the date, and whether it was an inquiry on a financial or non-financial account. This is a rather short part of the report.

Bureau Messages

The bureau messages part, appears to be a free form field. It seems its purpose is to add notes to a profile. These can be notes on the number of locations, or business aliases.

Bureau Summary Data

The bureau summary data section contains a wealth of information. It shows:

  • The number of financial and non-financial accounts
  • Date the credit became active
  • Number of charge offs
  • Total dollars past due
  • Most severe status in 24 months
  • Single highest credit extended
  • Total current card exposure
  • Median balance
  • Average open balance

It also shows Recent Activity, which includes:

  • The number of accounts delinquent
  • New accounts opened
  • Inquiries and
  • Accounts updated

Keep your business protected with our professional business credit monitoring.

Public Records

The public records section has information on:

  • Type Status:
    • Bankruptcy
    • Judgments
    • Whether judgments are satisfied or not
    • Liens filed and opened, or released
    • Number
    • Dollar and
    • Most recent date filed

If there are none reported, then the date field will indicate as much.

Additional Information

The final section appears to contain somewhat miscellaneous information, which probably doesn’t fit in well anywhere else. such as alternate company Names and DBAs.

It also contains:

  • Owners and Guarantor Names (name, type, date reported)
  • Business and Guarantor Comments (seems to be another freeform field) and
  • Report Details (this shows the date the report was generated)

Improving Your Equifax Report

Now that you know what goes into it, you can see that some of the more important pieces of data Equifax looks into are:

  • public records
  • credit usage
  • and how you handle your financial and nonfinancial accounts

Improve your Equifax score by:

  • Clearing your debts as quickly as possible and not going delinquent
  • Keeping credit utilization within reason, as that makes it easier to pay your bills
  • And avoiding late payments

Whatever improves your Equifax report is bound to improve your reports at D&B and Experian. Paying off accounts pays dividends, as does avoiding bankruptcies.

Disputing Issues with Your Equifax Report

Equifax will not change your scores without proof. They are starting to accept more and more online disputes. But include proofs of payment with it. These are documents like receipts and cancelled checks.

Fixing credit report errors also means you specifically spell out any charges you challenge. Make your dispute as crystal clear as possible. If you need to snail mail anything in, then use certified mail so that you will have proof that you sent in your dispute. Correct Equifax issues at: equifax.com/small-business-faqs/#Dispute-FAQs. Be specific about the concerns with your report.

Monitoring Equifax Credit Report Scores

At Equifax, you would use Equifax Complete. It currently costs $19.95 per month, after an offer of 30 days for $4.95. See equifax.com/equifax-complete/Equifax.

Keep your business protected with our professional business credit monitoring.

Monitoring Your Equifax Credit Report and Other Business Credit Reports

But add together monitoring for the three biggest credit reporting agencies for a year and the cost is staggering. It costs $468 for Dun and Bradstreet, $189 for Experian, and $224.40 for Equifax (with a special). For a grand total of $881.40!

Monitoring Your Dun and Bradstreet, Experian, and Equifax Credit Report and Scores

You can monitor your business credit at Dun and Bradstreet, Equifax, and Experian through Credit Suite, for considerable savings over what it would cost you at those different credit bureaus. And all in one place! Credit Suite offers monitoring through the Business Finance Suite (through Nav). See what credit issuers and lenders see so you can directly improve your scores and get the business credit and funding you need. See suitelogin.com and creditsuite.com/monitoring.

Your Equifax Credit Report: Takeaways

Equifax gets much of its data from the Small Business Financial Exchange.

Monitoring all of your business credit reports is always going to be expensive. But you can save 90% by monitoring your Dun and Bradstreet, Experian, and Equifax scores through Credit Suite.

The post Learn About Your Equifax Credit Report appeared first on Credit Suite.

10 Examples of Brands Using TikTok Stitch and TikTok Duet for Marketing

Have you been debating using TikTok to grow your business?

With so many social media platforms out there, many businesses are hesitant to embrace yet another site. However, features like Stitch and Duet might make the platform worth the investment.

Here’s what those features are, why they matter, and a few examples of them in action.

What Is TikTok Stitch?

Stitch is a TikTok editing feature that allows people to trim and edit other people’s videos and incorporate them into their own content.

For example, you might be posting a video on how to dominate on social media, and you see I’ve got a great video on the same subject. With Stitch, you can take a short snippet of my video, add it to your post and say “Look my boy Neil says this, so it’s something we should be doing with our marketing.”

One of the ultimate aims for social media marketers is for a piece of content to go viral. Normally this is achieved through people sharing your content and perhaps adding their own comments.

Stitch allows a piece of content to go viral in a very different way by incorporating video snippets directly into their posts.

