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Where Business Credit Reporting Agencies Get Your Data

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What's up Facebook Ty Crandall here with credit suite today we're talking about the location the business credit reporting agencies get your data get your information and it's extremely significant topic to dive into because look when you find yourself applying for loans once you're applying for bank cards once you're applying for credit lines then what happens is lenders and credit issuers are making every kind of lending decisions about you based on the data that's in your business credit ports

Here's the scary thing Whether you don't know the location all the data's coming from that's all in your business credit reports Then you’ll be able to't control your ability to get a loan or a credit line or a credit line or a bank card And that's my goal It's significant to know that there are organizations like credit bureaus that's entire scope and mission is to collect details about us

They then take that information and put it iinto a format the location they're giving it to lenders are giving it to credit issuers and very significant decisions are being made about us based on that data should we be lent money Should we be issued a credit line Should we be issued a bank card What rate of interest should we pay What credit limit should we get

These are a few of a mess of things that take place all based on the data that these guys are gathering about us But here's what's scary Whether we don't know the location all this data is coming from then we actually can't control it And we actually can't present ourselves the choice chance of getting the financing we have to grow our businesses Edgar thanks for coming in

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Michael what's up Pamela what's up Pamela Hello So that is precisely why we're talking about today Today we are diving in and we're talking concerning the very surprising truth of the location these CRA’s the credit reporting agencies actually find your data find your information from it again

I can't inform you how significant it is because this isn’t like consumer credit is seeing the business world These guys get data from places you've never even thought that they're getting data from And in-the consumer world that doesn't occur like that it's totally distinct So I'm going to decode this today I'm going to unveil this

I need to show you precisely the location these guys are get their data so you’ll be able to control it to present your choice chance to be yourself the choice chance of getting financing OK On the choice terms by the best way OK So here we go

So all credit reporting agencies have the identical mission have you learnt That the reporting agency's mission is it's one thing gather, sell, data It's what all bureaus do Consumer and commercial all of the bureaus exist to do is to gather and sell our information OK now for the business credit reporting agencies what they're doing is that they're collecting data to principally see whether your business goes to pay its bills on time

Now they refer to this actually their risk typically with scores is your ability to pay your bill or your risk of going 90 days late on an account That's what they're on the lookout for They're on the lookout for your ability to be capable to pay that Not go 90 days late on an actual account So that is very very significant because that's the one and only real thing credit issuers and lenders protection about what they inquire you for lots of documentation lots of questions you all the time should boil it down to at least one thing

All they protection about is your ability to pay them what they're trying to find out is whether or not you’ll pay back what you borrow And so they're figure it out based now based on this information is coming from these reporting agencies Now a way public records more heavily so all of them make things somewhat bit more heavily than others pay others way cash payment history simpler So again there's lots of data that goes in and a few of it's waited somewhat bit greater than others so let's have a look at public records So when business credit reports we're bankruptcies we're leads we're judgments

OK Now generally this comes from court documents OK so Pacer for example has information on all US federal court cases that might be accessed

Now there's likewise public record information from BRBPUBcom it is best to look into this BRBPUBcom includes filing dates includes bankruptcies includes closing dates all this information becomes very short So let me present you an example of an actual occurrence that's happening right now in my life We are working on securing an SBA loan

What happened was the lender got back and said we’ve to have you ever repay this judgment for 72 thousand dollars And I said What judgment for seventy two thousand Going to have a judgment for seventy two thousand I tracked it back It was on my LexisNexis credit report LexisNexis got the data from the county

The data from the county was naughty So yesterday I spent my day up on the courthouse getting all of the documentation I must prove that this information shouldn’t be correct Guys look my ability to get an SBA loan is coming from public record data that's inaccurate This is the reason I'm teaching this I don't want you to have precisely the identical problem

So that is an example of public record data who collects public record data Well LexisNexis is without doubt one of the biggest sources in-the business world LexisNexis collects the data The bureaus get the data from LexisNexis That is oftentimes how these sort of public funds will find yourself in your credit report And other things thanks for coming in

