CreditStrong for Business

OCTOBER 11, 2024

The SBFE abbreviation stands for the Small Business Financial Exchange. The organization was established in 2001, and it describes itself as a small business lending trade association. As a small business owner, it’s important to understand how the SBFE could impact you when you need to apply for new business financing.

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Your Virtual Credit Manager

OCTOBER 18, 2022

These factors will determine: How much credit bureau information you purchase The amount of financial disclosure required of the applicant The scope of your background investigation Please feel free to share this newsletter with your small business customers. it just might help them pay you sooner!

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Sales Tax Exemptions Credit and Collections Online Credit Application Credit Application 130

Your Virtual Credit Manager

MARCH 28, 2023

Using objective criteria, it is relatively easy to determine which companies are worthy of open credit terms and which are not. There is a challenge, however, with the 20 to 30 percent of credit decisions that fall in between. The question you need to answer is: should credit policy be liberal or conservative?

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Lendio

JANUARY 11, 2023

A hard inquiry takes place when you apply for financing—like a loan or a credit card—and a lender reviews your credit report during the application process. Hard inquiries have the potential to damage your credit score. The subject of credit inquiries—especially hard credit inquiries—causes many misunderstandings.

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Credit Reporting Agencies Credit Scoring Credit Application Small Businesses 98

CreditStrong for Business

OCTOBER 4, 2024

Securing financing for your company may be one of your most important concerns as a small business owner. There are actions you can take to improve your business’s odds of qualifying for financing. Establishing good business credit can be a wise place to start. A credit line hybrid is one such example.

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Credit Scoring Credit Unions Credit Card Companies Small Businesses 52

CreditStrong for Business

SEPTEMBER 6, 2024

Personal and business credit scores both impact your ability to qualify for a business loan. Here’s everything you need to know about how to get a business loan with bad credit, including a step-by-step guide to the process and the best types of financing to target.

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Credit Scoring Default Small Businesses Credit Unions 52

tillful

FEBRUARY 28, 2023

Have you heard about the FICO Small Business Scoring Service (SBSS)? Like most business credit scores, the SBSS helps lenders and service providers understand the level of credit risk that businesses present. What is an SBSS score? small business credit applicants.

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Credit Scoring Credit and Collections Small Businesses Bankruptcy 98

Fundera

JULY 6, 2016

That’s right: your personal ( not business) credit score matters more than anything else. In this credit score guide, we’ll take a look at why your credit score matters, how it affects your business financing, and what improving your credit can do. What’s a Credit Score?

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Credit Scoring Credit and Collections Bankruptcy Small Businesses 74

Lendio

DECEMBER 13, 2022

Every small business owner looking for financing should understand the fundamental differences between a business line of credit and a term business loan. At the same time, these funding solutions serve very different business needs. Minimum credit score: 680 or higher. Repayment Structure.

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CreditStrong for Business

NOVEMBER 8, 2024

Trade references have the potential to help your business qualify for financing and establish good business credit scores. You’ll also find a behind-the-scenes look at how to get trade references as a new or existing business. business credit card, ACH, cash, etc.)

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Credit Scoring Credit Reporting Agencies Credit Application Credit Risk 40

Your Virtual Credit Manager

JANUARY 9, 2024

Using credit scores, how is risk distributed among each segment? Are the assigned credit limits appropriate for each segment? The experts at Your Virtual Credit Manager are ready to help you improve cash flow and reduce AR risks during these challenging times. What do you need help doing?

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CreditStrong for Business

JULY 1, 2024

As a result, finding creative ways to qualify for financing is often one of the most significant challenges for young startups and small businesses. Credit card stacking is an innovative approach you can substitute for a business line of credit. Unfortunately, it can be frustratingly difficult to obtain.

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Fundera

JULY 22, 2020

BIPOC Receive Less Business Financing, Less Often, and at Higher Rates : According to the Federal Reserve, 80.2% of white business owners receive at least a percentage of the funding they request from a bank, compared to 66.4% of BIPOC (Black, indigenous, or person of color) business owners. for Asian business owners, 32.1%

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The Red Spectrum

APRIL 11, 2023

One way for new businesses to build their credit history and obtain a business credit score from credit reporting agencies is by opening net 30 vendor accounts that have lenient approval criteria and offer credit purchases with a 30-day payment window. Burstbiz 2. The Red Spectrum 3.

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Credit Reporting Agencies Credit Scoring Credit and Collections Credit Application 52

Your Virtual Credit Manager

SEPTEMBER 12, 2023

Processing Delays There are several AR activities that often take longer than they should and therefore cause delays: processing credit applications, approving orders, generating invoices, and posting payments. Please feel free to share this newsletter with your small business customers.

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Credit and Collections Bad Debt Accounts Receivable (AR) Deductions 130

Your Virtual Credit Manager

MARCH 19, 2024

Learn More About YVCM Services Readers of Your Virtual Credit Manager can access sharply discounted business credit reports from D&B, Experian, or Equifax through our partner accredit. More About Purchasing Credit Reports Please feel free to share this newsletter with your small business customers.