What Is TikTok Stitch

Since the original creator gets credited, it has the potential to amplify your reach. This adds to the viral nature of TikTok, making it a powerful tool for marketers.

What Is TikTok Duet?

TikTok Duet works on the same principle as Stitch, allowing you to use other people’s videos on your own. The difference is, with Duet, the two videos play in a split-screen format.

TikTok Stitch and Duet

Returning to the previous example, rather than cutting to a clip of me talking about social media marketing for your video, we can be on the screen at the same time, sharing the stage.

Like TikTok Stitch, Duet takes sharing to another level and encourages viral content. Rather than just sharing my video to your page (as you might on Facebook), you can add your comments and flourishes, and then amplify the message to your audience.

This can be an incredibly useful tool for marketers, and it’s another example of the innovative features that are attracting people to TikTok. (Here are my thoughts on why you should be marketing on TikTok.)

Why Should You Use TikTok Stitch and TikTok Duet for Marketing?

Your social media marketing goals rely on three key ingredients: reach, engagement, and action.

You want to reach as many people as possible, get them engaged with your content, and encourage them to take a desired action.

Simple, right? Well, as we all know, it’s not always that simple.

That’s why features like Stitch and Duet that boost engagement and increase your reach are extremely welcome.

You don’t have to dig too deep to realize why users love Stitch and Duet. Social media brings people together, and what better way to do that than through collaboration? People can get even closer to their friends, celebrities, influencers, and brands; and this is the basis of viral content.

For brands, it’s an opportunity for people to engage with your content in a different way, and when they Stitch, you get the credit, plus the free brand exposure that comes with it.

What Kinds of Companies Should Use TikTok Stitch and Duet for Marketing?

A big part of marketing is reaching your target audience where they “hang out.” With 689 million active users (and growing fast), there’s a good chance your market is on TikTok.

One thing to consider when choosing which social media platforms to use is demographics. TikTok has a much younger active user base than other platforms like Facebook (60% of users are from “Gen Z,”), so you need to understand how to market to this group.

Even if your target audience is slightly older, don’t be quick to write off TikTok. Facebook gained its popularity almost exclusively among the younger age groups, and look where it is now.

By embracing features like TikTok Stitch and Duet now, you’re getting in ahead of the competition and growing your profile on a platform that’s expanding fast. As TikTok continues to roll out features, it’s offering more for marketers.

10 Examples of TikTok Stitch and Duet for Marketing

How can you make TikTok Stitch and Duet work for your marketing? These brands incorporated Stitch and Duet into their marketing to create viral videos and reach more people.

1. NBA: Tell Me You’re an NBA Fan Without Telling Me You’re An NBA Fan

This NBA video style is a common way of getting people to stitch your video. Your brand gives people a prompt, in this case, “Tell me you’re an NBA fan without telling me you’re an NBA fan,” and your followers stitch it into their video before responding.

Here’s the original video from the NBA:

@nba

First time #NBAAllStar Zach Lavine wants to know what makes you an NBA Fan! Stitch your reply to this video! ⭐️NBA All-Star, Mar. 7 6:30pm/et on TNT!

♬ original sound – NBA

Your followers see the prompt and create their own video with their responses. Here’s how Chicago Bulls mascot Benny the Bull responded using Stitch (sorry, Detroit fans.)

@bennythebull

#stitch with @nba #NBAAllStar

♬ original sound – Benny the Bull

It’s a simple format, but it’s a great way to drive engagement. Every TikTok Stitch is free publicity that expands your reach.

2. Amazon Prime Video: Michael B. Jordan Clip

Amazon Prime is undoubtedly perfectly placed for TikTok Stitch. After all, it has access to an endless amount of video.

This clip of Michael B. Jordan certainly got the viral effect, gaining a lot of traction around TikTok.

Here’s a stitch with over 73k likes (remember every time your clip is stitched, you get credit).

@mckenzibrooke

#stitch with @amazonprimevideo I think he scared my dog… LMAO 😱😅 #primevideo #withoutremorse #ad

♬ original sound – McKenzi Brooke

Amazon clearly has access to lots of star names and iconic videos, but the principles remain the same. In this case, the original clip makes people wonder what is going on in the scene, and then people use Stitch to respond by acting out the rest of the scene on their own.

3. Urban Decay: Prince 4 Ever Collaboration

Makeup brands tend to do very well on TikTok, and Urban Decay is no different. The Prince 4 Ever Collaboration release is a great example of how TikTok Stitch can be part of a product launch.