Carl, Frederick welcome Thanks for coming in IRS information tax lien filing information to distinct counties that you could be even have as well OK Moreover what other information what entity are you they'll get from Secretary of State

Information in your company makeup all of this comes from IRS data Now lots of data that comes from the business sort of reporting agencies comes right here It's voluntary reporting by creditors OK so CRM a strongly propose to companies that they report their credit to them OK

Then the borrower to serve based on how the borrower pays Right whether they're paying faster they're getting better scores or getting rewarded with getting superb credit Right So again what happens is the creditors that provision the data even are allowed to come back in and get alerts in order that they're capable to get alerts when things change In order the reporting agencies incentivize them they are saying look whether you present us details about the people that you just pay that make payments to you we are going to present you details about those people as well

That may help make it easier so that you can make lending decisions as a matter of fact whether anything even changes of their credit circumstances We’ll then file in a word to you so you’ll be able to take action Why does this matter Please please hear this from personal experience owned a mortgage company mortgage company collapsed personally guaranteed debt in-the business name began to go late on the revolving credit for the business OK

What happened then was that that triggered alert to all my credit issuers personal and business Next what happened was all my credit issuers lowered my limits to what I owed 30 percent of your FICO scores what you owe utilization So the minute my limits became what I owed my scores tank my ability get well from the session was totally ruined That's why it is advisable to find out about alerts OK

Alerts are the location credit issuers are being notified of changes in your credit profile they usually're removing your credit even once you didn't go late with them at all I didn't even go late with those other credit issuers but all of them lowered my limits to what I owed because I got alerts notifying them that I used to be late on other accounts This is the reason it is advisable to protection about alerts And it's part of incentives that they present credit issuers to report the data to them Now here's another ask why don't more repo people report back to the business credit reporting agencies because it's not as simple as you think that

For instance Dun and Bradstreet requires two thousand accounts in some cases monthly to be reported to them so that you can even be report So whether you're a trivial business owner and also you help 100 people a month under unused customers you don't even have plenty data to present the D&B were D&B will allow you to pay them what you present them the data So for this reason regardless that they incentivized credit issuers to present them the data most data But we’ve real credit we’ve with vendors never gets reported the 97 percent of it doesn't And other people need to know why don't the reporting agencies have this data

Why don't people report back to them because reporting agencies won't allow them to They make it very challenging for people to report the data They only want lofty volume data providers And since most of us in-the business world are trivial business owners we don't fit that bill are trivial business owners we don't fit that built

Hey Ken what's up and Sasha I’d pronounce that untrue Hello Mark Los Angeles California Checking in Thanks buddy appreciate you coming in

Thanks for likes thanks for love and thanks guys for the shares Helps us help more people Self Reporting by Borrowers So credit applications have interest information as well

Line of business Classification codes SIC codes time in business variety of employees So what happens is you might be self reporting this information once you're filling it out on applications OK Whether you’ve a DBA your headquarters all this stuff I can't do that plenty What's happening is lots of the data the reporting agencies get about you you present to them

Here's how it works What happens is there’s a secret third party database called the Trivial Business Finance exchange SBFE, SBFE is owned by banks lenders and it is a present to get model which implies whether you present SBFE your entire customers information all of their cash payment history all their loan data all their loan performance information SBFE gives you that data from all other lenders So what's happening is these lenders have a behind the scene boys club the location they exchange details about us that we don't know what’s happening Every time we load something out on an application that goes into SBFE All other lenders have it

Then after we go and we load out one thing distinct on one application after which something distinct on the opposite then it creates a discrepancy and it oftentimes leads to our loans getting denied So what SBFE do does is that they're taking this data out of your applications that you just're filling out they're putting it into a 3rd party database after which the bureaus are four there four vendors that really can pull this data from SBFE and populated onto fore facing reports those those vendors include LexisNexis and Dun Bradstreet as well their bureaus So again very significant Let me teach you the way it works OK you go load in an application

