How to Find the Best Business Credit Report

When you provide a service or sell a product to a customer, you want to be paid promptly. When you place an order with a vendor, you want to be assured they have enough financial stability to buy the raw materials they need to produce the goods you have purchased. 

When other companies have underlying financial problems, it can hurt your business and your cash flow. This is why it is important to know the financial health of companies you do business with.

It is also important to know how lenders and other companies view your financial health. Your credit history can make a difference when it comes to getting approval for a business loan, negotiating repayment terms, or getting credit from a vendor or supplier. 

All of this information is available in a business credit report. But how do you know which is the best business credit report for your business?

The Best Business Credit Report

The best business credit report is the one that provides you with the information you need to make good business decisions. Three major credit reporting agencies provide business credit reports:

1. Dun & Bradstreet
2. Experian
3. Equifax

Unlike consumer credit reports that use similar standards for measurement and reporting, each business credit report agency uses different information and metrics for reporting financial health.

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Dun & Bradstreet Business Credit Report

Dun & Bradstreet produces a score, which they call Paydex, that measures the payment history.

D&B gathers information from trade references. It bases Paydex scores solely on information from companies that report your payment history. Scores range from 0 to 100.

PAYDEX SCORE	PAYMENT TIMING
100	30 days before due
90-99	20 days before due
80-89	Pays by the due date
70-79	15 days past due
60-69	22 days past due
50-59	30 days past due
40-49	60 days past due
30-39	90 days past due
20-29	120 days past due
1-19	120+ days past due

Experian Business Credit Report

Experian gathers information from both suppliers and lenders. The credit reporting bureau also uses public records, such as liens, judgments, and bankruptcies. Experian examines payment history and available credit as part of its calculation. Scores range from 0 to 100, with a score above 80 considered to be excellent credit.

EXPERIAN INTELLISCORE	RISK
0-10	High Risk
11-25	Medium to High Risk
26-50	Medium Risk
51-75	Low to Medium Risk
76-100	Low Risk

Experian’s Intelliscore risk dashboard includes a Financial Stability Risk Rating along with a rating for repayment risk. The Financial Stability Risk rating is on a 1 to 5 scale. A low score lets lenders and suppliers know there is a low risk that a business will default or face bankruptcy during the next 12 months.

Equifax Business Credit Report

Equifax also gathers information from both suppliers and lenders. They also review public records such as liens, judgments, and bankruptcies. Equifax also evaluates business payment history and available credit.

EQUIFAX PAYMENT INDEX	PAYMENT TIMING
90-100	Pays bills by the due date
80-89	Some bills paid 1-30 days past due
60-79	Some bills paid 31-60 days past due
40-59	Some bills paid 61-90 days past due
20-39	Some bills paid 91-120 days past due
1-19	Some bills paid 120+ days past due.

Equifax produces a Credit Score risk report that ranges from 101 to 992. A high score indicates a low credit risk. Scores over 556 generally indicate a good business credit history. 

The Business Failure Score uses a scale between 1,000 and 1,710, and a score in the lower range indicates a company is more likely to go out of business or seek bankruptcy within the next 12 months.

Finding the Best Business Credit Report

If it sounds complicated, it can be because the agencies report things differently. To find the best business credit report, you need to compare the different reports and choose the one that provides the information you need while considering how the information will be used.

If you are considering applying for a business loan or need to negotiate credit terms with a vendor or supplier, you should pull a credit report on your business. 

If you are extending credit to a new customer or considering working with a new business partner, you should pull their business credit report to ensure you manage risk responsibly.

Whether you are checking on your business or evaluating another business, a business credit report will arm you with the information you need to make better business decisions and negotiate with confidence.

Accredit allows you to find the business credit report you need without signing up for any long-term subscriptions.

The 2020 Quick Guide To Solve Debt Quickly

Struggling with debt has reached epidemic levels in America. According to recent data, there is massive growth in consumers' ratio approaching credit card companies to declare a debt settlement. 

The majority of these consumers have been facing many problems because of non-response from their credit card companies, making them more pessimistic about trusting banks and lenders.

Where To Turn?

Today, the U.S. economy has a severe problem, with millions of families facing many issues due to their increased dependency on lines of credit. However, they are facing financial issues and a lot of mental and physical stress, due to which they have resorted to bankruptcy. 