Here’s the original video:

@urbandecaycosmetics

FIRST LOOK at the limited-edition Urban Decay X @prince.4.ever collaboration. 💜🕊 Link in bio #UrbanDecay #UDXPrince #Prince

♬ UD x Prince available May 27th – Urban Decay

It’s just a quick look at a new product, but it built excitement, and people got behind it, stitching clips into their videos:

@urbandecaycosmetics

FIRST LOOK at the limited-edition Urban Decay X @prince.4.ever collaboration. 💜🕊 Link in bio #UrbanDecay #UDXPrince #Prince

♬ UD x Prince available May 27th – Urban Decay

If you’ve got unique products, this can be a powerful way to create a buzz around a new release.

4. Demi Bagby: Influencer Power

I could have chosen from a whole host of influencers here because they play such a big part on platforms like TikTok.

When someone with nearly 12 million followers creates content, people get involved. On many occasions, people are using Stitch to share Demi Bagby’s videos.

Here’s one of many examples

https://www.tiktok.com/@joemarimuyong/video/6946526606785629442?_d=secCgYIASAHKAESMgowONUyjWSOPzZ7lgZ50QSPZOIfn1ry7qMF4fxI6qwOXymKFabr%2BCnx7EK773knvNtfGgA%3D&language=en&preview_pb=0&sec_user_id=MS4wLjABAAAAfxb6j_kqOk03cnZi89NW8IWORFdVOABY8mSQ0jYtWqmdDPU2azjFJaLPKjE_N3VX&share_app_id=1233&share_item_id=6946526606785629442&share_link_id=DDF80763-F618-4EEF-ADE7-9C454963F632&source=h5_m&timestamp=1620986922&tt_from=messenger&u_code=difk1e8h4k3g56&user_id=6962059548836480006&utm_campaign=client_share&utm_medium=ios&utm_source=messenger&_r=1

It’s no surprise that brands such as Sony Pictures and Gymshark are sponsoring these influencers to reach a wider audience.

5. John Derting: Everyone Loves Beautiful Scenery

John Derting is a photographer and videographer with over 1.7 million followers on TikTok. His videos offer a unique view of the beauty in our world, and it’s something you can tap into with your brand.

By stitching these amazing videos into your content, you can add something extra to your TikTok presence. If you’re conscious about your environmental footprint and dedicated to protecting the beautiful things we have in the world, then this could be an ideal way to use TikTok Stitch.

@johnderting

Is this the perfect snow storm? 😌👌🏼🤯❄️😍! Way more on my Instagram 😉! #alaska #fyp #nature #calm #epic #art

♬ Cornfield Chase – Hans Zimmer

6. Puma: Can You Recreate the Puma Logo?

It started with an epic fail of a barista trying to make a coffee with the Puma logo on top. The original video earned more than one million views, so Puma did more videos on it, this time using Duet to show their followers attempting the challenge.

Videos don’t have to be complicated to appeal to your audience, they’ve just got to be engaging, and this proved to be the case for Puma.

@puma

🚨BAKERS, ARTISTS, & BARISTAS🚨 Can you recreate the PUMA logo like @1leogonzalez? If so, let’s 👀 it!! Best posts will get featured on @puma 🙌

♬ TWINS – Kaygon

The video has nothing to do with selling clothing, but it’s a brilliant way to increase brand awareness.

7. Vessi: Duet Giveaway

Vessi is a Canadian shoe company, and they’re doing a great job on TikTok.

One of its most successful campaigns has been its duet giveaway.

@vessi

#duet with @agajillian Show us your #vessifootwear and you could win a free pair too! #giveaway #nomorewetsocks #waterproofshoes #tiktokwellness

♬ my strange addiction – Billie Eilish

This is another simple, but incredibly, effective strategy. Your followers do a duet showcasing your products and have the opportunity to win free products.

It’s a win-win. You get to expand your reach and show off your amazing products, and your followers get to win free prizes.

8. San Diego Zoo: #sandiegozooduetsweepstakes

Another brand using duet challenges to increase engagement is San Diego Zoo.

When you’ve got lots of lovable animals hanging around, there’s plenty of great content—but sometimes it takes more than to get engagement.

#sandiegozooduetssweepstakes encouraged people to sing along with noisy bird, Crikey. It’s another example of how you can use TikTok Stitch and Duet to get people interacting with your brand. Take a look:

@sandiegozoo

Duet and tag #SanDiegoZooDuetSweepstakes for a chance to win 4 Zoo passes. Ends Fri 10/09! By entering, you agree to the terms: sdzoo.com/TikTokDuet

♬ original sound – San Diego Zoo

9. ESPN – Dunk Contest with Hoopin_Nate

What do you get when you show footage of a young kid doing some crazy dunks?

Viral content.

ESPN knows the power of incredible sporting feats, and it does a great job of turning short video clips into viral content.

This video expanded its reach through duets like this one:

@funnymangaitlin1

#duet with @espn omg😵

♬ gangstas paradise – favsoundds

10. Fortnite: Getting Involved with Challenges

The #alternativewoahchallenge has 89.3 million views on TikTok.