OK The application data you’ve goes to SBFE all lenders are part members of SBFE Nearly all of them So whenever they go in and also you apply with another lender they pull the application data that you just filled out with another bank from SBFE they usually make every kind of lending and credit issuing decisions about you and that data likewise gets pulled out and oftentimes populated on business credit reports In order that's how this data comes

It comes out of your self reporting You must scrutinize the data you're putting on applications since you might be providing the untrue information Untrue information right here Line of business classifications people make this a mistake Work out what your personal SIC code is Don't let the bureaus determine this for you

Don't let anybody determine it for you You do the research you discover your personal NAICS code you discover your personal SIC code that after suit your business those that reflect that you just're not lofty risk and use it in every single place use it in your taxes use it anywhere the location inquire for this I see you I see you SIC code you identify what it is you self-report it don't allow them to reported and inform you what your SIC is you do it for them okay, and Heather says what was the remainder of the BRB website it’s brbpubcom Mark Golden Nugget superb I appreciate that OK Let's return so let's have a look at this shared data Cash settlement data from lenders suppliers credit issuers OK vendors that don't report can supply trade references trade references just something the location they're adding sort of a notation in your credit report so share data

That is information that's reported to them it's information by lenders it's information by credit issuers it's information from vendors those sources that cash payment and that information gets put in your credit report UCC filings you've got a story about this two forbids the SBA loan okay business gets approval for financing OK they pledge collateral or to not secure it after which what happens is the lender files a UCC filing on the credit report showing that they’re then you’ve a UCC file what's the UCC file inform you a UCC filing is the reporting that you’ve a loan to be credit reporting agencies that's what all that's what it principally is So UCC filing I am going to get a loan the lender wants to inform everybody else that I’ve a loan because I don't want other lenders to present me a loan after they just gave me one they put a UCC filing on the credit for here's what it is advisable to know you don't get any credit for the cash payment history with UCC filing doesn't help your credit it's not like making the payments as agreed helps your credit they only put it on there’s a UCC filing showing that you’ve an extraordinary loan now what's presupposed to occur when the loan is completed the UCC filing gets removed but it doesn't all the time occur So right now we're getting an SBA loan What's happened to us is we had a UCC filing for a loan a lengthy time ago a few years we paid off we got the loan we paid it off however the bank went out of business and so guess what

Now we've got problems now we've got a UCC filing got credit report showing we’ve a loan we don't have a loan we paid the loan off the proof we have to get from the lender doesn't exist because the lender is now not in business So we’ve to load out documentation and undergo a process to manually remove the UCC filings so we will even get the SBA loan So these are things it is advisable to know There are likewise lenders that as curious as that is they think UCC filings are naughty We've been applied for loan and been asked What's this UCC filing

It's not naughty it's a loan we paid off we paid it as agreed here's our cash payment history So UCC filings aren't superb they don't help you They only tell other people you’ve loans but they really can hurt you in those circumstances I just explain Those are circumstances the location we’ve at more challenging time getting financing because of those UCC files collection filings date collection agencies name status the quantity disputed collected OK the time to the closed date of relevant So this all comes from collection

So collection companies likewise submit collection data to the business credit reporting agencies Here's the superb news What I find is that normally the bureaus will like warn you about that as weird as it is So I remember the introductory time I had a debate with an organization I'm like I'm not paying this I don't think I owe it

And so they said we're going to report you to the business credit reporting agencies I said Go ahead do it And so then the business reporting agencies notified me that a group was about to be placed on my credit report They even suggested I work it out with the creditors so it didn't occur Never seen that in-the consumer world So collection companies will put that in your business credit reports and guys thanks for the likes

Thanks for the loves Thanks for the shares My mission in life is to help entrepreneurs get capital and the more you do that the more engagement Facebook sees we’ve The more people they let or present the privilege of truly seeing that we're even live here So I appreciate that Mark's is active too

