How To Interpret Your Business Credit Report

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How To Interpret Your Business Credit Report: 5 Tips

A small business credit report is similar to a faculty kid’s grades, although the marks refer to a small, medium or large enterprise entity’s dependability to handle its debt’s, as well as the ability to be eligible for a loan from creditors. Listed here are 5 helpful tips for interpreting as well as evaluating your business credit statement.

Payment History

When searching for your payment historical past, check out if your transaction history is proper and accurate. Spending within the terms established by your suppliers and creditors may be a very nice ay for developing a positive business credit profile. Also look out for any payment trends that could raise red flags among creditors, such as moving from paying complete each month, to only making minimum payments. If you have been making on-time payments to suppliers and collectors, this should be fully mirrored in your profile.

Organization Profile

When evaluating your business profile, verify the facts for accuracy, such as business name and also length of doing business, address, telephone number and industry type. As most of the data here is self-reported, the business owner must always make sure that the info filled in is precise and updated.

Credit Ranking

Determine if your credit score is poor, common or strong. Because credit reporting firms and agencies often make use of different scoring techniques, some of the ratings may not be the same. If your business credit report does not give you the same scoring program, go to the reporting corporation’s Web site, and find out how you can interpret your amounts.

Collection Proceedings

Inside evaluating your business credit report’s assortment proceedings, find out whether or not you have a history of permitting your bills lapse, or whether some of your own accounts have been delivered to collection. Remember that some of your late repayments could come as a result of other financial issues, or a dispute with your supplier.

Uniform Commercial Code (UCC) Filings

Your company’s UCC, or Uniform Commercial Code filing will give you important insights about any leases or even liens you have in place. When evaluating this section, find out if the truth is any clues about how exactly your company uses credit, and discover whether your company’ has a number of property put up as security on existing lending options, or if your company has a large number of relationships with other business, to ascertain whether your business may be overextended.

Your business credit report is normally based on the timeline of one’s payments, and unlike an individual credit report, a business credit statement may have a number of energetic accounts, which can provide a positive effect, as long as your other accounts are in good standing. Your business credit report will also have some information that is self-reported, which is generally banned in personal credit accounts.

However, your business credit statement deserves as much consideration as your personal credit statement, by finding out how your company’s risk stage is being rated by the major credit bureaus, you should have increased confidence when applying for a business loan regarding financing.

Comments: 43

  1. Kerry March 15, 2013 at 10:20 am Reply

    I opened up a couple of accounts for my business in 2005 but under my tax ID number. Unfortunatley the accounts went bad because I was in a car accident and now can’t work. Does this go on your personal credit report or the duns and bradstreet report.

  2. Maxwell March 21, 2013 at 3:48 pm Reply

    in Holtsville, NY? Anybody. I think they are going to offer me a job there. I’m not sure whether to take it. If it’s more than 30% dealing with taxpayers over the phone, I don’t think I want it.
    If it’s mostly examining returns and sending out written notices, I can handle it.

  3. Wilbert April 6, 2013 at 3:57 pm Reply

    I’m not talking about maxing them out, but using them instead of personal credit cards, say, if the business closed. The business cards don’t show on the personal credit report.

  4. Sidney May 11, 2013 at 4:14 pm Reply

    I just did a credit report check, and it says that some bill collector did an Inquiry on my credit report? What does this mean?

    I have tried calling this bill colletor, and they said i owe money for something from 11 years ago, but they wont tell me the amount or details. They NEVER tried to contact me for payment, etc until today. I have no idea what is going on….

  5. Lorenzo May 13, 2013 at 9:03 am Reply

    Did you know that if built correctly a business is basically unlimited on the amount of credit it have? I am wondering if there is enough interest on building your business credit out there to make marketing my webinar worth while.

  6. Adolfo June 19, 2013 at 4:25 am Reply

    This is the resume I am using. For more than I year and more than 1000 applications, I got a few calls/interviews. It is super depressing. I am applying mostly for entry level positions.

    PROFLE
    Multilingual, highly motivated individual equipped with progressive accounting knowledge and expertise. Ready to sit for the CPA examination. Astute understanding of IFRS, GAPP, SOX and DFA. Excel and Quick Books conversant. Proficient in wide range of accounting functions, including general accounting, journal entries preparation, general ledger, reconciliations, budgeting and financial statement preparation and reporting. Extremely meticulous; outstanding analytical, quantitative, and problem solving skills. Great communicator.