With this, it is a common practice among consumers to choose debt settlement programs because this process of debt elimination can help them avoid many problems in the future.




Now, if you consider these facts, you will see a clear picture. Debt settlement programs are a legitimate solution to these issues, and consumers can easily avoid many financial problems, such as having precious personal items repossessed. 

These programs help consumers consolidate their loans into a single loan amount that can be manageable and paid down quickly, which can be done by approaching a legitimate relief service.

Who to Trust?

First of all, do your homework and know which companies are sincere and yet another parasite out for your blood. That might be dramatic, but it's shocking how many of these companies prey on struggling families and individuals.

Not only will a lot of credit card or lending companies refuse to negotiate or settle a debt with you, but a lot are also unwilling to deal with individual debt relief companies as well. This is because of their dubious dealings in the past. 

It's crucial that you study up on these companies. Read any reviews you can online, look them up in the Better Business Bureau, and ask any friends or colleagues if they have dealt with any companies like this in the past.

There are also simple red flags to look out for. Like promises or "guarantees." Debt settlement companies can't promise to settle all of your debt for a certain reduced percentage (no one can). There is no "new government program available" that helps bail people out of their credit card debt. 

It would help if you also were wary of any company charging fees before they settle any of your obligations. This is important because you shouldn't have to pay anything until you reach a deal that you agree to. They also can't stop all debt collection phone calls or lawsuits. And a reputable debt collection company will never tell you to stop communicating with all your creditors.

What Can Debt Relief Companies Do For Me?

Once you do settle (so to speak) on a company you know you can trust, they can help you sort out exactly what you need and don't need depending on your specific situation. They should know which loans or debts should be tackled and which should be left alone (for now).

When consolidating what you owe, a company may be able to get your interest waived altogether, reducing your principal balance, having monthly payments reduced into a single payment that you can manage, and only have you pay off a fraction of the total amount you owe.

While some drawbacks can include your credit score is affected and possibly getting approved for credit in the future, the positives most likely outweigh these. You can avoid filing for bankruptcy and the looming prospect of repossession. Not only that, but did you know it also costs you money to file for bankruptcy? 

You can save thousands or tens of thousands of dollars that you otherwise would have had to pay not only in your balance but in interest, and you also get the added benefit of ending those harassing phone calls and emails every month or every few weeks.

The burden of debt settlement can be a long and scary road, but these are things you can do and avoid to make the journey easier. Remember that your debt does not define you, and you can always take your debt back into your hands and settle it the way you need to.

Why Are Pre-Settlement Funding Companies So Helpful?

There are so many reasons why pre-settlement funding companies can help you and your family in a time of need. These companies can help you if you have certain types of pending legal matters such as car accidents, premises liability incidents, wrongful death, and other types of cases involving personal injuries, damages, and losses.

Pre-settlement funding companies can get you the financial help you need to pay your bills, keep your family well cared for, and soften the blow of some of the negative outcomes of accidents and injuries while awaiting the outcome of your case.

What Do These Companies Do?

Pre-settlement funding companies are entities that are in the business of offering loans to people involved in certain types of legal cases. These companies can provide you a pre-settlement loan, also commonly called a legal loan, if you are awaiting settlement or conclusion of your personal injury case.

Rather than being based on income and credit ratings like a traditional loan, pre-settlement loans are based on the facts of your case, along with its strength and potential value. Almost every lender of this kind requires that you have attorney representation in the case, and this attorney will also be able to review your loan documents should you choose this route.

Once your paperwork is reviewed by your attorney, submitted, and approved, these types of loan companies typically have a fairly quick turnaround. When your case is settled, your attorney will help you pay back the loan out of your final settlement amount.

Are They Right for You?

Before proceeding with a legal loan from one of these pre-settlement loan companies, make sure you have done your research and make sure this is the right move for you. As tremendously helpful as they can be, they may not be the best options for everyone.




Talk to your attorney and get their take on it. They are the best advisors you have in this situation. They will know if your case is one that qualifies and can give you good recommendations on which companies to use. Keep in mind that there may be fees and interest, as with any loan, and you will have to pay the loan back out of whatever your final settlement is.

What Can You Use Them For?