Two more lanes Edward I haven't talked to you shortly Ty have you ever get pre-approval letter from Wells Fargo What are the percentages of getting approved with them Well there's a difference between a pre-approval and a pre- qualification letter a pre-qualification letter just implies that you meet basic criteria and also you've got a good chance of getting approved

Pre-approval lien you meet the standards they’ve and as lengthy as you’ll be able to document everything and everything works out like it should then you’ve a beautiful superb chance of getting approved So the reply is that you’ve a significantly better chance with a preapproval letter You do a pre qualification The Federal Government grants that you’ve loans contracts debarment OK And again this even has to do along with your cash payment history on loans as well

All of that's in your business credit report Here's a surprising one The media press releases news stories online or offline as a matter of fact On this likewise includes social media on Michael welcome

Thanks for coming in Moreover includes Yelp, Bing, Yahoo, Facebook Yes the business reporting agencies have crawlers that scour the web to get this sort of details about your business and populate it in your business credit report It's why it is advisable to monitor your business credit You may go to creditsuite

com/monitoring and get 24 bucks to be with our NAV Integration to D&B and Experian save a watch on it because all this data is being collected and put in your report and oftentimes it's not proper from these sources it's coming from So because they'll accept all these items while even from press releases it is advisable to know what's on that report Directories like I just mentioned yellowpagescom okay Facebook all these style of places are likewise ones that may qualify business registrations incorporation The date you incorporated the filing status OK

That is principally coming from Secretary of State data Let me explain why that so so significant OK so here's what happens I show this often I'm probably not even going to point out it today You may be issued failing credit with Equifax and Experian commercial whether they know you exist and have what they call one piece of firmographic information

Here's how it works whether they know your business name the state that you just're in and one other piece of data which normally includes your SIC code they create a credit report and present you a failing credit profile at a failing credit score So what happens is that this information come from the secretary of state records I'll show you one in every of these credit reports you could possibly see precisely what I'm talking about So this information come from the secretary of state records So what happens and let me zoom this in to 100 percent and I'll show you precisely what this looks like So here's an actual business credit report from Experian

We see 28 score Showing this many times for four thousand dollar recommendation in credit I scroll to the very base you’ll be able to see here I can't scroll anymore The magic 8 ball that is how I run my business totally based on that You may see there's no credit here Zero zeros

Zeros zeros there's no credit You may see here that there have a failing score this means potential bankruptcy is higher risk as you will get Why? Lack of trades But here's what they’ve They’ve the business name

You may see business address And so they likewise have this The SIC code when you’ve that, that and that they populate a credit report That's how it works So why it is advisable to know that’s because once you file your annual reports with the secretary of state you're giving them the data they should then provision it to the reporting agencies

When that happens you’ll be able to expect a credit report back to be created for you And you’ll expect it to be a naughty score and a naughty profile Remarkable news remarkable news remarkable news the remarkable news is it only takes one account to show this whole thing around You probably did see one account Paydex greeter premature You may get that through vendors like Uline and Quill and Gemplers and Grainger strategic network solutions one account to reports toreporting agency will flip that around on you but you've got to have positive accounts and to offset that negative

Due to the likes guys Thanks for the love Thanks for the shares OK so Mark’s I just got an unsecured Wells remarkable job that helped me get began the credit suite man that's awesome and I'm looking and I'm delighted you're working on this Remarkable info Thanks Mr

thanks Rico I attempted to get my credit score and can’t get it I used to be told it's locked my personal scores can't help you there you'd have to seek out out why it's locked I'd need more information to figure that out I’ve my business old address still showing how do I remove it from the Web Well then you definately here's the way you try this I exploit a service called Yext Y E X T Yext takes all of your information across the web with like tons of of sources you modify it with Yeks it changes it in every single place but Yeks is fairly expensive and there's ones which might be definitely cheaper than Yext You either manually must go to in every single place that information is listed and alter it or it is advisable to use a service like Yext to truly undergo in every single place and have it done for you Kid, Ty I'm paying NAV and Experian business and credit protected monitoring out of pocket will it influence me whether I order your monitoring no it won't