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Your Virtual Credit Manager

JULY 18, 2023

often will provide a substantial amount of payment and other financial information, enable you to establish a credit account for a customer, and be confident that they will pay reasonably well. Bureau Credit Scores can also provide a level of confidence, within predetermined parameters, for approving small dollar orders.

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Gaviti

JULY 11, 2024

Credit monitoring and management. Automate the credit application process by allowing credit application submissions online to both existing and potential customers.

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Fundera

DECEMBER 17, 2018

However, they’ll only actually impact your FICO score for one year, and the ding to your score will be minimal—typically within 1-5 points. Your credit history and the circumstances of each pull will affect how your score is affected. With that in mind, how long do hard credit inquiries stay on your credit report?

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Credit Scoring Credit Application Small Businesses 71

Fundera

DECEMBER 16, 2016

If you’ve applied for a small business loan , taken out a mortgage, or signed up for a business credit card , then you’ve heard the pesky term “credit check” before. A credit check—or credit inquiry—helps lenders and financial entities decide whether they’ll lend money to you or your business.

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Credit Scoring Credit Application Small Businesses 70

Fundera

MAY 25, 2017

We all know that one of the biggest challenges small business owners face is access to capital. Access to sufficient capital in business is the lifeline that can keep an entrepreneur afloat. Fortunately, some changes coming down the pipeline could positively affect millions of Americans’ credit scores.

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Credit Scoring Credit and Collections Collector Credit Application 74

Fundera

JANUARY 25, 2018

Many lenders require a minimum time in business for any eligible borrower to even apply for funding from them, much less qualify for it. Your Guide to New Business Loan Requirements. That said, a few types of small business loans are far more accessible to new businesses than others. Voided business check.

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Credit Scoring Small Businesses Invoice Amount Credit Application 66

Fundera

MAY 26, 2018

Every small business experiences financial upswings and downturns. Payroll Loans for Small Business: Your 3 Best Options. These three small business loans are ideal payroll loans for two specific reasons: they’re fast, and they’re flexible. Credit score: 550+. 600 credit score.

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Credit Scoring Small Businesses Credit Application 52

Fundera

APRIL 6, 2016

Did you know that you have more than one FICO score? It’s true: FICO releases multiple versions of its scoring. This is especially true when you’re first starting out, if you haven’t established business credit , or if you’re trying to get financing without collateral. What’s a FICO Score, Anyway?

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Third Party Collections Credit Scoring Credit and Collections Credit Application 68

Fundera

NOVEMBER 15, 2016

It’s safe to say that when small business owners apply for a line of credit, they’re not doing it for the chance to fill out forms—they’re interested in acquiring some work capital. They’ll take a holistic review of every part of the business, from the owner’s credit score to the company’s social media presence.

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Fundera

DECEMBER 18, 2017

No matter how affordable or convenient longer-term loans are, they’re of no help to your small business if you can’t qualify for them. That’s the general idea of how merchant cash advances work, but let’s take a look at the logistics of what this type of short-term loan can offer your business: The Terms. Voided business check.

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Credit Scoring Small Businesses Invoice Amount Deductions 63

Fundera

NOVEMBER 15, 2016

It’s safe to say that when small business owners apply for a line of credit, they’re not doing it for the chance to fill out forms—they’re interested in acquiring some work capital. They’ll take a holistic review of every part of the business, from the owner’s credit score to the company’s social media presence.

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Credit Scoring Dashboards Deductions Credit Application 64

Fundera

FEBRUARY 8, 2019

That means your credit score, revenue, cash in the bank, and outstanding debts for starters. The good news is that you don’t need a perfect credit score or even profitability to be able to secure a liquor store loan. Business credit score. Time in business. Annual or monthly revenue.

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Credit Scoring Small Businesses Credit Application Default 40

Biz2X

APRIL 13, 2023

In the banking and alternative small business lending industries, getting new loans closed and on the books is the first step to growing a profitable loan portfolio. Portfolio monitoring occurs after the loan documents have been tucked away and the borrowers have resumed their businesses as usual.

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Credit Unions Default Credit Risk Credit Scoring 52

Fundera

MAY 31, 2020

When you’re a small business owner, there are a variety of ways to get paid by your customers and vendors. A letter of credit is a more complicated financial transaction than those you might be more accustomed to, but it might be the best course of action for your business at some point. How Does a Letter of Credit Work?

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Transactions Small Businesses Credit Scoring Credit Application 49

tillful

MARCH 15, 2023

When you apply for a business loan , the lender is going to consider a variety of factors including your credit score, annual revenue, time in business, and industry risk. With self-employment, again, the ability to repay a loan will hinge on the success of the business. Learn more about business credit.

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

Your Virtual Credit Manager

MARCH 26, 2024

Going beyond the impact of macroeconomic trends, a company’s customers operate in dynamic business environments, and for a majority of them, the credit risk they pose is either increasing or decreasing. New and small businesses, moreover, have high failure rates. it just might help them pay you sooner.

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