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Updated: 04/16/2013 This is what worked for me. Use it only as a guide. I think it can really help people that want to know the general process of how things work in the ''new age'' of establishing business credit. Ok if you want to get some business credit it's NOT going to be instant. If you look in my signature where it lists my trades you can see exactly how much I have and who has extended me credit. Starting from the top. Left to right. Is the order they were obtained. So you can look at it as ''Easiest'' to Hardest'' if your just starting out. The first thing you need to do is sign up with google places using your business name and information.. 411 directory. White pages online. Yellow pages online. Superpages online. And any other directory you can find. It's hard to get listed with 411 but it's a must if you want credit. A lot of times before businesses will extend credit they will verify the business information by searching for the phone number on 411. Getting listed on 411 will take a cupple of months. Unfortunatly thats just how long it takes. 411 Get's their information from other ''Sources'' as well as accepting submissions through their own site.. By signing up for everything above it will not only help you get listed quicker but it will help you receive more business when people search for ''Towing company's'' ect. Trust me. The phone will start ringing off of the hook. Next. Sign up with DNB. https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm;jsessionid=3F4AA5AD50A26625D629DEC76E03D8EB.app2 DNB can automaticly create a file for you if you have been in business for a while (Similiar to how 411 works, You don't have to actually sign up with them but you can still get listed. (Just takes longer). It's best if you sign up with DNB before they create a file for you. If they create a file with incorrect owner information it may be hard for you to get in at that time because you won't be able to ''verify'' the correct information they have on file, Which may be incorrect. DNB has a credit file for your business and reports ''Trade lines'' (Net 30's, Net 7's, Some revolving,Net 14's ect) and your payment history from company's that CHOOSE to report to DNB. DNB mainly handles NET accounts. Revolving accounts are usually reported to Experian or Equifax . These are the only 3 business credit reorting agencies that you need to worry about. DNB is FREE! DNB is FREE! I can sign on and look at my payment history, Change company information and dispute tradlies that are not mine (Happens occasionally. If they are reporting good leave them. If they are derogatory dispute them) at any time through IUPDATE. DNB will call you every month or after you sign on through IUPDATE and try to tell you that you have to buy a credit package from them for you to get any credit ect. WRONG! They will tell you that 14 business have tried accessed your credit file but enless you have this package they won't be able access your file.You won't realize it at first but almost every time they call you they will be attempting to sell yo something. You won't realize it untill after they are talking with you for a cupple of minutes. Do yourself a favor and simply ask them to take you off of their calling list. If not expect to hear from them at least once a month or everytime you check your file on DNB. They will lie to your face and try to sell you the shoes you walked in the door with. I am fine with selling things, but not lying in an attempt to sell things. With the old E-Update (Before they changed it to IUPDATE) you had to call in to get access to be able to login online to view anything. If this is still the case AGAIN they will try to say that you have to buy a credit package to be able to veiw anything about your company through IUPDATE. Tell them as many times as it takes.... "' No thanks I'd jut like access to IUPDATE''. DNB gives sales people a bad rap. They will lie to your face. They will probably tell you it can't be done anymore without paying for one of their packages. If you can't get anywhere call back and talk to someone else. Next you can start calling the companys listed in my signature. Again starting from left to right. Some will ask to pre-pay for 90 days .You may be able to get your credit file going quicker if they do give you the prepay option and you decide to take it. Some won't ask at all. I choose not to prepay for those that asked. Which was ULINE. Grainger is one of the easiest accounts to get. You can usually get it as long as you are listed with the Secratary of State. Even if you don't have any other business credit. Usually they will start you off with a 1000.00 Credit line. It's best to place an order of about 75.00 or above that way it reports as 100.00 (It's usually rounded up). 50.00 trade lines are ok but 100's or above look better. Don't buy stuff you don't need enless you just have that money to waste. Some companys take months to report. Some take weeks. Grainger and quill are the quickest to report (Out of thetrade lines that I have). They usually report within weeks. Some of the trades in my signature ask for a DNB number and some do not. They can find you on DNB even if you don't give them one by simply searching using their software. The company's in my signature are company's that I know of that REPORT to DNB with the EXCEPTION of global industrial and Pep boys (Does not report) and ULINE (Which does report but they asked me to pre-pay for 90 days and I said no thanks). A lot of other companys offer NET accounts but don't report. Usually those are smaller company's. Once you start viewing your report online you will have a good idea on whats going on and when you can move to the next step. I try to order from everyone about every 2-3 months. That way the information stays current. I did this especially when I first started up. The trades will stay on your DNB report for about two years with no activity. So that means really you only need to order once from any giving company that does report to DNB. DNB will refresh the info listed on your report with any new info reported by creditors. So if you purchase 1000.00 from quill and then two months down the road you purchase a small 50.00 order, that 50.00 order will soon replace the 1000.00 trade amount that is being reported. Not good when trying to build credit. And for anyone wondering, I never had over 100.00 trades reporting when building business credit in the initial stages. My higest cl on DNB was 250 (but showed 750 because there were three 250 trades stacked because they reported under the same catagory to DNB but were infact three different trades.) So if someone tells you that you have to make sure that 1 and 2 thousand dollar trades are reporting then come tell them to read this thread. And for those of you wondering about Experian and Equifax CRA's that I mentioned earlier (The only other two major business CRA's out there) there's a little trick on checking your progress with them. Experian no longer shows the number of trades the business has and now only shows if the business has one or more trade lines and does not give a specific number. Equifax still shows the business info and how many trades are currently reporting. Once you actually have a file with them you know you are on the right path. Experian - http://sbcr.experian.com/pdp.aspx?pg=sample&hdr=pp&link=5502&offercode=EXPSBpdebr-t&intcmp=EXPSBbusrep_marquee Equifax - http://www.equifax.com/small-business/credit-report/en_sb Any questions about ANYTHING? Post up here and let me know! I will be more than happy to help.
