CreditStrong for Business

NOVEMBER 7, 2024

Whether you’re looking to build credit, earn rewards or pay down high-interest debt, there’s a credit card that likely fits your needs. There are so many types of credit cards and welcome bonuses that it could make anyone’s head swim! We’ll even include the credit score you’ll need to aim for with each one.

Credit Scoring 40

Credit Scoring Credit and Collections Credit Card Companies Bankruptcy 40

CreditStrong for Business

AUGUST 16, 2024

FICO® and VantageScore, the two primary credit scoring models, most commonly use a credit score range from 300-850. 850 is normally the highest credit score possible. However, some credit score ranges go up to 900. According to 2019 FICO credit score statistics , merely 1.6%

Credit Scoring 52

Credit Scoring Credit and Collections Debt Collections Bankruptcy 52

CreditStrong for Business

JULY 24, 2024

There may come a time when you need to choose between business loans and your credit scores are low. By preparing in advance, you can quickly apply for the loan that best suits your working capital needs and your bad credit profile. A merchant cash advance may be available to even those with a very low credit score.

Credit Scoring 52

Credit Scoring Credit and Collections Small Businesses Deductions 52

CreditStrong for Business

JULY 29, 2024

Auto loan interest rates vary widely from 0% to much higher interest rates, such as 25% for subprime borrowers with very poor credit. Consumers with bad credit face excessive monthly payments and will pay exorbitant amounts of interest over the loan term. Can you lease a car with bad credit?

Credit Scoring 52

Credit Scoring Credit Unions Credit and Collections 52

CreditStrong for Business

JULY 11, 2024

Equifax’s three primary business credit scores are their Credit Risk Score, Payment Index Score, and Business Failure Score. You can typically call your scores in each of these models good if they’re above 556 , 90 , and 1,315 , respectively. The lower the score, the higher the risk.

Credit Scoring 52

Credit Scoring Credit Risk Credit and Collections Credit Reporting Agencies 52

CreditStrong for Business

JULY 26, 2024

Auto loan interest rates vary widely from 0% to much higher interest rates, such as 25% for subprime borrowers with very poor credit. Consumers with bad credit face excessive monthly payments and will pay exorbitant amounts of interest over the loan term. Can you lease a car with bad credit?

Credit Scoring 52

Credit Scoring Credit Unions Credit and Collections 52

CreditStrong for Business

AUGUST 2, 2024

In many cases, a consumer who has seemingly been managing their finances responsibly will notice an unexpected credit score drop. This negative credit score fluctuation is particularly troubling for those concerned with maintaining good credit for an upcoming home or auto loan. 8 Reasons Why a Credit Score Drops 1.

Credit Scoring 52

Credit Scoring Bankruptcy Credit and Collections Third Party Collections 52

Credit Absolute

JULY 31, 2023

While it is commonly assumed that paying off debt will always result in a positive impact on one’s credit score, this is not always the case. In fact, sometimes paying off a debt will lead to a drop in the score which can be a damper if you don’t understand why.

Credit Scoring 52

Credit Scoring 52

CreditStrong for Business

JULY 24, 2024

It can be nail-biting to wait for your credit score to update after paying off debt. Especially if that bump in your score is helping you get approved for a new car loan, mortgage, or revolving credit account. In some cases, it can take up to two months for your credit score to reflect the payoff.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Card Companies Debt Collections 52

CreditStrong for Business

JULY 19, 2024

A new car loan will likely result in a small, temporary drop in your credit score stemming from lender credit inquiries, having a recently opened new credit account, and the resulting greater overall debt load. Among the various factors used to calculate your credit score, payment history has the largest influence.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Unions Credit Application 52

RevCycle

DECEMBER 7, 2023

Targeted Collection Strategies Segment your customer base: Identify customers who are more likely to become delinquent and focus your communication and collection efforts on them. Personalize your approach: Avoid generic collection letters. This eliminates delays and simplifies the payment process.

Alternative Payment Methods 185

Alternative Payment Methods Credit and Collections Credit Scoring Payment Portals 185

CreditStrong for Business

JULY 19, 2024

Some lenders do give you the option to transfer your car loan to someone else, but it’s important to understand how it will impact your credit. Does Transferring a Car Loan Affect Credit Score? In general, transferring a car loan will affect your credit score.

Credit Scoring 52

Credit Scoring Credit and Collections Bad Debt Credit Card Payments 52

CreditStrong for Business

JULY 11, 2024

While you don’t necessarily need to have good credit to get a phone plan, it definitely helps. If you have poor credit, you might choose options like a prepaid phone, month to month plan, or work with a cosigner to help you qualify for a phone plan. You don’t have to let a bad credit score stop you.

