Consumer Credit Directory – credit application

December 5, 2010

Business Credit Application – Commonly Made Mistakes On The Application

Filed under: Business — Tags: , , , , , , , , , , , , , , — admin @ 1:39 pm
Shawn M Casey asked:




I cannot stress the importance of filling out a business credit application the proper way enough. It is the first impression a lender will have of you and your business before they even get to meet you face to face. It is critical that you fill out an application that will please a lender enough to want to do business with you.

If you want to increase your chances of being approved for a loan or credit card, do not make these common mistakes when filling out a business credit application:

1. Not Following The Directions – Have you ever seen the small print at the end (or sometimes the middle) of an application normally before you have to sign or initial a part of the application? Make sure you read those directions and areas very carefully.

Sometimes there is a part in the directions that says, “Only fill this portion out if you are in ____ state.” If you fill out that section and you are not from the state it says, you are demonstrating that you did not take the time to read the directions. The chances of you being approved for a loan that requires you to read a lot of paperwork, will be slim to none.

2. Leaving Areas Blank – This is a common misconception about filling sections out on a business credit application. You are told to skip something if you do not know or do not remember the information you need to fill out. I have heard lenders say that they will not consider a business credit application unless it is complete.

The lenders do not want to (and should not have to) waste their time and energy on some wild goose chase to find out any information you do not know or that you neglected to write down. Do your homework and fill out any forms properly.

It is completely okay to ask if you may leave the building to call someone who can help you answer the portions you do not know.

3. Not Attaching Required Documents – There are lenders that require you to attach a copy of your business plan or licenses to the business credit application form. If you are considering going into various lenders to apply for a credit card or loan, make sure you bring along copies of these two things. Not all lenders require them for the business credit application process, but it is better to be safe than sorry.

So, when you are filling out any type credit application for your business, make sure you do not commit these common mistakes.

By making sure you refrain from doing them, you will increase your chances of having your business credit application looked at from a professional lender. Take the extra time to complete the application the correct way!

Franklin

November 15, 2010

Understanding the Business Credit Application Process

Filed under: Business — Tags: , , , , , , , , , , , , , , — admin @ 10:14 am
Lashawn Duruisseau asked:




This is the fun part, but definitely not the easiest part. You see, your main goal from the beginning is not to get a corporation established and a Tax Id, and begin applying. Your main objective is to correctly open your credit file, and ensure that you are a true, live, verifiable entity.

Your Corporation or LLC is a separate legal entity from you personally, it has its own credit profile – separate from yours, and just like you have an address, and a phone number, and a date of birth, and and open credit file with all bureaus, your new file must have all of these things associated to it also. These credit companies are very smart. They have “100 point” systems that will check everything from when your corporation was formed to whose name is the corporate phone number listed in. This is all normal. All of this work will be well worth it once your file is opened.

You will find that your business will qualify for business loans, credit cards, leases, and lines of credit, without effecting your Personal credit score.

Now, here’s the great news! If your Personal Scores are Poor, your company can get business credit on its own. That’s right, no more asking for your Social Security Number, Your Credit Scores or Personal guarantees.

You will also find that having business credit will reverse the damage to your personal credit profile. It will protect your personal credit from being harmed by large running balances, (and inquiries in the future,) stop being personally liable, and qualify for lower interest rates in your business and personal life.

Marilyn

November 25, 2008

Consumer Credit Reports – A Brief Review

Filed under: Business — Tags: , , , , , , , , , , , , , , — admin @ 3:48 pm
consumer credit
Tima.ashar asked:


Being an employer, you may want to use consumer credit reports while hiring new employees and also while assessing them for promotion, reassignment, and retention, but only if you abide by the Fair Credit Reporting Act (FCRA). Sections 604, 606, and 615 of the FCRA clearly mention the employer’s responsibilities towards its employees when he uses consumer reports for employment purposes.

The FCRA was primarily constituted to guard the privacy of the consumer report information and to guarantee that the information that is printed on the report by the bureaus and agencies is precise. An amendment was made to the FCRA on 30th Sep 1997 stating that more and more obligations should be imposed on employers who use consumer reports. The Congress advocated this step, as they felt that inaccurate and incomplete consumer reports can cause someone his job or may be even his promotions.

The amendments made it clear that

individuals must be informed that the employer is checking his credit report and more importantly he should agree to it.

individuals have the right to be informed if the information in the credit report has negative influences on employment decision.

More information about consumer report: -

A consumer credit report consists of personal information along with credit characteristics, character, general reputation, and lifestyle. This report should be prepared by a consumer-reporting agency (CRA) according to the FCRA.

Employers feel safe and satisfied to run a background check on applicant before hiring them for the desired job. Some employers are only interested in your credit payment record, some in driving record and some in criminal records. Depending on your job profile, an employer can even ask for an investigative consumer report. These are types of consumer credit reports if acquired from CRA.

For more information on credit reports and identity theft issues, visit – Free Credit Report



BERNIE

October 24, 2008

Consumer Credit Reports – A Brief Review

Filed under: Business — Tags: , , , , , , , , , , , , , , — admin @ 10:26 pm
Tima.ashar asked:


Being an employer, you may want to use consumer credit reports while hiring new employees and also while assessing them for promotion, reassignment, and retention, but only if you abide by the Fair Credit Reporting Act (FCRA). Sections 604, 606, and 615 of the FCRA clearly mention the employer’s responsibilities towards its employees when he uses consumer reports for employment purposes.

The FCRA was primarily constituted to guard the privacy of the consumer report information and to guarantee that the information that is printed on the report by the bureaus and agencies is precise. An amendment was made to the FCRA on 30th Sep 1997 stating that more and more obligations should be imposed on employers who use consumer reports. The Congress advocated this step, as they felt that inaccurate and incomplete consumer reports can cause someone his job or may be even his promotions.

The amendments made it clear that

individuals must be informed that the employer is checking his credit report and more importantly he should agree to it.

individuals have the right to be informed if the information in the credit report has negative influences on employment decision.

More information about consumer report: -

A consumer credit report consists of personal information along with credit characteristics, character, general reputation, and lifestyle. This report should be prepared by a consumer-reporting agency (CRA) according to the FCRA.

Employers feel safe and satisfied to run a background check on applicant before hiring them for the desired job. Some employers are only interested in your credit payment record, some in driving record and some in criminal records. Depending on your job profile, an employer can even ask for an investigative consumer report. These are types of consumer credit reports if acquired from CRA.

For more information on credit reports and identity theft issues, visit – Free Credit Report



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