So what did Fornite do?

@fortnite

Crow Foe Flow? Let’s go! @realadamrose #alternativestothewoahchallenge

♬ alternative woah challenge – Adam Rose

They joined the trend and made their own video using the hashtag.

The original video got over 470,000 likes, and the duet earned it another 310,000 likes.

@realadamrose

#duet with @fortnite sooooo this happened??!! my emote is now available on FREAKING FORTNITE!! #alternativewoahchallenge #fortnite

♬ alternative woah challenge – Adam Rose

That’s a lot of views and a lot of likes.

How to Measure the Success of Marketing With TikTok Stitch and Duet

To get the most out of your TikTok marketing, you need to have a Pro account access their analytics. As with any social media platform, you’ll need to constantly optimize your strategy to make sure you’re reaching as many people as possible, and this isn’t possible without analytics.

How to Measure the Success of Marketing with TikTok Stitch and Duet

TikTok analytics provides insights into how your content is performing, although there are no metrics that specifically measure Stitch and Duet at the moment.

Your analytics can give you a good feel for what content works well and what doesn’t though, so keep an eye on metrics like:

  • total like count of post
  • total number of comments
  • total shares
  • total playtime
  • total video views
  • average watch time
  • average engagement estimates

To get Stitches and Duets, you need engagement with your videos, so use the feedback in your analytics to improve what you’re doing.

TikTok Stitch and TikTok Duet for Marketing: Conclusion

TikTok is growing fast. Which is no surprise with features Stitch and Duet that drive viral content.

These features don’t just work for users though, they’re also brilliant tools for marketers. We all want to grow our social presence and drive engagement, and these tools can help you do just that.

You want to be on the social media platforms that offer the most benefits and increasingly, TikTok is likely to be a top contender.

If you are creative with your content creation and use features like TikTok Stitch and Duet, you have the opportunity to reach a whole new audience.

Have you started TikTok marketing yet? Are Stitch and Duet helping drive engagement?

How to Build Business Credit Quickly in a Recession: Tips for Long Haul Truckers

Given how the world has changed due to the novel coronavirus, you might be busier than ever. Trucking and deliveries are essential services, no matter what. The US is sliding into what is looking a lot like an inevitable recession. So you could be sitting in the veritable catbird seat. This could be the perfect time to build business credit quickly in a recession.

Long Haul Truckers: Here’s How to Build Business Credit Quickly in a Recession

Who needs business credit for trucking? We can help you get it. Here’s how to build business credit quickly in a recession.

Why, exactly, do you need business credit for trucking? We’ve got the answers here – business credit works for all business and not just traditional companies!

Business Credit for Trucking: Why get Business Credit in the First Place?

If you’ve got an EIN, then the IRS says you’ve got a business. But if you only have personal credit, then you’ve got a problem. And you’ll be accountable for your business’s debts, its tax bills, and its bankruptcy, if that happens. You don’t want this. Separate business from personal credit and it won’t.

And specifically, fleet credit will precisely help your trucking business. And gasoline credit cards will, too. We all know how pricey it is to fill up these days.

Building Business Credit for Long Haul Trucking: The Benefits

Business Credit is credit obtained in a business’s name. With business credit the firm builds its own credit profile and credit score. With an established credit profile and score, the company will then qualify for credit.

Since the business gets approval for the credit, in some cases, there is no personal credit check necessary. The business can use its credit to get approval for retail credit cards.

These come from places like BP, Sunoco, Exxon, Shell, Ford, RGS Fleets, Walmart, even MasterCard, Visa, and AMEX. Additionally the company can use its credit to get approval for fleet credit for repair and maintenance of business vehicles including semis. And the firm can also qualify for lines of credit and loans.

How to Build Business Credit Quickly in a Recession: Start With Business Credit Profiles

A credit profile can be created for a business which is utterly independent from the firm owner’s personal credit profile. This offers firm owners two times the borrowing power as they have both personal and business credit profiles.

A business owner can get credit much more quickly using their business credit profile rather than their personal credit profile. Approval limits are much higher on business accounts as opposed to personal accounts. According to the SBA, credit limits on business cards are usually 10 – 100 times higher than for consumer credit.

How to Build Business Credit Quickly in a Recession: Get a PAYDEX Score

Dun & Bradstreet’s Business PAYDEX scores come from payment history.

But personal credit scores come from 5 factors:

  • payment history (35%)
  • utilization (30%)
  • length of credit history (15%)
  • accumulation of new credit (10%)
  • and credit mix (10%)

When done right, business credit can be established without a personal credit check and irrespective of personal credit quality, without any personal credit reporting of business accounts. Most business credit may be obtained without having the owner assuming personal liability, or a personal guarantee.

