Tuesday, March 12, 2013

How to Build Business Credit and FREE Listing of Companies who Grant Credit to New Businesses



For those who are starting out on the path to building business credit. It can be quite daunting as there are so many different methods to go about it and most are not accurate. The following methods are key when starting out on the path to business credit. This is invaluable information so that you don't make costly mistakes on the road to building credit for your business.
There are a number of do's and don'ts when you are first starting out. But, the biggest tip is just to keep it simple. You have to crawl before you can walk. The following list of companies below are what are considered starter companies for building credit. After you have gotten your feet wet and established yourself with these companies you can graduate on to bigger and better creditors that offer terms for their customers and clients.
Here is my starter list of basic credit building companies:

Amsoil
Strategic Network Solutions
Quill
Venturelogix
Grainger
A and Z Snacks
Uline
Bit Wave Design (They will give a Credit Reference Only)

I would like to focus on one of the companies on the list above. Those companies are A and Z Snacks and
Strategic Network Solutions. These companies are great starter companies in that they offer what you need right now by giving you a "two for one" credit trade line. This is because they both report to Dunn and Bradstreet as well as Equifax while most companies only report to one or the other.
Here are the website listings for these companies.e websites for these two companies:

http://www.stntsol.com/index.php
Reports to: Dunn and Bradstreet and Equifax

www.azsnacks.com
Reports to: Dunn and Bradstreet and Equifax

Please make note that these companies may require payment in advance. But, that is truly a small price to pay to receive the invaluable benefit of them reporting your transactions to both credit bureaus and building your business credit profile with both major entities to start out.

Also,  it is a good idea to make sure that your purchases total more than $75.00 for each transaction, if not than it will only report as being a $50.00 transaction.

Just as a note, Strategic Network Solutions is great to work with because each time you make a purchase they do the greatest thing in the world for your credit profile. They increase your credit line by $500.00! And, this is regardless of whatever the total amount of your purchases are.

If you presently have a website than you will want to look into doing business with the following company:
www.venturelogix.net
They also report to Dun and Bradstreet and Equifax.

One last thing to remember is to start slow, be patient and open up credit lines with these companies listed first. Take it from someone who has been down the beaten path. If you don't, you will be sure to have a frustrating and unsuccessful journey.

For more tips and tricks for personal and business credit, check back often. Also visit my website at:

Saturday, March 9, 2013

Negative Credit Removal Techniques and FREE Sample Letters



To have the most impact to repair bad credit fast and remove negative information from your credit file, you need to do two things first:

1) Opt Out with the Credit Bureaus
2) Remove all of your old addresses

Does removing old addresses raise your credit score?

No, it does nothing to change your score or immediately repair bad credit. What it accomplishes for many people is to remove information which can be used to verify account information. If a person had negatives on their report, then disputed as " inaccurate" or "not mine" with the CRA, the presence of matching addresses can help the CRA verify the information is correct.

If the addresses did not match the CRA would more likely be forced to use outside data to verify the account information, which increases the chances the data could not be verified.

If negative accounts were then deleted, most scores would go up. So in a roundabout way, deleting old addresses can increase the chances of a higher score with an actively disputing consumer's report and score.
In many cases, a simple phone call to the CRA can get old invalid addresses removed, however, some folks are having a problem with that issue, so here are some ideas that may work.

First, of course, make sure you have opted out and have given it enough time (2-3 weeks) to "take".

Next, take a close look at the addresses you wish removed, if there is the SLIGHTEST discrepancy, write a short note to the CRA, include a copy of a current utility bill with your current address, and a copy of your drivers license with your current address, say this" Enclosed please find proof of my residence address, please remove the address of XXXXX as shown on my credit report # xxxx, as it is inaccurate and I am concerned that this inaccurate address may create an opportunity for identity theft.

If there is NO inaccuracy, or if it was a P.O. Box, substitute the underlined phrase with this: "as I have not lived there (or had that PO Box #) for quite some time, and since many other people have been using that address (PO Box#) in the years since I was there, I am concerned that the reporting of this address on my current report may create an opportunity for identity theft"( you can add this if appropriate "as I have a fairly common name")

Here is how the plan works to repair bad credit fast:

There is a lot of information about each negative on your file. The negative includes your

Name
SSN
Account Number
Address

If all your information matches, the software makes the decision, "Well, if all this information matches it is probably that person's account ".

Remove the matching address and the software is designed to say  “this does not match, so we'll go to the actual source of the information, the furnisher, to verify ". This is verification far more expensive than merely allowing the software to check their database so the CRA does not want to spend the money unless they have to.

If you have deleted the matching addresses, they are forced to spend the extra time and money to truly verify the information.

If the furnisher does not respond to the request, the negative must be deleted
If there is a delay in the furnisher's response beyond 30 days, the negative must be deleted
If the furnisher no longer has a business relationship with the CRA, the negative must be deleted
If the furnisher does not want to spend the money to manually or electronically respond, the negative must be deleted.
Dispute all information OFFLINE to repair bad credit fast and for best overall results.








