Jenny asks…
I looking for a decent uk business credit report provider?
I was thinking of using D and B however I know that the Business credit report company http://www.creditreports.mistrad.co.uk – creditsafe? has had good reviews. What do people suggest I use?
admin answers:
Try experion i find there pretty good
Helen asks…
Are items reported to Small Business Financial Exchange also reported to my personal credit report?
I am considering settling a business credit card debt for less than the amount owed (Advanta, now out of business). Advanta says they will report this to the Small Business Financial Exchange. Will this also be reported on my personal credit reports?
admin answers:
If the card is an actual business account, it should not show on your personal credit report.
I also wouldn’t be too worried about the Small Business Financial Exchange. This is not widely used by creditors and any negative report probably won’t impact your business at all.
Lisa asks…
What happens to my business credit report after closing my business?
I went out of business 3 years ago, however I still use 2 of my American Express Business cards that still have my old business name on them.
I recently tried to get a business credit check and it does not exist? Those cards also do not show up on my personal credit reports.
What happend to my business credit worthiness…does it exist and where?
admin answers:
Most business credit cards, are in the business name, but guaranteed by you personally. If you are late or default, it will magically appear on your personal credit. (you cosigned for your business)
So, they do not show up on your personal credit report if they are kept current.
Business credit is a whole different animal. Most small businesses have zero business credit. Most small business credit is issued with personal guarantees.
Thomas asks…
How do I as a Small Business report to credit agencies?
I am a small business, but we finance parcels of land. How do I report to the credit agencies, I have looked at thier sites over and over and yes I guess I am missing something, cuz I can’t figure out how to report the payments made to me. Any knowledgable help will be appreciated.
admin answers:
From my understanding it is kinda pricey for small businesses to report to the bureaus. In addition, all the accounts you have must be reported, fees must be paid monthly and you must have the software to upload the information monthly.
It could be a good selling point to your customers not to report the credit agencies. Explain to them that the parcels will not show up on their credit; therefore, it will not effect their debt to income ratio when they are trying to let a loan to build on their property. However, if they need a letter to show they have paid in a timely manner and are in good standing you’ll be more than happy to provide that too.
But, if you need to report a customer that is delinquent the best way (in my opinion) is to take them to court. The judgment (in most states is automatically recorded) shows under the civil records section of their credit . This will also give you the option to file wage garnishments, property liens or any actions to collect the debt.
Hope this helps!
Donald asks…
I opened a business and need to see which businesses report my purchases to D&B, wanting to build bus. credit?
I just opened a business and I am wanting to build up my business credit. I am wanting to see which companies report to Dunn & Bradstreet? If anyone has a list or any ideas on which companies do, I would greatly appreciated. Thanks in advance.
admin answers:
Business credit doesn’t work like individual consumer credit.
You have to submit paperwork on your business to D&B, including profit and loss statement.
You build up your business credit by opening accounts with suppliers. You may have to start with COD at first.
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