22
Oct

Tips For Credit Reports – How to Spot Mistakes

How often do you check your credit report for accuracy? If it’s not at least twice a year, you could be one of the 40 million Americans that have material errors on your credit report. There are some warning signs you might experience without checking your credit score that might tell you that you have errors.

Errors with your identity details
Occasionally one or all of the three major credit bureaus will have incorrect identifying information on your credit reports. It could be as something as simple as an incorrect address. That’s a relatively simple error that won’t be difficult to fix on your own. However, sometimes your name could be associated with someone else’s credit profile. Make sure when you check your credit report you go through it with a fine tooth comb to ensure everything on it is accurate and all accounts belong to you.

Incorrect or misleading account details
From time to time a creditor will provide incorrect or misleading information about your credit accounts to the credit bureaus. But more seriously, they could be reporting an incorrect credit limit which would affect your utilization rate or the wrong dates for your mortgage loan. Sometimes something could claim open when it’s closed or that you’ve missed payments when you haven’t.

Mysterious accounts
If there are items on your credit report that don’t belong to you, you might be a victim of identity theft. In 2015, an estimated 17.6 million American’s were victims of identity theft. Did you know that two-thirds of identity theft victims reported a direct financial loss? The Bureau of Justice recommends taking preventative action like checking your credit report regularly for accuracy. While some people were able to recover funds through their banks or credit card companies, other saw much more serious events like stolen social security numbers and new accounts opened under their names.

What do you do if you spot errors?
My best advice to you is to work with a credit repair agency. The hassle of getting your details updated or more serious, getting incorrect, misleading or unverifiable information off your credit report can be a total headache.

Catalogue the errors well and then bring them to the agencies attention. The more prepared you are the better a credit repair agency can help. Getting mistakes removed is a difficult process but thankfully credit repair agencies can do most of the heavy lifting for you.

22
Oct

Tips To Choose A Factoring Company

The success of any business relies on cash flow. As your business grows, you will find a need to speed up cash flow and this could mean getting some sort of financing. Banks have for the longest time being the saviors for most businesses, but the may not always fully accommodate the financial needs of your company. Account receivable factoring is the better alternative for your business financing. With the help of a factoring company, you will be able to obtain the capital that you need for the business.

Factoring is invoice financing that concentrates more on the business growth rather that cash flow challenge. The creditworthiness of the clients you have is what the factoring professionals focus on. By establishing solid payment history with your customers, factoring companies pay up front for invoice amounts. At a small factoring fee, you will receive the balance when the client has fully settled the invoice. There are so many advantages of factoring but to enjoy them you must start by choosing the best factoring company to work with.

Tip 1 – Think about service. The factoring company should offer professional friendly service. You should not only get guidance in setting up a process, but you should also have all your questions answered so you are able to make a good decision.

Tip 2 – Check out the terms of the service. The terms you get from your factoring company should actually be tailored to meet your specific needs. Make sure you are aware of contract length, fees, notice period and concentration among other important factoring elements. The least you can do is to make sure that you are most comfortable with the terms of service.

Tip 3 – Understand the factoring services and products the company has for you. They may vary from one factor to another. Depending on the company that you settle for you could get bad credit protection, funding options, credit control, dedicated client manager, customer credit checks and online account management. Find out what services and products your company has to offer and how important they are to your business and the process to make a good decision. It is best that you make comparisons between the best factoring companies before making a final decision so you choose the best one for you.

Tip 4 – Think about concentration. It is very important to remember that there are factoring companies that restrict the funding level they provide against your customers. Before signing the agreement, therefore always check to confirm that your customers will be able to access appropriate funding levels as needed.

Tip 5 – Check out the factoring fees. Most companies charge a monthly fee depending the funding option that you settle for. In most cases the percentage will be determined by the invoices that have been submitted for funding during that month. Some may have a monthly minimum and this is an option that may not work for you if you run a business that goes with seasonal patterns.