Has anyone purchased the Business credit services from DNB...You know the service that used to be free several years ago when you could view your Paydex, etc without paying a small fortune. I am trying to weigh my options on whether it would be a worthwhile investment or should I rely on Experian and Equifax for my business credit checks...Any suggestions on who to apply with that don't deal with DNB???
DNB Business Credit Services
Started by
tlorat
, Jun 28 2012 02:12 PM
8 replies to this topic
#1
Posted 28 June 2012 - 02:12 PM
#2
Posted 28 June 2012 - 02:18 PM
No it's a waste.. You can see your trades and payment history for free. The payees is useless. As long as your paying on time your score will be your score.
#3
Posted 28 June 2012 - 02:24 PM
No it's a waste.. You can see your trades and payment history for free. The payees is useless. As long as your paying on time your score will be your score.
Well, in an attempt to sell me the product they said that no one could gain access to my information and that a paydex would never be generated until I purchase the product and the only information that anyone would get would be "insufficient company information" and that would cause them to decline a credit app. It must be a sales tactic
#4
Posted 28 June 2012 - 04:16 PM
I will say I do have the builders program. I purchased 20 vendors from DNB once I started. I done this b/c I work with some mom and pop venders that didn't report AT ALL but I had LARGE tradlines with them for years. Once.. I added them to my vender list via DNB. DNB was very quick with calling and adding them (if you stay on top of DNB!) This did help my company with business credit! I done this months ago!!!
I do moniter my report!!! But listen why..... the reason being. My Corporate office is in a HUGE building there are several other companies in here thats business name starts with the same name as ours (example US Biz Inc) Some companies are still in here doing business with the name US and doing great such as ourself. However, some US companies have moved and/or went out of business!!! Some of the US companies that went out of business negatives have showed up on our DNB due to this. I know it's because of our names being close and our address being so close!! When the tradeline hit DNB and I noticed it! I did dispute the negative item and it did fall off! However, If I didn't have the monitering serivce I wouldn't of known.
Again.. I think everyone has different reason why they would moniter their DNB! I don't think you have to purchase the DNB program to obtain a paydex! I had a paydex before I purchased the builders program. Like I said, everyone has a different reason for using the program!
I do moniter my report!!! But listen why..... the reason being. My Corporate office is in a HUGE building there are several other companies in here thats business name starts with the same name as ours (example US Biz Inc) Some companies are still in here doing business with the name US and doing great such as ourself. However, some US companies have moved and/or went out of business!!! Some of the US companies that went out of business negatives have showed up on our DNB due to this. I know it's because of our names being close and our address being so close!! When the tradeline hit DNB and I noticed it! I did dispute the negative item and it did fall off! However, If I didn't have the monitering serivce I wouldn't of known.
Again.. I think everyone has different reason why they would moniter their DNB! I don't think you have to purchase the DNB program to obtain a paydex! I had a paydex before I purchased the builders program. Like I said, everyone has a different reason for using the program!
#5
Posted 28 June 2012 - 09:45 PM
No you don't have to purchase it for a paydex. That is BS.. And besides that like I have repeated a 100 times the paydex is for your reference.. Most companies pull the credit info and will create their own score or just plain use the info to make a decision. The scoring they use isnt really great. I have seen companies with 3 or 4 things go late and the score only goes down a few points even over a few months. For creditors that is a big red flag and your paydex will still be in the 70's which isn't that bad.
#6
Posted 02 July 2012 - 11:11 AM
No you don't have to purchase it for a paydex. That is BS.. And besides that like I have repeated a 100 times the paydex is for your reference.. Most companies pull the credit info and will create their own score or just plain use the info to make a decision. The scoring they use isnt really great. I have seen companies with 3 or 4 things go late and the score only goes down a few points even over a few months. For creditors that is a big red flag and your paydex will still be in the 70's which isn't that bad.
For the RECORD! I had ONE slow pay from another company show up on my DNB! I got denied credit with a that vender! Reason being..... Negative informaton showing on my DNB report! After I disputed the slow item and got them off I applied and was approved!
I am walking talking proof that YES a few points will get you denied credit!!!!
#7
Posted 02 July 2012 - 06:57 PM
No you don't have to purchase it for a paydex. That is BS.. And besides that like I have repeated a 100 times the paydex is for your reference.. Most companies pull the credit info and will create their own score or just plain use the info to make a decision. The scoring they use isnt really great. I have seen companies with 3 or 4 things go late and the score only goes down a few points even over a few months. For creditors that is a big red flag and your paydex will still be in the 70's which isn't that bad.