How to Build Business Credit Quickly in a Recession: Defend Your Assets

Hence in the event of default, the company owner’s private assets can’t be attached. When a business owner applies for financing, their business credit is under review. Not having business credit built will get an owner declined for funding. There are no regulations requiring lenders to notify the business owner for their reason for rejection, so many never know.

Virtually any company can get business credit so long as it has an EIN number and entity set up. You do not need to have collateral or financials. Your firm can be a startup company. You simply need to understand the proper building steps. All highly-successful firms have business credit; it’s a “rite of passage” to ever attain real success.

A firm starts developing a brand new credit profile almost the same as a consumer does. The business starts off with no credit profile. The company gets approval for new credit which reports to the business CRAs. Then the company uses the credit and pays the bill promptly. A favorable business credit profile is established.

As the business continues using credit and covers bills promptly it will get approval for more credit.

How to Build Business Credit Quickly in a Recession: Developing Business Fundability

The understanding lending institutions, retail merchants, and creditors have of your company is important to your ability to establish strong business credit. Before making an application for business credit a firm must properly insure it meets or surpasses all lender credibility specifications. There are over 20 credibility points that are needed for your business to have a solid, reputable foundation.

It is essential that you use your exact business legal name. Your full firm name should include any recorded DBA filing you are using. Make sure your company name is precisely the same on your corporation papers, licenses, and bank statements.

How to Build Business Credit Quickly in a Recession: Corporate Entities and EINs

You can build business credit with virtually any type of corporate entity. If you truly wish to separate business credit from personal credit your business must be a separate legal entity. Hence it cannot be a sole proprietor or partnership.

Unless you have a separate business entity (Corporation or LLC) you might be ‘doing business’ but not truly ‘a business’. You need to be a Corporation or an LLC to differentiate personal from business.

Whether you have employees, your business entity must have an EIN. Your EIN is used to open your bank account and to establish your business credit profile. So take the time to verify that all agencies, banks, and trade credit vendors have your business on file with the exact same EIN.

How to Build Business Credit Quickly in a Recession: Business Addresses, Phone, and Fax Numbers

Your firm address must be a genuine brick-and-mortar location, with a deliverable physical address. It cannot be a home address, a PO Box, or a UPS address. Some lending institutions will not approve and fund unless these requirements are met.

Virtual Addresses

However, virtual addresses are terrific business address solutions. For address only, you will receive mail and packages at a dedicated business address. For a virtual office, you get a professional business address, and dedicated phone and fax numbers. And you also get receptionist services and part-time use of fully furnished offices and conference rooms.

And for a genuine office, you’ll have your own full-time private office with receptionist services, dedicated phone and fax, internet, full furnishings, conference rooms, and more.

Phone Numbers

You must have a dedicated firm phone number listed with 411 directory assistance, under the company name. Lenders, vendors, creditors, and even insurance providers will validate your business is listed with 411. A toll-free telephone number will give your company credibility. But you need to have a local business number for a listing with 411 directory assistance.

Lenders view 800 number or toll-free phone numbers as proof of business credibility. Even if you’re a solitary owner with a home-based business, a toll-free number makes you seem like an even bigger business. It’s very easy and affordable to set up a virtual local telephone number or a toll free 800 number.

A cell or home telephone number as your main business line could get you flagged as a non-established firm. And this is too high of a risk. Do not give a personal cell phone or home phone as the company phone number! You can forward a virtual number to any cell or land line number.

Fax Numbers

Lenders also feel a firm is more legitimate if it has a fax number. As a business you will need a fax number to receive important documents. You will also need it to fax in some of your credit applications. You can set up an e-fax going directly to your email.

How to Build Business Credit Quickly in a Recession: Business Websites

You will also need a business website. Credit providers will research your business on the net. It is best if they discovered everything directly from your business website. Not having a website will significantly damage your chances of getting business credit.

There are many places on the internet offering inexpensive company websites. That way, you can have an internet presence displaying an overview of your firm’s services and contact information.

Plus, it is critical to get a company email address for your company. It’s not only professional, but significantly helps your chances of getting an approval from a credit provider.

Setting up a business email address is just too simple and inexpensive to overlook. When it concerns your business email, never use free email services like Yahoo and Hotmail. The email address should be at yourcompany.com.

How to Build Business Credit Quickly in a Recession: Business Banking and Licensing

Your company banking history is important to long term success in getting more substantial business loans. The date you establish your business bank account is the day loan providers consider your company start date. So this is no matter when you incorporated or hit any other business milestone. The longer your business banking history, the better your borrowing potential is.

Having a high account balance is crucial in obtaining an excellent Bank Rating. And a good Bank Rating is essential for loan approval later on. Try to keep a bank balance of $10,000 or more for a 5 Bank Rating. In that way, you are more likely to get approval for loans eventually.

