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Company Snapshots & Credit Inquiry Forms

The last post in this topic was posted 5440 days ago. 

 

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Greetings to you all... In good spirit, I just wanted to share something with everyone that may be helpful.

 

Many business owners (myself included) are pretty upset at the way our business credit (or lack of) is being reported to D&B, Experian Commercial, and Equifax Small Business. Some of you have encouraged others to have a financial sheet containing information about your bank and trade references, which is nothing short of a great idea. With nearly every credit application I submit, I also contact an underwriter directly (get their FULL NAME & title) and send them a Company Snapshot (on my company's official letterhead, of course) that I update monthly giving them a snapshot of 1) my company's identifying information, e.g. IRS Tax ID, DUNS #, my Insurance agency/policy #, my Experian & Equifax file #'s; 2) my bank contact info & account #'s / end-of-month balances; and 3) my tradelines' contact info & account #'s / end-of-month balances. With the bank and tradeline info, I have complete addresses, phone #'s (including fax #'s), and the dates I opened the accounts. Certainly some of your wouldn't want to give anyone all that information, but in my experience, underwriters may ask for it anyways. But having all that information organized into a single document is something EVERY business owner should do, regardless of whether or not they choose to submit any portion or all of it to an underwriter. It also saves on time for many non-traditional creditors by having all the pertinent information in a single place.

 

Another thing I've done is created a Credit Inquiry form (again on Company Letterhead). Using the fax #'s from my Company Snapshot, I send my tradelines an inquiry similar to the one below approximately 2 calendar weeks after I electronically pay my invoices:

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<Insert Creditor/Vendor's Contact Info>

 

Dear Creditor:

 

Thank you for your recent fulfillment of an order for <your company name and maybe a summary>. Our relationship with your company with respect to the handling of our credit is vital in how vendors are chosen for the long-term. In order for us to place our next order, please reply to this brief inquiry with regard to the following information:

 

<Your Tax ID>: xx-xxxxxxx

 

Account/Customer #: <Your Account # w/that Vendor>

 

Credit Limit / Terms:

 

What is <your company name>'s Credit Limit (if applicable)? US$

What are <your company name>'s Credit Terms?

 

Invoice Details:<You fill this section out>

 

Invoice #:

Invoice Date:

Invoice Amount: US$

 

Payment Details:

Payment Issued (Date): <Date you sent your payment>

Payment Received (Date):

 

Credit Reporting:

 

Has (or will) the payment for the above referenced invoice been reported to Dun & Bradstreet (Your D-U-N-S #) ?

If Yes, please give the date this was (or will be) reported:

If No, please give a reason:

 

Has (or will) the payment for the above referenced invoice been reported to Equifax Business, SBFE, or SBX (Your File #) ?

If Yes, please give the date this was (or will be) reported:

If No, please give a reason:

 

Has (or will) the payment for the above referenced invoice been reported to Experian Commercial (Your File #) ?

If Yes, please give the date this was (or will be) reported:

If No, please give a reason:

 

Please remit this inquiry via e-mail, fax, or postal mail immediately to:

 

<Your Company's Contact Information>

 

Your response is greatly appreciated. Thank you for your cooperation and dedication to continuing our business relationship.

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A form like this will help both you and your vendor be diligent in making sure your credit is handled with care, especially if they want you to continue to be their customer. Anyone who can be diligent enough to invoice you for payment of their goods and services should be expected to be just as diligent when you ask them how they've handled the posting and reporting of that payment. If you don't get a response (or question the response you received), get on the phone and find out what's going on.

 

I hope this information helps some of you. DON'T BE DISCOURAGED!!! We all know how (in)competent the Business CRA's are. Do your part to make sure those you do business with are doing THEIR part. And as always, THANK YOU TO THE ENTIRE CB FAMILY!!!

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Now that's what I'm talkin! This information is absolutly fantastic! It gives the business owner(s) a sense of control rather than the other way around. Business isn't all about credit it's also about customer service. Nice piece hp48gx3. ;)

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Guest missty1029
Now that's what I'm talkin! This information is absolutly fantastic!  It gives the business owner(s) a sense of control rather than the other way around.  Business isn't all about credit it's also about customer service.  Nice piece hp48gx3.  :blink:

 

 

that is absolutley true!!!! WEll it is about credit but its so much why we need the credit! And doing what it takes to get the credit!!!

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Another thing I've done is created a Credit Inquiry form (again on Company Letterhead).  Using the fax #'s from my Company Snapshot, I send my tradelines an inquiry similar to the one below approximately 2 calendar weeks after I electronically pay my invoices:

 

 

The snapshot is a good idea. Although I donot send it with any applications, I do keep such a document for my own reference.

 

Just curious -- Have any of the creditors actually completed your form and returned it to you?

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