Pre-settlement loan companies and the loans they can offer you can be of great help in your time of difficulty. If you are hurt in any sort of accident, this may cause you to be unable to work as you did before or even work at all, leading to economic hardship. In turn, you may struggle to take care of routine bills like your mortgage or rent, electricity, car payments, and more.

Legal loans are designed to help with these exact things. You can use them to pay these types of bills, purchase groceries and prescriptions, and any other living expenses you may incur while waiting for your case to be settled. Oftentimes, these loans can be a lifeline to get people and families through while pursuing a personal injury or another type of eligible case.

Overall, pre-settlement loan companies and the services they offer can be an immeasurable help to people and families in need who have been negatively affected by a car accident or other injury-causing incident. They can assist you in paying your bills, staying current on your mortgage or rent, and make sure you are secure in your other living expenses while awaiting the outcome of your claim.

Start by chatting with your attorney to determine if one of the pre-settlement loan companies could be helpful in your situation. 

Types of Properties to Buy That Will Be a Successful Long-Term Investment

Real estate investments are good for business because they appreciate and are less risky. However, before you invest, you need to know the best properties to invest in. Below is a list of properties for first-time buyers and those looking to expand their portfolio.

Triple Net Lease

This is a type of commercial real estate investment whereby the tenant agrees to pay the building insurance, property taxes, mortgage repayments, and other property expenses. It’s also called NNN. Since the tenant takes on the task of handling major expenses, you can adjust the rent to make it more affordable.

NNN is a great long-term investment because it doesn’t have many risks; your tenants will settle most of the bills. Your work is to manage the property and collect rent.

Another advantage of NNN is it provides a stable long-term income source. Big franchises prefer NNN properties because the lease is more affordable. Therefore, you’re going to get tenants with stable finances.

Single Family Homes

A single-family home is a standalone property with a backyard. It’s the preferred home for most young families because it offers flexibility and privacy. 

Unlike apartments, homeowners can modify their single home, for example, they can add a pool in the backyard. Single-family homes are private because they don’t share walls with other buildings.




A single-family home can be a great long-term investment because you can buy and hold it for 10-years before selling it for a profit. 

During those 10 years, you have the option of renting out the property. You can use the rent to pay investment property loans, taxes, and other expenses.

Multi-Family Homes

A multi-family home has more than one family living in it. Small multi-family homes have 4 units, meaning you can collect rent from 4 different tenants. This type of investment is great if you’re thinking about venturing into commercial real estate.

If you purchase the property in an area with high demand, you’ll always have tenants. That means your cash flow will be steady. Multi-family homes also provide a significant return on investment because you’re getting rent from multiple tenants.

Apartments

An apartment is a high rise building that has more than 5 units. Most apartments are found in big cities because the demand for housing is high in such areas. An apartment can make you a lot of money because it has multiple units.

If you are ready to make some major investments, consider investing in one or some of the properties above. They will be sure to pay off in the long run.

4 Things to Keep in Mind if Your Personal Taxes Are Audited

Few terms are more dreaded than that of an audit. The ultimate boogeyman of tax season, only about .5 percent of all taxes get audited every year. If your personal taxes do get audited, though, it's good to keep a few basic facts in mind.

More than One Type of Audit

While most people refer to audits as if they're a single type of process, the truth is that there are three types of audits. The most common, the mail audit, usually just requires you to mail more paperwork to the IRS. 

The next, the in-office audit, will require you to go to an IRS office to meet with an auditor so that he or she can go over your returns in person. The final, the field audit, is incredibly in-depth and also quite unlikely to happen when dealing with an individual's taxes.

An Audit Doesn't Mean Punishment

Though an audit certainly sounds scary, it's not a punishment. Audits occur for many reasons but getting audited doesn't automatically mean that you've done something wrong. 

There might have been a big income change from year to year that's sent up a flag at the IRS or you might just have the kind of complicated taxes that bear more investigation It's entirely possible to walk away from an audit without having to pay extra money or suffer any other sort of penalties.

Take it Seriously

Though it is not necessary to panic just because you are being audited, you must take the process seriously. Mail from the IRS absolutely cannot be ignored and you should comply with any requests from the agency as expediently as possible. 