For the RECORD! I had ONE slow pay from another company show up on my DNB! I got denied credit with a that vender! Reason being..... Negative informaton showing on my DNB report! After I disputed the slow item and got them off I applied and was approved!
I am walking talking proof that YES a few points will get you denied credit!!!!
Of course a late can get you denied.. But was it the couple points off your paydex or the 20 points off using their own system? You don't know..
If you just go to iupdate once a month or so and check you will be fine but if you really want to pay go right ahead.. The plus with GIVING them money is you don't get so many phone calls from them.
#8
Posted 03 July 2012 - 10:23 AM
No you don't have to purchase it for a paydex. That is BS.. And besides that like I have repeated a 100 times the paydex is for your reference.. Most companies pull the credit info and will create their own score or just plain use the info to make a decision. The scoring they use isnt really great. I have seen companies with 3 or 4 things go late and the score only goes down a few points even over a few months. For creditors that is a big red flag and your paydex will still be in the 70's which isn't that bad.
For the RECORD! I had ONE slow pay from another company show up on my DNB! I got denied credit with a that vender! Reason being..... Negative informaton showing on my DNB report! After I disputed the slow item and got them off I applied and was approved!
I am walking talking proof that YES a few points will get you denied credit!!!!
Of course a late can get you denied.. But was it the couple points off your paydex or the 20 points off using their own system? You don't know..
If you just go to iupdate once a month or so and check you will be fine but if you really want to pay go right ahead.. The plus with GIVING them money is you don't get so many phone calls from them.
Our paydex was a 78 b/c of one late that didn't belong to us! Our company has very large TL. I have over 20 TL's 13 of them range from 25K to 105K and we use them EVERY month! We still got denied!!!! KNOW... that one negative TL of a 30 day late for $250 got us denied! So... I don't think I am GIVING them money! If I didn't have it monited I wouldn't of got an email about the negative to dispute it! After it was GONE! Then I applied again and was approved!!
#9
Posted 03 July 2012 - 04:29 PM
I get it and if you want to fund their tatics go ahead 
.. The point is if something pops up on your report and you take a look once a month or so you will catch it and can dispute it then. Its not like your applying for credit 50 times a month ( if you are you shouldn't be) especially after obtaining most of the accounts you can possibly get.
And like I said you really don't know how creditors are really scoring your company.. You could have a 80 paydex but because of certain factors creditors are scoring you at 60. And the exact opposite may be true, if you have no lates at all that may seem odd to the lenders since most companies just don't pay on time. This raises more flags with smaller companies then larger ones.. The reason being is it may appear that your focusing on paying your bills on time or even early and not focusing on your business or in a effort to build business credit for other reasons. I would tend to agree with that since I deal with large commercial customers who seldom pay on time and a friend of mine had a issue like this. He was doing service work for a small business and as I advised him to have the guy pay as soon as the job was finished for awhile before doing net terms with him. So he did a couple small jobs for him got paid no issues then did a larger job and the guy wanted to have net 30 terms which my buddy said ok since he had paid his other bills . Well guess what $8k later guy refused to pay.. My buddy brought him to court and lost.. Reason why was because my buddy put the guys name in the contract instead of the legal business name and a few other very small mistakes. Turns out he has done this before. This why it's o important to know how to do things like making out contracts.
.. The point is if something pops up on your report and you take a look once a month or so you will catch it and can dispute it then. Its not like your applying for credit 50 times a month ( if you are you shouldn't be) especially after obtaining most of the accounts you can possibly get.And like I said you really don't know how creditors are really scoring your company.. You could have a 80 paydex but because of certain factors creditors are scoring you at 60. And the exact opposite may be true, if you have no lates at all that may seem odd to the lenders since most companies just don't pay on time. This raises more flags with smaller companies then larger ones.. The reason being is it may appear that your focusing on paying your bills on time or even early and not focusing on your business or in a effort to build business credit for other reasons. I would tend to agree with that since I deal with large commercial customers who seldom pay on time and a friend of mine had a issue like this. He was doing service work for a small business and as I advised him to have the guy pay as soon as the job was finished for awhile before doing net terms with him. So he did a couple small jobs for him got paid no issues then did a larger job and the guy wanted to have net 30 terms which my buddy said ok since he had paid his other bills . Well guess what $8k later guy refused to pay.. My buddy brought him to court and lost.. Reason why was because my buddy put the guys name in the contract instead of the legal business name and a few other very small mistakes. Turns out he has done this before. This why it's o important to know how to do things like making out contracts.
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