Why does your commercial credit scores mean a lot?

Commercial Credit score is really important for the whole business process. Using this tool well will make your business move smoothly in expanding business scope. Just like Dun & Bradstreet, Experian, & Equifax, eGTCP has its unique advantages in Chinese supplier’s credit status monitoring.

Understanding Commercial Credit Scores & Reports

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The concept of creditworthiness dates back to the early 1800s, ever since there have been lenders there has been a need to assess a borrower’s risk level. It was not until the 1970’s, when the Fair Credit Reporting Act (FCRA) was passed, that borrowers were protected from lender bias having an impact on their likelihood of loan approval and rates. Consumers are offered a variety of protections and security under the FCRA of 1970 and its amendments in the 1990’s and 2003, but businesses and corporations were left out of the FCRA. To this day, businesses are not protected under the FCRA and business credit is highly unregulated. Therefore, business owners can experience limited success and stunted growth if business credit profiles, scores, and indexes go unmanaged.

The Bureaus – Dun & Bradstreet, Experian, & Equifax

Dun & Bradstreet, Experian, and Equifax have roots that date back to before the turn of the century. All three maintain a global database, separate from one another, that contains information and data on millions of businesses and consumers.

According to D&B: Their commercial credit scores “…predict the likelihood of a business paying its bills in a severely delinquent manner (91 days or more past terms), obtaining legal relief from its creditors or ceasing operations without paying all creditors in full over the next 12 months. D&B defines severe delinquency as a business with at least 10% of its payments 91 days or more past due, based on the information in D&B’s commercial database. The score ranges from 101 to 670, where 101 represents the highest probability and 670 represents the lowest possibility of delinquency.“

Risk Class – “Separates businesses into five distinct risk groups where 1 represents businesses that have the lowest probability of severe delinquency, and 5 represents businesses with the highest probability. The credit score class allows you to quickly segment new and existing accounts according to risk to determine appropriate marketing or credit policies.”

Percentile Norms – “Represent the average score and percentile for all scorable companies with similar demographics, and they can be used to benchmark where the company stands relative to the norm for its peer group.”

Distribution of Commercial Credit Score Risk Class

“The table below illustrates the distribution of the Commercial Credit Score Class in the Dun & Bradstreet Business Universe. In addition, this table displays their associated Percentile Ranking and Score, along with the Delinquency Rate.”

What to Look for In a Business Credit Repair / Building Company?

Businesses need to be more proactive – just because credit is not affecting you today does not mean it should be pushed off until tomorrow. Most businesses have a plan for eventual expansion and will need a strong and established business credit profile on their side in order to gain access to loans, leases, lines of credit, new partnerships/accounts, and government bids. Pushing your business credit down on your ‘to-do list’ is only going to further frustration when it comes time for growth.

Each business credit reports includes scores and indexes that are used to assess and predict a business financial standing and payment habits.

eGTCP has years of experience in fixing, correcting, and monitoring business credit profiles from all three of the major credit bureaus. 

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Do you need financial service ($100,000) in global trade?

Why not check your supplier’s credit score before doing business?

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You can also contact eGTCP.com directly via mail (service@egtcp.com) or phone (+86 400-159-8448).

                                                              

99% credit card holders don't know the art of 'playing' the interest

In the past, credit cards were primarily used for bigger purchase, but with a recent change to cashless businesses there is a trend of charging small purchases into your daily life.

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Once a woman from Cali used her credit card to purchase a coffee and a doughnut, KPIX 5, a CBS affiliate in San Francisco reports.

“I can keep track of what I’m buying,” said Megan Supina, about paying with a credit card.

Supina is among an increasing amount of people who are choosing credit cards over cash for most transactions – big or small.

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Whether they swipe, tap, or pay by phone, a recent survey from creditcards.com found 17 percent of cardholders now use plastic for purchases under $5. That’s up from just 11 percent last year.

And Bankrate found nearly 10 percent of consumers don’t carry any cash at all.

One of the reasons is that a growing number of businesses and restaurants are choosing to go cashless. They also say accepting plastic only speeds-up service and creates a safer environment for employees.

Credits cards are a safe way to go.

And Creditcard.com’s Matt Schulz points out paying with credit is safer for consumers too, because you can dispute charges on your card if there is a problem with a product or service. And if your card is hacked to stolen, you’re protected from fraudulent changes.

Another plus? Credit card benefits

“You get points for travel…It adds up,” said credit card user, Jay Deitcher.

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But there are still people out there that prefer cash over card.

Cash user Richard Slade said many retailers require a minimum purchase when using a credit card and studies show people spend twice as much when paying with plastic.

Regardless of it all, experts say credit card use will continue to rise and so will the number of businesses no longer accepting cash.