State Licensing

A common mistake when developing credit for a firm is non-matching business addresses on the business licenses. Even worse is not having the licenses necessary for a trucking company to operate legally.

Contact the State, County, and City Government offices. And see if there are any requisite licenses and permits to operate your trucking business. This includes your commercial driver’s license. Your business filings must be correct at state, county, and city levels. Plus your IRS filings must have correct listings.

How to Build Business Credit Quickly in a Recession: Company Listings

Also confirm main agencies (State, IRS, Bank, and the 411 national directory) list your company the same way. And with your precise legal name. Also make certain every single bill you get lists your business name correctly and comes to your company address.

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How to Build Business Credit Quickly in a Recession: Get a D-U-N-S Number

Make sure your firm is listed with Dun and Bradstreet. If it isn’t, then get a D-U-N-S Number. This number starts the process of developing your business credit profile with them. Your D-U-N-S number will also play an important role in allowing your company to borrow without a personal guarantor. You can get your D-U-N-S number here: dnb.com. And you can also enroll for the DNBi SelfMonitor to monitor your credit. A subscription is $39-99/ month.

And check out the lowest-price monitoring – we can save you 90%!

How to Build Business Credit Quickly in a Recession: Get Your Other Business Credit Reports

Our business finance suite includes monitoring.

Don’t want to take the plunge yet? Then visit smartbusinessreports.com for a copy of your Experian Smart Business report. Learn how many trade lines are reporting and see if you have a business credit score assigned. See if you have an active Experian Business Profile and check on recent inquiries.

Buy a copy of your Equifax Small Business Credit Report here: https://www.equifax.com/business/business-credit-reports-small-business.

Business Credit for Trucking: Start with Vendor Credit

This is the beginning of business credit for trucking companies.

It is when a vendor extends a line of credit to your company on ‘Net 15, 30, 60 or 90’ day terms. This means you can buy their products or services up to a maximum dollar amount. And then you have 15, 30, 60 or 90 days to pay the bill fully.

So if you have Net 30 terms and buy goods today, then repayment is due in the next 30 days. Get products for your business needs. Then postpone payment on those for 30 days, thereby easing cash flow. Some merchants will approve a firm for Net 30 payment terms upon verification of as little as an EIN and a 411 listing.

True Starter Vendors

We have a great list of starter vendors here: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/

Be sure to apply first without using your Social Security Number. Some vendors will request it and may even tell you on the phone they need to have it. But submit first without it. Keep in mind: A Social Security Number is required for business loans but not for initial vendor credit building.

Some vendors require an initial prepaid order before they can authorize your firm for terms. Your first Net 30 account will report your trade line to Dun and Bradstreet. Then the D-U-N-S system will automatically activate your file if it isn’t already. This is also true for Experian and Equifax.

Uline

Uline is a true starter vendor. You can find them online at www.uline.com. They offer truck stops and ramps and more. And they report to Dun & Bradstreet and Experian. You MUST have a D-U-N-S number and an EIN before starting with them. They will ask for your corporate bank information. Your business address must be uniform everywhere. You need for an order to be $50 or more before they’ll report it. Your first few orders might need to be prepaid initially so your company can get approval for Net 30 terms.

Crown Office Supplies

Crown Office Supplies is an additional true starter vendor. You can find them online at https://crownofficesupplies.com. They sell a variety of office supplies, so be sure to use them for the inevitable paperwork you’ll need to generate. And they report to Dun and Bradstreet, Experian, and Equifax.

There is a $99.00 yearly fee, though they do report that fee to the business credit reporting bureaus. For other purchases to report, the purchase needs to be at least $30.00. Terms are Net 30.

Grainger Industrial Supply

Grainger Industrial Supply is also a true starter vendor. You can find them online at www.grainger.com. They sell hardware, power tools, pumps and more. They also do fleet maintenance. And they report to D&B. You need to have a business license, EIN, and a D-U-N-S number.

Your business entity must be in good standing with the applicable Secretary of State. If your company does not have established credit, they will require additional documents. So, these are items like accounts payable, income statement, balance sheets, and the like.

Apply online or over the phone.

Help Yourself with On-Time Payments

Repay all Net 30 vendor accounts in full and promptly. Be patient and allow time for the vendors’ reporting cycles to get into the reporting systems.

It commonly takes 3 cycles of Net accounts reporting to develop credit scores. Most merchants and major retailers offer business credit, but don’t publicize it. But there is no benefit to the merchant to promote credit without personal liability. So this is, if a business owner agrees to take on that liability. So they do not promote their business credit cards and frequently demand an SSN.

You must have a total of at least 3 Net 30 day pay accounts reporting, to move onto more credit.

Business Credit for Trucking: Get Store Credit

Store credit comes from a variety of retail service providers.

You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the business’s EIN on these credit applications.

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Business Credit for Trucking: Getting Fleet Credit

Fleet credit is from companies where you can buy fuel, and repair and take care of vehicles. You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the business’s EIN.

Business Credit for Trucking: Going Beyond Fleet Credit

As you keep building more business credit, you’ll get approval for more high-limit accounts. Many loans will ask for a personal guarantee and credit check for approval. Being responsible with fleet credit will lead straight to getting vehicle financing and more universal cash credit.

These are businesses such as Visa and MasterCard. You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are commonly MasterCard credit cards.

Business Credit for Trucking: Our Credit Line Hybrid

This is one more practical option. Unsecured credit is not secured with collateral. Good personal credit gets you unsecured credit cards with a personal guarantee; this normally means a 685 score or better. Good business credit gets you unsecured credit cards without any personal guarantee. The amount you can finance is often remarkably high. As in $10,000 – 50,000. And you can get it in 1 – 4 weeks.

You can also get cash flow-based lending; these are short term loans of 6 – 18 months, with amounts as much as $1 million. The loan amounts are equal to 8 – 12% of annual revenue, with rates of 10 – 45%. A 520 credit score is accepted, but good bank statements are required.

Our hybrid credit line could be perfect for you.

Business Credit for Trucking: Revenue Loans and Lines

A revenue loan (or revenue-based loan) is an alternative kind of loan. In contrast to a bank loan, it doesn’t require collateral or substantial assets. And unlike angel investing or venture capital, the money isn’t turned over for a portion of the business. Rather, the loan (or credit line) is repaid as a percent of incoming revenue. See: https://en.wikipedia.org/wiki/Revenue-based_financing.

Revenue-Based Financing Details

The lender (investors, really) will take an equity warrant. So this means they have a fixed price if they want to buy stock in the business. And that goes until an expiration date. And the business owner does not need to back the loan with their own personal assets. There is no valuation on the company’s assets.

All that is needed:

  • The company needs to be producing revenue
  • It needs to have good gross margins to be able to afford the payments

One way to get revenue-based financing is via crowdfunding platforms. The interest you pay is often a tax deduction for the firm. Costs tend to be more than for traditional bank loans. It’s not for early stage startups, by definition. But it may be a decent choice for a firm about 2 – 4 years old. So this is one with revenue coming in but banks still aren’t providing loans.

recession truckers Credit Suite

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Fundbox

So our preferred provider is Fundbox. It’s a suitable option for short-term financing. The gist is you borrow on a line of credit to be repaid every week for up to 12 weeks. This is done via automatic deductions from your business bank account. $1,000 – $100,000 is available. There are no minimum credit score requirements.

Requirements:

  • Six or more months in business
  • Yearly revenue of $25,000 or greater
  • The company must have business checking account

Find them online at: https://fundbox.com/lines-credit.

Business Credit for Trucking: Takeaways

You have a lot of options when it comes to getting business credit for trucking companies. The recession cannot last forever. And in the meantime, you can be helping yourself and your business right now.

The post How to Build Business Credit Quickly in a Recession: Tips for Long Haul Truckers appeared first on Credit Suite.

Kinds Of Health Insurance

Sorts Of Health Insurance

Medical insurance is developed to safeguard versus loss of revenue and also expenditures for treatment. There are 2 wide classifications of medical insurance plans: special needs earnings plans as well as clinical cost plans.

Special needs revenue plans can additionally be described as loss of earnings, loss of time or substitute earnings. This sort of plan will certainly pay advantages to a guaranteed that is handicapped and also can no more function to make a normal revenue. Repayments can be month-to-month or regular relying on the plan.

Clinical expenditure plans are stood for by a variety of insurance coverage from extremely marginal to extensive plans with several protection. Some consist of both health problems and also crashes, numerous health center costs and also various other expenses referring to treatment such as crash and also illness plans, hospital-stay plans, fundamental clinical cost plans and also significant clinical expenditure plans.

Any one of these plans could cover different mixes of the above and also might be paid in a swelling sum.Some plans cover just crashes and also not ailment. As you may envision, plans such as this are extremely certain regarding what is thought about a crash.

It is very important to comprehend what is specified as a crash as it concerns the medical insurance market: a mishap is an occasion that is unexpected as well as unpredicted.

Any kind of conversation of this kind of plan additionally uses to any kind of kind of plan that consists of unexpected insurance coverage, not simply mishap certain plans.

Mishap advantages are most generally spent for unexpected death (likewise called unexpected fatality), unintended loss of arm or leg or view (dismemberment), loss of time and/or revenue, healthcare facility costs, medical expenditures, and also clinical expenditures like brows through to the medical professional.