SAMPLE FIRST ROUND DISPUTE LETTER
February 1, 2013

RE: Credit Report Number XXXXX

Certified Mail Return Receipt Requested #: XXXXX

Dear Consumer Relations:*

I have received a copy of my credit report and have found multiple items that are inaccurate and are requesting that you investigate the matter, please correct or delete them immediately.*

If you determine that any listed entry as "verified," then please provide me with the full method of your verification including the company address, phone number, and employee’s name for each entity that furnished the inaccurate data.

I AM IN DISPUTE OF THE FOLLOWING TRADELINES, PLEASE CORRECT OR DELETE THESE ITEMS IMMEDIATELY.

1. OC (CHARGED OFF ACCT), Account # - XXXXX
a. No phone number is listed for this creditor. Please provide this information.
b. The "Date Opened" reports as 09/2011, which is false. Date opened is 06/2011. Please correct or delete this account.
c. This account shows a balance of $ XXXXX, which is false. The status reads Charged Off as Bad Debt, therefore there should be no balance. Please correct or delete this account.
d. This account shows a balance $XXXXX, which is false. The status reads Charged off as Bad Debt and the account is listed as closed, therefore there should be no past due amount. Please correct of delete this account.
e. There is a discrepancy between the credit limit and high balance, which makes it appear that I was over the limit. I was not. An ad hoc change in credit limit to an amount less than the current balance does not constitute an overage. Please correct this, or delete this account.

2. CA (PAID COLLECTION), Account # - XXXXX
a. This account is listed as Account Type: Open Account, this is false. This is a blatant violation of the FDCPA. Please delete this account.
b. This account shows an original amount of $ XXXXX, which is false. Please correct or delete this account.
c. The Date Placed for Collection is false. This violates the FCRA. Please correct or delete this account.
d. The Estimated date that this item will be removed is false, and does not correlate with the date placed for collection. Per the FCRA, incorrectly reported information must be removed. Please delete this account.

3. CA (COLLECTION ACCOUNT), Account # XXXXX
a. This account is listed as Loan Type: Factoring Company account, this is false. This is a blatant violation of the FCRA. Please delete this account.
b. This account is listed as both a Factoring Company Account and, as a Collection Account, these do not correlate. Please delete this account.
c. RJM is not a Factoring Company, and therefore does not handle Factoring Company Accounts. I have never had a Factoring Account, nor am I involved with any business that would use a Factoring Account. This misrepresents the character of the alleged debt in order to cause greater financial harm. This account must be deleted as this is in clear violation of both the FCRA and FDCPA.
d. TransUnion may be found liable for violations with regard to reporting this as a Factoring Account. TransUnion knows, or should know that factoring companies buy current accounts, not those in collection status and those individuals rarely, if ever, deal with factoring companies. I strongly suggest deleting this account.
e. This account is listed as Account Type: Open Account, this is false. This is a blatant violation of the FDCPA. Please delete.
f. This account shows an original amount of $201.00, which is false. Please correct or delete this account
g. The Date Placed for Collection is false. This violates the FCRA. Please correct or delete this account
h. The Estimated date that this item will be removed is false, and does not correlate with the date placed for collection. Per the FCRA, incorrectly reported information must be removed. Please delete this account.

Under federal law, you have 30 days to complete your investigation. Be advised that the description of the procedure used to determine the accuracy and completeness of the information is hereby requested as well, to be provided within 15 days of the completion of your reinvestigation. I am also requesting that an updated copy of my full credit report be mailed to me upon completion of your investigation.

Thank you for your time and effort in resolving these issues promptly. I do not wish for TransUnion to be caught up in any legal action that may be taken with regard to violations by the data furnishers.

Sincerely,

Your Name

Date of Birth: XXXXX
Social Security Number: XXXXX
Credit Report Number: XXXXX

Please see the attached photocopies of my driver’s license, social security card and proof of address for your reference.**

Follow Up Method #2:
It seems that every time a consumer says "not mine" or "no records", it gets verified quick due to the address and name match up.

So, if you have some negatives left to dispute.
It is best to stay*FAR*away from "not mine", or "no records."
On the next round of disputes, use some of the following reasons for dispute:


This is Not a Data Factoring account. Please remove this.
It is reported as an Open account, which is false. Please remove this.
It reports a One Month term which is false. Please remove this.
The Estimated date of removal for the CA does not match the date that the original creditor, reports. The Original creditor is reporting 9/2011. Please correct or remove this.
The Date of First Delinquency with the Original Creditor is not provided Please provide this.
The Date of First Major Delinquency with the Original Creditor is not provided Please provide this
It has never been 120 days late. Please remove this.
It is listed as a loan. They have never provided me a loan. Please remove this.
No payment was made in 2/2010. Please remove this.
It is listed as an installment account, which is false. Please remove this.
The Balance is not correct. Please correct or remove this.
The end of the seven year reporting period should be listed as 02/2012. Please correct or remove this.

This should be your strategy to repair bad credit fast and dealing with credit bureaus who refuse to re investigate-- I found out that if you give a different reason, they will do it. If you keep giving the same reason they will say "previously investigated".

For more helpful tips, reports and insider information visit my website at: 

http://creditbureaufiles.webstarts.com/index.html