As a matter of fact whether you do get as you go to creditsuitecom/monitoring We now have a unused product the location you get net you get Experian Equifax otherwise you get Experian D&B and credit protected and you may increase utilities in cellular phone accounts that you have already got to your business credit reports In order that may be a superb option and here's why I inform you that because your cash payment actually get reported to credit protected so you build business credit and also you get a monitor your business credit the identical time get found on GoDaddy TJ

were remarkable advice there Thanks again for the likes and the love OK so the subsequent thing OK we've got Inc Filings here we talked about that somewhat bit as well OK Web Mining and we talked about that as well right Google Company Website Facebook Yelp

So having a website allows these business directories to principally get the data that's proper So it all really starts right here in your Web site Whether you're coming in to make that your Web site has proper information you’ve the choice chance of Yelp being those style of places to truly get done What we did was we changed our business address so we knew it was going to be a nightmare because our address was in every single place So then what we decided to do was use Yext to vary the address across the board help this

After which we disputed it with the bureau's and updated as well Dun and Bradstreet has a service called I update free to make use of to update all of your information with Dun Bradstreet Experian and Equifax They're going to want you to pay for the credit monitoring but once you have they got a way through their system to update any information as well Our SIC code was untrue with Experian We solicited them to vary it

They said sorry This information is coming from someplace else not us We supplied well we supplied all the data we supplied secretary of state records tax returns other bureaus information and we said no you're untrue The opposite bureaus are have it proper The secretary of state has it proper

Our tax returns The IRS has it proper You're the one ones to have it incorrect Go ahead and proper it After which they did proper it

So sometimes they need you to provision some documentation to prove it which is what we did And we were capable to get that updated so whether you’ve information you wish but they don't such as you just described that may help you there as well OK Bryan says hey Ty now’s offering business credit building What's the lead you using Credit Suite Well not doesn't really do business credit

building We work closely with not just you guys know we're the one affiliate partner with NAV that really has the licensing ability I accept unless they've added anybody unused to offer actually resell their product Okay so we're very very fasten with NAV NAV doesn't actually do anything with actively credit building what they do is that they have what they call a marketplace and their marketplace actually helps you are available in and access business bank cards access financing etcetera They don't help you to do the method that’s present you a marketplace you’ll be able to go to decide on business bank cards financing those style of things

OK My business the They fear truth music was established 2018 January Congratulations man once you're in business I want to know the best way to get a startup loan without business credit Well all loans guys are based on one to a few Cs cash flow credit collateral

OK So whether you’ve cash flow you need to use your cash flow as far absent to get financing even whether you’ve somewhat go to creditsuitecom/fundbox F U N D B O X Remarkable simple to get credit line whether you've got some revenue going through your business Whether you’ve superb personal credit or a guarantor that does you will get money that way You may likewise get money using collateral as leverage equivalent to a 401k stocks bonds things like that

Whether you need to know all the cash you will get now go to credituitecom/getfunding There's like five six questions real easy You load it out We'll inform you all the cash you’ll be able to qualify for

It's all the time based on the three C's cash flow credit collateral remember business credit a approach to get money the location the C's don't matter You don't need cash flow credit or collateral get business credit everybody can get it but whether you don't need to get business credit you would like another way You wish cash flow credit or collateral I gave you an simple approach to get a fast credit line and I gave you a approach to get unsecured business financing You may get a bunch of credit lines using superb credit there as well

OK thanks Mark I appreciate that Thanks greatly How about leveraging a brokerage account you absolutely can That is called securities based financing

Whether you're heroic Well not a brokerage account but whether you're using stocks you are able to do this not the actual brokerage account because you’ll be able to move money out and in of that but you’ll be able to leverage stocks as collateral You rise up to 90 percent financing with rates of about 5 percent and you will get a loan or a credit line with that as well So now you’ve a extremely superb idea of the location all these guys are going to get your data I gave you details about LexisNexis I gave you details about the trivial business finance exchange and every kind of inside information that most individuals don't know Most individuals don't know that the business credit reporting agencies are getting information from Yelp you Facebook page you now know that

Go to creditsuitecom/monitoring and there you’ll be able to either get monitoring with NAV or with our NAV integration to Experian and D&B for 24 bucks a month or you’ll be able to even get a brand unused product for 99 bucks a month you get that in credit protected and you may likewise increase accounts you have already got to your business credit reports this can be a great game changer You may increase utilities water electric satellite TV Internet all that to your Experian and credit protected credit reports You save a watch cell phones Part of coolest easiest unused ways to build business credit yow will discover that at creditsuite

com/monitoring Whether you missed this because lots of people are coming in now go to facebookcom/creditsuite and you may be capable to access this video and it's starting, and whilst you're there go ahead and sort in-the letters E I N into messenger and also you'll get a free guide that maps out the precise steps to build business credit I can be back in-the weeks and the weeks to come back We're goin to be talking concerning the remarkable truth about SBA loans I need to map out everything it is advisable to find out about securing SBA loans

We've been doing lots of SBA loans for clients easier to get than you think that that they could be Okay we're likewise going to speak concerning the incredibly simple ways to arrange business credit reporting agencies with all three of the reporting agencies the suitable way going to be happening over the subsequent three weeks I cannot be with you next week I'll be a trafficking conversion in San Diego and I hope you're going Whether you're not Increase this to your list for next year social media marketing world a march trafficking conversion in February to the choice marketing and social media conferences you’ll be able to ever go to

I'm there yearly so I'd like to see you there I'll be in San Diego next Wednesday at 4:00 so I'll miss you here However the next week next that we'll dive into yet one more topic Then yet one more the subsequent after which we'll be wiping the chalkboard to start out over remember I'm here typically every Wednesday at 4:00 Eastern with one and one only mission help you get money in your business by pulling back the curtain telling you all of the stuff the lenders and credit issuers know that you just don't know and that we don't know they're trying to grasp back from us So you’ve the choice chance of getting approved for probably the most amount of financing to grow your business Okay I believe I’ll have a 8 trades now

Remarkable job Mark Pamela The guide is actually helpful I actually appreciate that That guide has been downloaded over 1 million times guys in order that guide is the Bible when it involves business credit building and Mark says the dates for trafficking conversion I believe whether you asking trafficking conversion I'm not certain the dates I believe is Monday Tuesday Wednesday of next week I’ve another conference right next that and it's in San Diego

Traffic and conversion Look it up Part of choice conferences you'll ever go to Did you say EIN Yes whether you're at facebook

com/creditsuite Type in E I N in-the messenger and also you'll get our free guide that maps out everything to do with business credit building I actually appreciate you tuning in Don't forget to go to facebookcom/creditsuite to observe this video in its entirety to type in EIN and seize our free guide

Thanks for the likes Thanks for the loves Thanks for the shares It means loads for me that helps me help more people and I actually appreciate that And don't forget in-the weeks to come back

Incredibly simple approach to arrange business credit profiles We're talking about everything to do about SBA loans so you recognize precisely what to do to get an SBA loan And I sit up for seeing you here in two weeks once I'm back Frederick since I’ve DBA for one year seven months can critics be helped Yes we absolutely can help even whether you simply began the business

Ken says I'm confused should I get the advanced or do it yourself Whether you're doing it depends whether you need to increase accounts you have already got your business credit reports That's once you need to get the advanced monitoring at creditsuitecom/monitoring Whether all you need to do is see your business credit reports get the 24 dollar option you get Experian and D&B for less than 24 bucks but for 99 bucks you’ll be able to increase accounts you have already got your business credit reports

Does that make sense? Do you’ve accounts to increase it’s a must to have utility accounts or cellular phone to increase even whether utility accounts are in-the and the private name because possibly you’re employed from home You may still increase those as well And thanks Mark for thanking me for the service I appreciate that I’ll see you all back here in two weeks on Facebook Live Wednesday at Four o'clock Eastern Thanks everybody

Have a remarkable day

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