If you want to buy some products for daily life, visit a Chinese website, choose some items into a cart, and pay with your credit card. That easy! Business men in China are free to use a credit card to purchase from trusted suppliers, for more to be continue.

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We, eGTCP, welcome you to apply for GTCP(Great Tao credit purchasing card), you can get $10,000 immediately, buy more, pay later, let's get started! 

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You can also contact eGTCP.com directly via mail or phone.

Email: service@egtcp.com     Tel: +86 400-159-8448

                                                            

How to Maximum Your Credit Score to Benefit Your Small Business?

1/5 British adults don’t really know what a credit score is despite many of them having been turned down because of credit in the past, a survey looking into the understanding of finances nationally has revealed recently.

The survey which was conducted by specialist credit card provider set out to gauge public understanding of what credit is, how credit affects life and more of if they have an idea of how to improve their credit score.

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19 percent of the native people admitted to us that they have never checked their credit score and a nearly 20 percent confessed that they have been turned down because of credit.

Among those who had been denied, 52 percent said they had been rejected to apply credit cards and 34 percent said they have been rejected to apply personal loans. 10 percent said they realized they had a bad credit score when they were turned down for a mortgage.

    

When they were asked several questions relating to credit, 10 percent of them assume regularly checking the credit score will affect your rating and another 10 per cent believe that the credit score will be better if you don’t borrow a big amount of money, both of which are indeed not correct.

The survey also revealed 80 percent assume you only have one credit score, when in real life people may have more than one credit score. For instance, there are three credit breeds in England, Equifax, Experian & TransUnion, and each of them holds different information about you which depends on your purchasing record.

Sion O’Connor concludes, “It’s worrying how little understanding people have about credit ratings when they dictate a large part of our lives. Building a good credit rating is important to be able to borrow money for the important things we want in life, such a mortgage or car finance.

“We advise people to stop applying for credit until you have improved your credit score, to get on the electoral register, make sure you pay your bills on time and, in the long term, consider using a credit builder card.”

“A credit builder card helps improve your creditworthiness by demonstrating that you can borrow money and meet the minimum payment each month.”

Thus, we hope you are trying to know or check your existing credit score. With it, you can definitely understand your limits. If you are doing business, especially trying to trust others, upon understanding who you are and what you have very well, you’d better check your business partners’ credit score. If his financial state is green, you can pass to cooperate with him. In this way, you are saved when you are trapped or cheated based on knowing nothing about your partner. Why not?

We have summed up some good passages online about credit inquiry. If you are in need to better your business, here is the link for a free check.

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We, eGTCP, welcome you to applying for GTCP(Great Tao credit purchasing card), you can get $10,000 immediately, buy more, pay later, let's get started!

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No. 1 Choice to Credit Inquiry for Your Business in China

Today credit is an important role

Now set up the credit consciousness is really crucial, especially to the people who do global business.

As a consumer, how to improve the credit score is still the problem we most concern. Paying your bills on time, spending money responsibly-these are important financial habits that can increase your credit score. Whether you’ve struggled in the past with money or had a few financial fumbles, building and maintaining your credit score is vital to being approved for loans and the best credit cards.

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The best way to get better with your money and improve your credit score is to follow the financial habits of successful people. Here are habits that can help you get a good credit score.

l  They regularly check their credit score and credit report.

l  They have a system in place to pay bills on time.

l  They maintain a budget and track expenses.

l  They minimize use of available credit.

l  They protect themselves from identity theft.

    

Enjoy your business trip with our credit inquiry service

But as a consumer, we usually worry about credit problems of suppliers or sellers. If you do global business, you will pay more attention to this problem.

A lack of trust to your Chinese suppliers?

Don't know how to query the Chinese supplier's credit score?

Now Great Tao provides you credit inquiry service which is an important partner in your global business and fly your business safer! Let you no longer worry about supplier's credit problem. The point is, this credit inquiry service is free of charge, Great Tao cooperates with authoritative third-party institutions -Sinosure.

Sinosure offers coverage against political risks, commercial and credit risks. This includes short-, medium- and long-term export credit insurance, investment insurance, bond and guarantee business, debt and capital retrieval business and credit assessment business. Investment guarantees cover political risks such as currency and remittance restrictions, expropriation and nationalization, sovereign breaches of contract and war.

If you want to apply this service, what you should do is just fill in your company name, company address, your email and telephone, and our professional team will contact you as soon as possible. Please Click here.

If you are urgent need this service, please email us at service@egtcp.com.

Focus on:

We, eGTCP, welcome you to applying for GTCP(Great Tao credit purchasing card), you can get $10,000 immediately, buy more, pay later, let's get started!

Follow us: