A small credit report error could be costing you thousands of dollars a year.
Not exact matches
Fuel prices remain relatively low, the jobs
report continues to show that we are near full employment, and
small business lending has rebounded from the depths of the
credit crunch to record levels by some measures.
FICO receives a
report of your
credit getting checked by a lender — and since new
credit accounts come with these
credit inquiries beforehand, a
small drop in your score might happen.
Links mentioned in this episode include: Subscribe to SBDIB show on iTunes Get your own Live Stream with Ovaleye.tv Get your FREE
Small Business
Credit Report GLO Science.com GLO on Facebook GLO on Twitter Dr. Jonathan B. Levine & Associates Dr. Levine's expert page on the Dr. Oz Show Soap Time Edison Awards Next week's show info
Still,
credit bureau
reports do have some potential for error, so
small businesses should not necessarily use them as the only source of consumer
credit information.
Tight
credit is forcing
small businesses to seek alternative lenders to meet demand for back - to - school merchandise,
reports the Wall Street Journal.
Part of the problem, the study found, is that «existing tax rules effectively create a $ 19,399
reporting tax loophole impacting millions of taxpayers» because of the confusion surrounding the requirements for forms 1099 - K, which is supposed to be filed by companies when they earn more than $ 20,000 through 200 or more
credit card transactions, and 1099 - MISC, which covers payments above $ 600 to independent contractors, freelancers and
small businesses.
In 2016, eight years after the crash, 45 percent of
small - business owners
reported applying for
credit, up from 22 percent in 2014, according to the Federal Reserve.
A
report by the National
Small Business Association puts
credit cards as third most popular financing choice, after retained earnings and bank loans.
It's
small potatoes when compared to the huge demand for wearable computers expected in the near future, according to a
report by
Credit Suisse.
Possible reasons for the increased lending activity include lower levels of regulation at
smaller banks than at their larger counterparts, recent movement of lending staffers from large banks to
small banks and an increased willingness of
smaller banks to take on
credit and interest risk, the
report says.
While the survey examines consumer debt on
credit cards, about 10 percent of business financing happens on various types of
credit cards, the
Small Business Administration
reports.
The Section 179 deduction is the most - used tax
credit by
small businesses, with more than a third of business owners
reporting taking advantage of it, according to a March NSBA tax survey.
In addition, while the majority of business owners surveyed across all segments said they did not feel a perception of discrimination from a financial institution impacted their chances of obtaining business
credit, 22 % of African American and 11 % of LGBT business owners
reported that perceived discrimination impacted their chances of obtaining
credit for their business, compared to 5 % of the general
small business owner population.
Features for the
small business include connecting to online bank accounts and
credit cards, professional invoices, simple dashboards and options to categorize income and expenses specifically for tax
reporting.
Payment information
reported to personal
credit bureaus is earmarked as
small business account activity, but can still affect your scores.
While
credit mix is a
small factor (about 10 % of your
credit score), it can give you a little boost if both types show up on your
credit report.
The
report presents new data from 426 regional
small businesses (NY, NJ, CT and PA) on their financial well - being,
credit needs and recent borrowing experiences.
Bank of America business
credit cards
report both positive and negative payment history to the
Small Business Financial Exchange (SBFE), thus your payment activity may show up on your business
credit reports.
The
Report will examine business conditions and the
credit environment from the perspective of over 2,500 women - owned
small employer firms.
According to the NFIB survey on
credit access by
small businesses, «four percent of owners
reported that all their borrowing needs were not satisfied, up 1 point and historically very low... only 1 percent
reported that financing was their top business problem.»
This
small business
report evaluates three potential causes of the recent decline in
small business lending: weak demand, weakened applicant quality, and restricted
credit availability.
If you get a
small - business loan, line of
credit, or trade line from a vendor who
reports to the business
credit bureaus, that also helps build your business
credit.
Only half of
small business applicants received
credit, and 75 %
reported receiving only «some» or «none» of the
credit they wanted.
The Federal Reserve Banks of New York and Kansas City will issue the 2016
Small Business
Credit Survey:
Report on Women - Owned Firms at 2:00 PM EST (1:00 PM CST) on Thursday, November 30.
What's more, when looking for
small business financing, it's a good practice to make sure any potential lender
reports your
credit behavior to the appropriate business
credit reporting bureaus — because some financing options do not.
In an interview with Nav co-founder and CEO, Levi King, he suggested the link to monitoring your
credit profile and positive results was measured by their American Dream Gap
Report: «[B] usinesses that regularly monitor their
credit were 41 percent more likely to be approved when applying for a
small business loan.»