Credit Scoring 52

Credit Scoring Credit and Collections Bankruptcy 52

CreditStrong for Business

SEPTEMBER 4, 2024

An original creditor owed an unpaid debt will often “charge off” a credit account and send it to a debt collection agency. Most collections will remain visible for seven years on your credit report. How Do Collections Affect Your Credit Score? The consumer’s existing credit score at the time.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Reporting Agencies Collector 52

Lockstep

JULY 27, 2022

In today’s economy, it is essential to be able to allocate credit where it is needed most. based B2B sales are paid using customer credit, knowing how much credit to extend and to which customers is of dire importance. Issuing too much credit to the wrong customers can lead to disastrous outcomes. .

Credit Scoring 86

Credit Scoring Accounts Receivable (AR) Bad Debt AR Automation 86

tillful

JUNE 14, 2023

Looking to learn the ins and outs of Experian business credit scores ? as a consumer credit reporting company, but it also collects information on millions of businesses and provides business credit reporting services. You can download the Tillful iOS app to check if your company has a credit profile with Experian.

Credit Scoring 52

Credit Scoring Credit and Collections Bankruptcy Credit Reporting Agencies 52

tillful

FEBRUARY 2, 2023

Can a checking account help or hurt your credit score? In most cases, the answer is neither — it doesn’t connect to business credit at all. However, there are some exceptions, and credit scoring models may be moving in that direction in the future. Do checking accounts affect your credit score?

Credit Scoring 52

Credit Scoring Credit and Collections Credit Unions Credit Reporting Agencies 52

CreditStrong for Business

MARCH 24, 2023

Conventional mortgage loans typically require higher credit scores than government-backed loans, but there are also many advantages to going with conventional mortgages. What is the Required Minimum Credit Score for a Conventional Loan? How Can Credit Scores Affect Mortgage Interest Rates?

Credit Scoring 59

Credit Scoring Credit and Collections Credit Unions Default 59

Lendio

FEBRUARY 22, 2023

Although there is hope for business owners with less than stellar credit , those options come with a cost. What’s more, on Main Street, most bankers are just as interested in your personal credit rating as your business rating—sometimes even more. Different types of business financing have different credit requirements.

Credit Scoring 52

Credit Scoring Credit and Collections Bankruptcy Small Businesses 52

tillful

JANUARY 11, 2023

A business credit score is similar to your personal credit score in that it serves as a key indicator of your business’s financial health and reliability as a borrower to repay. Why is your business credit score a deciding factor for so many different financial transactions?

Credit Scoring 52

Credit Scoring Credit Reporting Agencies Credit and Collections Small Businesses 52

CreditStrong for Business

MARCH 9, 2023

When making improvements to your credit score, watching for any small movements can be anxiety-inducing. Credit score updates can happen on a daily basis. However, most people won’t notice it change that often because many credit monitoring tools only update credit scores once per month.

Credit Scoring 52

Credit Scoring Credit Reporting Agencies Credit and Collections Credit Card Payments 52

RevCycle

JUNE 27, 2024

However, these credit reporting changes will certainly impact the ever-shrinking margins of healthcare providers. With the possibilities for further restrictions or even complete removal from credit reports in the future, it is paramount that healthcare providers continue to optimize their revenue cycles.

Bad Debt 177

Bad Debt Debt Collections Credit and Collections Credit Scoring 177

Your Virtual Credit Manager

MARCH 19, 2024

If all your customers paid promptly — by the time the invoice was due — you would not need to do any collection work. Collections is a reactive process. The amount of collection activity with which you are tasked is directly proportional to your customers’ payment habits.

Bulk Transfer 100

Bulk Transfer Credit and Collections Bankruptcy Accounts Receivable (AR) 100

tillful

JANUARY 24, 2023

You may have heard about a business credit score and wondered if you really need to focus on building it. Can’t you just rely on your personal credit score? A business credit score is based on the financial track record of your business, and is tied to your employer identification number (EIN).

Credit Scoring 52

Credit Scoring Credit and Collections Credit Reporting Agencies Small Businesses 52

CreditStrong for Business

OCTOBER 8, 2024

Most utility payments will not appear on your credit report and will not affect your credit. Some services are available that will report utility bill payments, but some only report to one credit agency, and others charge a fee. Does Paying Utilities Build Credit? Missing utility payments can hurt your credit.