Hi everyone, Newbie here. I've been posting in the Credit Forum, but I am also a small business owner with a question. So I disputed LPs on a negative TL (Advanta Business CC) with all 3 CRAs and had the TL successfully removed. This CC is also listed on my DNB. I disputed it a few days after I disputed it on my CRAs. How long does DNB have to handle disputes? Is it 30 days like CRAs? Thx
In your experience, what is the best trimerge business credit report (w/ or w/o scores) provider? Are there any "specials", such as what Microsoft used to have for Experian Business reports - so that a business would be able to pull its reports with scores cheaper than buying them through the bureau's themselves?
Ok.. so i searched around and if there is a thread for this purpose i didnt see it so mods feel free to guide.. but i was thinking that when it comes to trying to figure out who is who on the DnB report.. you know.. since most of us do orders with several companies simultaneously and they also dont list them under company name. I figured that if we combine as many similarities as we can on accounts that we know are among those that we see with several titles then maybe we can arrive at least what categories are placed on certain vendors. This thread even has a place for those just starting to participate, especially someone who has only one or two vendors that they dealt with and reported. Let me get it started.. Ok..for instance... Looking at my DnB now i have 5 showing... now in my personal history i know i have ordered from all of the following vendors.. AZ Snacks (about a year ago) which i remember them saying they reported to Equifax but i just put it out there anyhow.. SETON ULINE QUILL GRAINGER AT&T LANDLINE SPRINT CELL PHONE SERVICE FEDEX OFFICE all of these were rumored to report to Dnb/Experian or both... now i ordered all those net 30s and and paid them and then let my business credit sit for a minute because honestly life was taking place and i forgot about building credit to be honest.. so now that i look at the report im trying to narrow down who is who.. so i show the following TOP INDUSTRIES TOTAL RECEIVED TOTAL DOLLAR AMOUNTS LARGEST HIGH CREDIT WITHIN TERMS % Whole Service paper 1 100 100 100 Ret Mail-Order House 1 50 50 100 Courier Service 1 50 50 100 OTHER PAYMENT CATEGORIES: Cash Experiences 1 0 0 Unfavorable Coments 1 100 100 PAYMENT DETAILS DATE REPORTED PAYING RECORD HIGH CREDIT NOW OWES PAST DUE SELLING TERMS LAST SALE WITHIN MONTHS 5/13 (001) 0 0 0 Cash Account 4-5 mos 4/12 PPt 100 0 0 6-12 mos (nothing here) PPt 50 0 0 N30 6-12 mos 2/12 (004) 100 100 0 1 mo 6/11 PPt 50 1 mo Ok... so during my hiatus.. only things that are regular monthly repeating is the landline (if that is one of these accounts) and the cell phone bill... and in all honesty... since i forgot cell phone bill was reporting to biz credit. i always paid it right before disconnection.. which was definitely outside of 30 days.. the landline sometimes similar situation... so what i am trying to figure out is how to conclude what the difference codes (001, 004, etc) mean as well as the categories (Whol service paper, etc) so i can start looking at my DnB knowing who is who.. If i have a cash account being reported i have no idea who it is.. but it says that it was first reported 5/13 and i cannot recall anything business credit related i did within even the last 3 to 4 months outside the two phone services.... any and all experience levels are welcome here to play the process of elimination... PS.. if there was any other easier way to put this up the way it shows on DnB report then i guess i lost with the time it took me to do this however i hope that just equals this becoming a HOT TOPIC so i can feel like it was worth it.. LOL EDIT: i do recall i opened the cell phone account with Sprint in December 2011.. so if they didnt report until 2/12 that would make since in that maybe the (004) account and the one that states as being an unfavorable comment.. though i dont know how that works.. but the only things ive had since 6/11 was the landline.. but what throws me there is the balance cause my landline and DSL (now Uverse) is over $100 and the amount reported says $50.. its always been over $100
I have followed the instructions on the sticky message about Dun & Bradstreet reports. I found the report on the eupdate account, and it has two trade lines, but I can not find the paydex number, as suggested in the prior post I mentioned. I have also searched through here to find an updated post regarding DNB paydex since that post is old, but I can't find one that tells me exactly where it is. So does anyone know exactly where I look for the paydex number? Thanks in Advance.