While the financial consequences of the COVID-19 pandemic have hit consumers hard, small businesses are facing their own set of problems. If you’ve extended credit to a business that has been impacted by the pandemic, you’re well aware of what they’re going through. It’s likely your commercial debtors have contacted […]
Differences in Reporting Consumer Credit vs. Commercial Credit
January 31, 2020 By Leave a Comment
Most people are familiar with — or at least aware of — consumer credit reports. Most people also know they have a credit score based on their payment histories. They expect debtors to report most of their installment payments to the bureaus. But fewer people have ever heard of business […]
Reporting Commercial Credit: The Stick Is Not As Bad As You Think
November 16, 2018 By Leave a Comment
Using the “stick” method of reporting commercial credit to get clients to make regular on time payments is highly effective as well. Contrary to the reward method, a negative report on a business’ credit score can be just as effective. The truth is that you’re not going to have many […]
Reporting Commercial Credit: Should I Use A Carrot Or A Stick?
November 15, 2018 By Leave a Comment
Ideally, you don’t ever want to have to report another small business in a negative way, but it happens. There are two good reasons businesses report commercial credit to the four credit bureaus: to encourage on-time payments and to decrease the chances of a default on payments and needing to […]
How Does a Business Report to the Credit Bureaus?
January 16, 2018 By Leave a Comment
The three major credit-reporting agencies — Experian, TransUnion and Equifax — gather credit information about consumers. To assist in the gathering of this information, companies can keep track of customer account activities and report to the credit bureaus. In turn, they let consumers request a copy of their credit report. […]