 |
|
The Role of Credit Bureaus
Before you extend credit to a client — whether it's another business or a consumer — it's a good idea to check their credit record. To do that, you need to contact a credit bureau.
Credit bureaus are independent agencies that, for a fee, provide information about a company's credit history. They don't make any actual lending decisions; that's left up to you. Instead, they collect information from banks, retailers, and finance companies, and look at public records such as tax liens, bankruptcies, and monetary judgments. Taken together, that information can be vital in preventing late payments — and the profit shortfall that they can cause — before they start.
For a small fee, you can become a member of a credit bureau. Equifax, Experian, and TransUnion handle consumer reports, and D&B is the largest credit-reporting agency for businesses. As a member of these bureaus, you can access credit reports and report delinquent customers.
In addition, make sure to read these articles:
Business Advisors
- Domain Names for Business: Drive Traffic, Revenues Attract customers and drive revenues: purchase a high-performance business domain and get your site live. Download a free "how to" guide: From Concept to Customer, Winning Web Strategies for Small Business.
- Phone Systems - Free Quotes Why deal with just one supplier? Compare business telephone system prices and features: Avaya, Vodavi, Nortel, Vertical, Toshiba &many more. Fill out one simple form and get custom quotes from multiple vendors. Save time and Money with BuyerZone.com.
- Compare Term Life Insurance Rates Compare rates from 200+ quality insurers, not just a select few. Competely objective. Absolutely no obligation. No annoying salespeople calling at all hours. Save 30%
- Merchant Accounts- Accept Credit Cards Merchant Warehouse can provide your business with everything it needs to accept credit cards. Get the guaranteed lowest prices on credit card terminals and software plus free set up of your account.
- Custom Printing Service High Quality Custom Printing, Fast Turnaround, Great Service, 100% Satisfaction Guarantee.