Unlike your personal
credit, it's not expressed in a fairly universal score, but rather is typically expressed in a series of
reports that address how timely a business repays vendors who offer payment terms, their payment history with any current
small business loans, industry information (including the overall creditworthiness of other businesses within that industry), and comparisons between the business and others within the same revenue class, size, number of employees, and the region where they do business.
They also collect trade
credit information and data from the public record to evaluate
small businesses, but their
report is heavily weighted to how a business interacts with banks and other traditional lenders like
credit card providers.
The Federal Reserve Bank of New York will issue the 2016
Small Business
Credit Survey:
Report on Startup Firms at 1:00 PM EDT on Tuesday, August 8.
Further reinforcing my thesis that the average household has largely reached a point of «saturation» on the amount of debt that it can support, the Federal Reserve
reported that
credit card delinquencies on
credit cards issued by
small banks have risen sharply over the last year.
Thus, upon denial of your
small business loan, check your
credit report.
Small business
credit scores are predominantly issued by 1 of 4 major
reporting agencies - Dun & Bradstreet, Experian, Equifax, and FICO.
You can see a sample
Small Business
Credit Report here.
The Biz2
Credit Small Business Lending Index also
reported that approval rates by
credit unions and alternative lenders were relatively unchanged, while institutional lenders continued slow but steady growth in approval percentage.
«Not only do
small business owners
report that the operating environment for their businesses will be better in 2017 than it was in 2016, but business owners are anticipating growth for their businesses in the new year as more plan to increase their capital spending, add staff and apply for
credit.»
A
small slice goes to
credit reports and flood certification, and a larger portion to the survey provider, if you had one.
Indeed, as
reported by the New York Times, states have promoted these tax
credit programs to raise funds for private schools, even though the number of AMT filers is relatively
small, approximately five percent of all filers.
«However, the universal
credit proposals seem to fly in the face of simplicity when it comes to the
reporting requirements being imposed on
small employers and the self - employed.
Miscellaneous tax changes
reported to be part of the package include several priorities of the business community, including: a favorable change in how the securities industry allocates its receipts for tax purposes, from the address of the firm to the address of the customer; an updating of a sales tax exemption for capital purchases by the telecommunications industry; a reduction in the ton - mileage tax; a rate reduction for
small businesses; and creation of an investment tax
credit for the securities arms of insurance companies.
This is no
small matter, as the U.S. poverty rate in 2003 was just 8.1 percent if those items are included, 23 percent less than the officially
reported 10.5 percent poverty rate for that year (which fails to take into account food stamps, Medicaid, school lunch programs, earned income
credits, and other cash transfers).
[22] That
report showed that when transfer students were awarded bachelor's degrees, they tended to have more excess
credits than so - called native students, but the difference was
small and there were a number of possible explanations for that difference.
In 2013, Moody's Investor Service, a bond
credit rating agency, released a
report which concluded that a
small but growing number of school districts face severe financial stress as charter schools proliferate, specifically because these districts can't reduce their costs as quickly as they lose revenue.
In 2010, MDRC released its first
report, which indicated that New York City's first 105
small high schools — two - thirds created by New Visions — increased students» likelihood of earning
credits, progressing through high school and graduating in four years with a Regents diploma.
It makes several changes to the DBE program, concerning such subjects as uniform application and
reporting forms; implementing a memorandum of understanding (MOU) with the
Small Business Administration (SBA); substantive amendments to provisions concerning personal net worth, retainage, size standard, proof of ethnicity, confidentiality, proof of economic disadvantage, DBE
credit for trucking firms, and eligibility of firms owned by Alaska Native Corporations (ANCs); and clarifications concerning multi-year project goals and the use of the new North American Industrial Classification System («NAICS»).
There are
reports that Amazon has a Square reader - like device in the works, one that will plug into a smartphone or tablet (presumably not only the Fire phone or Kindle Fire) and allow
small business people to take advantage of the reliance on
credit cards that many consumers have.
The National Federation of Independent Business
reports that just under half of all
small businesses accept
credit card payments at all, and apparently they get along just fine.
A follow up
report by the CFPB found that only a
small number of consumers who had civil judgments or tax liens removed from their
reports in July experienced a jump significant enough to improve their
credit profile.
Unlike your personal
credit, it's not expressed in a fairly universal score, but rather is typically expressed in a series of
reports that address how timely a business repays vendors who offer payment terms, their payment history with any current
small business loans, industry information (including the overall creditworthiness of other businesses within that industry), and comparisons between the business and others within the same revenue class, size, number of employees, and the region where they do business.
You can request a copy of your
credit report even if you've already received one within the last year, but you'll have to pay a
small fee.