Please consider disabling your adblocker for CreditBoards if you have not already done so. This site depends on advertising revenue to stay online.
The last post in this topic was posted 2694 days ago.
We strongly encourage you to start a new post instead of replying to this one.
I've spent the past 4 hours hammering the johnny-come-lately payday loan scammer who made the woeful error of calling me from a local spoof at 3:49pm CDT.
CFPB (including .wav files of voicemails)...CHECK
Family who can expect a call to "locate me" any minute now...CHECK, CHECK
But the part at the end of this story floored me.
I mistakenly answer the first call and can tell it's a call center. I quickly wiggled out of it before he could launch into his routine, because I truly was on another call. He calls back 30 minutes later...I let it go to voicemail. None left. Nineteen minutes pass; call #3. Half hour passes; call #4. FOUR MINUTES later comes call #5...and voicemail #1. (Guess who's getting served tomorrow...?!) AND...he left a toll-free number with his extension. I call him right back and go right into MY "routine" as soon as I told him my name. ME: Mr. Castillo, do you have something to write with? Good. I'd like you to meet me at my attorney's office tomorrow to serve me. Her name is ________ ___________,
and I'll spell it for you. That's __ __ __ __ * ...are you writing this down...??
HIM: Um...well...let me transfer you to a claims agent who can explain the situation to you...
ME: You can't tell me the info...? Your voicemail sounded rather authoritative -- actually, Mr. Castillo, it sounded overtly threatening -- so I'm quite sure you can handle this yourself.
HIM: Well, don't you wanna know what the claim is about??
ME: No, I don't. From your tone, I am clearly in a lot of trouble. You haven't mentioned that this was an attempt to collect a debt, either, so I assume you're calling about criminal
charges. My attorney will take it from here, but I'll meet you there tomorrow. Take down this address... (he fumbles through paper...) She's a federal and state felony defense
attorney, and her office is the entire 24th floor of 987 Main St., Hou...are you getting this on paper, Mr. Castillo...?? (he repeats the address so far...) Good. And I'll see you there
at 1pm. Please don't be late, because she play tennis with District Attorney D@v0n And3rs0n at 3pm.
HIM: Well, let me get you over to a claims agent to discuss this first...
ME: NO. I've told you where to find me. Your voicemail said you needed to verify an address for processing & serving a "claim" tomorrow. And ALL further communication
WILL go through my attorney. DO NOT EVER call this CELLULAR NUMBER AGAIN. Do you understand me, Mr. Castillo?
HIM: (He places me on hold to shut me up; muzak commences; I promptly hang up.)
Now I'll be a MONKEY'S UNCLE if he didn't call me back in 90 seconds...called THREE times (those were calls #5, 6 & 7 inside of 90 minutes!) trying to force me to pick up...and then left a ridiculously aggressive message and said his next call would be to my "references" if I didn't call him back immediately.
Now I have to confess that, for those 90 seconds between hanging up on him after he was squirming and stammering and confused as H3LL...I felt sorry for the putz. I know his buddies were sitting next to him in that rinkydink cubefarm ...laughing their butts off at him.
But when he lost his mind -- conceded to his assaulted pride -- and CALLED ME BACK..........?!?!??! Meh. I got over it.
Interesting tidbit: I've filed CFPB complaints against companies whose addresses I didn't know in the past, and they fell flat because the company isn't "registered" with the CFPB.
This one actually pre-populated when I filled in the "company" field -- but the CFPB doesn't have their address, either, it would appear. Looks like someone is already
watching these nimrods.
SEVEN calls & 2 voicemails in 90 minutes...?
ETA -- Post #1000 for me!! Yaaaay!
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.
I have been lurking in this forum for a while, just signed up because I was to forward this information to you folks who could use it
I have two corporations. for the purpose of this post I will call one Corporation A and the other Corporation B
Personally I am on chex systems from monthly bank fees adding up after I stopped using the account 3 years ago.
Last year in June when I formed Corporation A (a C-Corp) and received an EIN from the IRS, I applied with B of A online for a corporate account.
It was approved.
They called and asked me to come in to do the signature cards (I sent the articles, etc online by pdf when applying)
Three Months Later they closed the accounts after an internal review (was not overdrawn and had a $9,000 balance). Took 21 days to get the money from the account.
****Sneaky feeling it was from a report Wells Fargo made on me personally
--This Year I formed Corporation B (a C-Corp) and received an EIN from the IRS, I applied for a Redwood Credit Union account in branch and was approved.
They did not ask for my social security number when I went into the branch. Just my license. Have had NO PROBLEMS what so ever
and just out of curiosity, I pulled up the pdf application from redwood credit union for business accounts.
It says that they
Please See Image From my Blog with RCU Application Screen Shot