Credit Scoring 52

Credit Scoring Collector Credit and Collections Credit Reporting Agencies 52

CreditStrong for Business

OCTOBER 8, 2024

Building credit is an important part of your financial life. Your credit score determines the loans and credit cards you can qualify for and the interest rates of the loans you can get. What Bills Help Build Credit? What Bills Help Build Credit?

Credit Scoring 52

Credit Scoring Credit and Collections Medical Billing Credit Reporting Agencies 52

The Red Spectrum

APRIL 26, 2023

Are you a first-time homebuyer with a less-than-perfect credit score? The good news is that you can still qualify for a mortgage with a low credit score. In this blog post, we’ll explore the minimum credit score requirements for first-time homebuyers and provide you with some tips to improve your credit score.

Credit Scoring 52

Credit Scoring Credit and Collections 52

CreditStrong for Business

JULY 5, 2022

Payment history is the most important factor in calculating your FICO® credit score. Your payment history accounts for over a third of your overall FICO credit score, comprising 35% of the impact of all FICO credit score factors. Read more about the factors that impact your credit score.

Credit Scoring 52

Credit Scoring Credit Card Payments Credit and Collections Deductions 52

CreditStrong for Business

OCTOBER 3, 2024

Many credit scoring models will consider rent payments, but only if they are reported to the credit bureaus. You can pay a rent reporting service to put your payments on your credit history, but it may not be the most economical way to build credit. How Do Rent Payments Appear On My Credit Report?

Credit Scoring 52

Credit Scoring Credit and Collections Deductions 52

CreditStrong for Business

NOVEMBER 7, 2024

Credit cards and other revolving credit accounts function in a cyclical way. Car loans and other installment credit accounts involve borrowing a lump sum and repaying the balance over a predefined series of months. What is Revolving Credit? What is Revolving Credit? What is Installment Credit?

Automobile Dealerships 40

Automobile Dealerships Credit Scoring Credit and Collections Credit Card Payments 40

CreditStrong for Business

OCTOBER 30, 2024

Adverse credit report entries generally remain for seven years; however, the negative impact should decline over time. Because a debt settlement results in not paying the balance in full, it will negatively impact your credit. How Does Debt Settlement Affect Your Credit? How Does Debt Settlement Work?

Credit Scoring 52

Credit Scoring Credit and Collections Bankruptcy Chapter 7 52

Your Virtual Credit Manager

JANUARY 23, 2024

Approving a customer for credit terms is merely the first step in an open credit relationship. Economic circumstances may cause you to tighten your credit policies and customer credit limits. The remainder of the review will mirror an initial credit evaluation (here’s more information on Evaluating Credit ).

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Credit Application Bad Debt Bankruptcy Credit Scoring 130

Your Virtual Credit Manager

DECEMBER 27, 2022

For example, there are firms burning through their cash reserves that may still be considered worthy of credit on their next order, but not the order that comes in three months from now. A customer can be paying you with no problems, but then their bank line of credit comes up for review and is drastically cut back by the bank.

Credit Scoring 130

Credit Scoring Credit and Collections Accounts Receivable (AR) Credit Application 130

CreditStrong for Business

NOVEMBER 7, 2024

Prospective homebuyers seeking a mortgage loan may use several strategies for improving low credit scores. Examples include reviewing credit bureau reports for possible credit account errors, avoiding late payments, paying down debt, and getting a credit builder loan.

Credit Scoring 40

Credit Scoring Credit and Collections Credit Reporting Agencies Credit Card Companies 40

CreditStrong for Business

SEPTEMBER 4, 2024

Fixing your credit might seem complicated, but it’s actually a simple process. Not to mention, working with a credit repair company can be expensive. Don’t drop hundreds of dollars on credit repair if you don’t have to. Recent credit score statistics show that 54% of people never check their credit.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Reporting Agencies Credit Application 52

Fundera

NOVEMBER 9, 2017

Business credit scores are vital to a business’s health and success. If you own a business and have any sort of open credit, then you certainly have a corresponding credit score. What’s a Business Credit Score? A business credit score is similar to a personal credit score.

Credit Scoring 99

Credit Scoring Credit Reporting Agencies Credit and Collections Credit Card Companies 99

Credibly

FEBRUARY 23, 2023

Table of Contents Why Should I Get My Credit Score? What is My Business Credit Score? What is a Business Credit Report? What is a Business Credit Bureau? How Do I Check My Business Credit Score? Just as each person has a unique credit score, each business also has its own credit score.

Credit Scoring 40

Credit Scoring Bankruptcy Credit and Collections Credit Card Companies 40