If you are having an issue gathering paperwork or you run into some other problem, you should communicate with your IRS contact as quickly as you can so that they know that you're still doing your best to comply.

Work with Professionals

Finally, it's vital to work with professionals like those at Harris Shelton Hanover Walsh PLLC and other offices. These individuals have not only been through the process of audits before, but they're experts at helping you to navigate through any difficulties that you might encounter along the way. 

Working with a seasoned tax professional is not only the best way to make sure that you don't have to worry about being audited, but also to make it through an audit unscathed.

Don't panic if you get audited. Make sure that you get professional help and that you comply with any orders from the IRS. This may be the first step in a long process so be prepared for a longer journey than you might expect.

5 Benefits of Using Your Cash For Holiday Shopping

The holiday season will soon be upon us all. While it is a happy time for almost everyone, it can also be a stressful time as well. One of the more stressful parts of the holiday season is all the shopping that needs to be done for family and friends. 

It's always a good idea to get a head start. However, while you're out shopping for Christmas gifts, you should consider doing one thing. Buy your gifts with cash. Doing so can give you some significant benefits over putting your gifts on credit.

You Pay More with Credit

Perhaps the number one reason why it's a better idea to buy Christmas gifts with cash is that you're paying more when you put a purchase on your credit card. Purchasing on credit isn't just putting off the payment of that purchase until later. Instead, you are also paying for the interest on that short term borrowing. 

Credit purchases can also result in fees in certain cases. Overall, paying with cash saves money. Alternatively, the overuse of credit can suffocate your finances from all the debt and interest accrued.

You Can Take Advantage of Cash Discounts

Something else you may not realize is that certain retailers give you a discount for paying in cash instead of putting a purchase on your credit card. This may seem odd, but it's true. This will be the case if that retailer uses a cash discount program.

This kind of program benefits both the retailer and the consumer. For the retailer, their credit card fees are moved onto the consumer by including those fees in part of the billing to the cardholder. This can help smaller businesses deal with the expense of such fees that may be too much to deal with otherwise. 

However, the consumer can avoid this fee and receive an additional discount of up to 3.99 percent by paying in cash. Investigate what stores have this kind of program so you can save on your Christmas gifts by paying in cash.

You Can Protect Your Privacy

Another very good reason to pay in cash is that doing so is a sure-fire way to protect your privacy. This will not be the case if you instead make purchases with a credit or debit card. Companies now track all of a person's purchases made with their cards. This information is stored so it can later be used for purposes like sending targeted advertisements based on past purchases to your e-mail.

While it is claimed this information can't be viewed by just anyone, that is probably not true since it's stored in a database plenty of people within the company have access to. Your data being breached by hacking is also a threat. One large scale hack resulted in over 100 million credit card accounts being breached. 

If you want to have more privacy and keep your gift buying and other purchases completely private, paying with cash is your best bet. The retailer won't be able to track the fact you made the purchases with cash, and that information will not be stored in a database.

You Won't Go Over Budget

Another reason to buy your Christmas gifts with cash is that doing so will prevent you from going over budget. It's very easy to spend more than you planned on when all you have to do to make a purchase is to swipe a card. Unless you are a math whiz, you are probably not going to be adding all those figures up in your head if you make purchases at multiple stores.

With cash, however, it's far easier to stay under budget. All you will have to do is take a certain amount of cash out of the bank. When the cash is gone, you will be forced to stop spending. Unlike with a credit card, you won't end up spending a dime more than you planned on.

You Won't Harm Your Credit

Racking up debt is a risky venture. One thing that can happen if you overspend and end up failing to make payments in time is your credit score could take a hit. While the credit reporting agencies won't reward you for using cash, they are unlikely to penalize you for doing so either.

Bad credit can have serious consequences for your future. You could be blocked from taking out loans like a mortgage. You may even be blocked from getting an apartment. Using cash for certain purchases, such as Christmas gifts, can help keep your spending under control so your credit isn't harmed.

These days, people tend to put all of their purchases on their credit cards. While credit is appropriate for certain things, it shouldn't be used for all your purchases. This is certainly true when it comes to holiday shopping. Paying for Christmas gifts with cash has certain benefits you should take advantage of. Doing so can save you money, prevent you from overspending, and even protect your credit.