Life insurance coverage plans will typically be paid no matter of the reason of fatality. An unintended advantage is paid ONLY if the fatality is unintended as opposed to a fatality by all-natural reasons or health problem.

The individual that obtains the survivor benefit is called the recipient. The plan proprietor has the right and also obligation of calling recipients. Typically there is a key recipient nevertheless he/she can designate a 2nd as well as also a 3rd recipient.

The key recipient is the initial individual in line to obtain the advantage in case of the fatality of the plan owner. The plan proprietor can likewise call a 2nd recipient that would certainly obtain the advantage in case the key recipient passes away prior to the guaranteed. Some plans can consist of a 3rd recipient that would certainly remain in line after the very first 2.

There is one more crucial component in relation to mishap plans: An unintentional fatality might not be instantaneous. An individual can pass away as an outcome of an injury months after the mishap event. Due to the fact that the majority of specify that the unintentional fatality advantage will just be paid if fatality happens within 3 months of the mishap, review your plan very carefully.

Life insurance policy plans will normally be paid no matter of the reason of fatality. The key recipient is the very first individual in line to get the advantage in the occasion of the fatality of the plan owner. The plan proprietor can additionally call a 2nd recipient that would certainly obtain the advantage in the occasion the main recipient passes away prior to the guaranteed. There is an additional essential component in respect to crash plans: An unintended fatality might not be instantaneous. Review your plan meticulously due to the fact that many state that the unintentional fatality advantage will just be paid if fatality happens within 3 months of the mishap.

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Just Funded… $100,500 in 4 Days

One of our sports complex clients just secured $100,500 in revenue financing, and did so in only 4 days!

They were looking for working capital and marketing funds.

They had minimal deposits in their bank account and the business owner had severe credit issues.

Even with these restrictions and needing money quickly, we got the deal closed and funded in 4 days just in time for them to start ramping up their business for their best season.

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Information About A Few Different Payment Systems

Information About A Few Different Payment Systems

There are many various kinds of settlement systems, such as bank card, checks, cable transfers, financial institution drafts, factor of sale makers, in addition to numerous others. The World Wide Web provides the adhering to interpretation wherefore a settlement system is: “The normally approved approach of repayment for sell an economic situation.”

When performing day-to-day tasks such as buying and also paying costs, customers globally usage settlement systems day-to-day. If you make use of an ATM card, or a charge card to spend for solutions as well as items, or to pay your costs, it is very important to recognize what an ACH is everything about.

ACH, which means “computerized cleaning residence”, is in fact an internet banking network that runs just in the United States. This network refines substantial quantities of digital repayments, such as debit as well as bank card purchases. The automated clearing up residence additionally refines repayments to people such as the straight down payment of their incomes, straight down payment of tax obligation reimbursements, in addition to various other federal government advantage checks.

Customers utilize this specific repayment system to perform repayments for their home mortgages, auto insurance policy, health and wellness insurance policy, energy costs, as well as lots of various other costs that are paid on a normal basis. A POS device, likewise understood as a “factor of sale” incurable, enables the customer to make a computerized settlement utilizing their debit or credit score card.

The ACH settlement system utilizes what has actually been called the “Standard Entry Class Code.” This system of coding designates a particular three-digit code per settlement, so the ACH system will certainly have the ability to acknowledge what kind of settlement it is. There are presently codes in operation for the list below kinds of settlements; balance dues entrances, company cash money dispensations, fatality alert access, factor of acquisition, ironclad settlements as well as down payments, stood for check access, telephone started access, internet launched access, and also ruined check access.

With a lot of settlements being refined by the ACH repayment system, it would certainly be difficult for one entity to take care of every one of them. Therefore, settlements are refined by specific firms relying on what area of the United States the repayment came from. While some firms refining repayments for the ACH settlement system do so for many stares, there are some that deal with settlements for just a solitary state.

As you undergo your everyday tasks, take down every single time you take place to utilize your credit score or debit card, or perhaps create a check. You might not recognize it, however whenever you make use of among these approaches to spend for something, some kind of settlement system is refining your repayment.

Customers utilize this specific repayment system to carry out settlements for their home mortgages, cars and truck insurance policy, wellness insurance policy, energy expenses, and also several various other expenses that are paid on a routine basis. There are presently codes in usage for the list below kinds of settlements; accounts receivable access, business cash money dispensations, fatality notice entrances, factor of acquisition, ironclad settlements as well as down payments, stood for check entrances, telephone started entrances, internet launched entrances, as well as ruined check entrances.

With so lots of settlements being refined by the ACH settlement system, it would certainly be difficult for one entity to take care of all of them. While some firms refining settlements for the ACH repayment system do so for various stares, there are some that deal with settlements for just a solitary state.

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