    EDUCATION
    Bachelors of Science in Business and Management May 2011
    The Carey Business School – Johns Hopkins University
    Coursework Highlights: Strategic Management, Corporate Finance (relevant coursework in principles, intermediate levels), and Financial Statement Analysis
    Senior Thesis: Post Great Depression Financial Regulation in the US and the Dodd-Frank Wall Street Reform and Consumer Protection Act

    Associates in Applied Science in Business Administration Jan 2009
    Associates in Applied Science in Business Management Jan 2009
    Associates in Applied Science in Financial Accounting Dec 2008
    Anne Arundel Community College, Arnold MD
    Coursework Highlights: Financial Accounting (relevant coursework in principles, intermediate and advanced levels), Governmental and Non-Profit Accounting, Audit, Tax Accounting, Small Business Accounting

    Master of Law
    New Bulgarian University, Sofia Bulgaria
    Completed 105 semester hours of credit Sep 1998 – June 2001

    WORK EXPERIENCE
    Internship – Business Analyst Sep 2010 – December 2010
    XXXXXXXXXXXXXXXXXXXXXXXXX
    • Analyzed revenue forecasts and SEM campaigns for high profile accounts such as XXXXXXXXXXX
    • Assembled weekly reports from large datasets and interpreted data statistics on monetization objectives

    Accounting Volunteer Spring 2008
    XXXXXXXXXXXXXXXXXXXXXXXX
    • Assisted in setting up and fine-tuning Quick Books Pro for the organization
    • Handled revenues/expenses entries and their appropriate input in the accounting system

    Assistant Accounting Manager Oct 1996 – June 2000
    XXXXXXXXXXXXXXXXXXXXXXX
    • Responsible for weekly payroll, general ledger accounts and journal entries
    • Registered inventory and assets; reviewed and supplemented invoices

    SKILLS/AWARDS
    Computer Skills: Certified Excel Microsoft Office Specialist, Advanced Quick Books Pro
    Awards: Johns Hopkins University’s 2009 Dean’s Undergraduate Scholarship recipient, Johns Hopkins University’ 2010 Dean’s Alumni Advisory Board Scholarship, Maryland’s Senatorial Scholarship; Bruce C. Burns/Northwestern Mutual Annual Business Award, Friedman and Kahn Award, 2010 Baltimore CFA Society Scholarship

    ADDITIONAL EXPERIENCE
    Real Estate Salesperson – License Holder May 2005 – Present
    Server, XXXXXXXXXXXXXXXXXXXx May 2004 – Present

  7. Enid June 26, 2013 at 12:00 am Reply

    I already got my free yearly credit report about four months ago, and I am wondering how I can find out who I owe since I really don’t know. There are some I owe who have not contacted me in months. I’m considering either consolidation or bankruptcy, so I need to find out soon.

  8. Rey July 6, 2013 at 3:07 pm Reply

    Dun & Bradstreet was paid in March to create a PayDex score and credit file on my 8 year old business. Now that they have the money, they say that the creditors I listed are NOT D&B members, so D&B can not use them as a reference. D&B will not return any money paid to perform the service they were paid to do. As a small business, real estate rehabber/investor/wholesaler, I need to be able to borrow in the corporate name without any attachment to my personal credit. Other companies I contacted for business credit building want money also.How can I be sure that a credit report will be built for my company, without personal attachment, IF I pay another fee to another company? I really just need a few hundred thousand dollars to start…maybe Trump would want to help me out…I’m a big fan of his! I can’t even imagine…anyway, how can I get guaranteed results in building a business credit report and obtaining a line of credit in the business name?

  9. Gita September 3, 2013 at 7:34 pm Reply

    I did my research and I realized that i have a good credit report standing.

    I only have 2 accounts that I am currently using.
    Out of those two, for one I do have a balance but I always pay my bills on time except for two times when i was late because, the credit card company gave me the wrong due dates
    They did remove the late fees however.
    But 7 open in total.
    5 unused
    Two of them are sallie mae for school
    and the other
    1 for victorias secret- never used it. If I do use it I pay it once the bill comes
    and the other two i dont plan on using.

    Does that mean I have a bad credit score?

  10. Guillermo October 2, 2013 at 2:07 pm Reply

    1 ) Which of these ratios is not directly relevant to the evaluation of a company’s short-term liquidity position?

    a. acid test ratio
    b. quick ratio
    c. net profit ratio
    d. current ratio

    b) Trendy Traders reported total sales amounting to $1,000,000 in the year 2009, of which 80% were on credit. At 1 January the customers owed $95,000 and at 31 December customers owed $105,000. If the firm operates for 365 days a year, how long, on average, does it take to collect money from its debtors?

    a. 46 days
    b. 10 days
    c. 29 days
    d. 13 days

    c) The ratio which is considered to be the best measure of overall profitability when judging the performance of internal management is:

    a. return on total assets.
    b. net profit margin.
    c. return on ordinary shareholders’ funds.
    d. gross profit margin

    d) The statement concerning financial ratios that is not true is:

    a. A ratio expresses the relationship between two figures appearing in the financial statements.
    b. Ratios adjust for scale of operations and allow comparisons between businesses of different sizes
    c. Ratios are easy to interpret but difficult to calculate.
    d. None of the above, i.e., all are true statements.

    thanks

  11. Noe October 3, 2013 at 7:26 pm Reply

    With a new start-up business (incorporated), how do you get serious business credit that doesn’t tie down your personal credit with personal guarantees?

  12. Lucrecia November 6, 2013 at 11:34 am Reply

    On the Issue of Education

    The goal of public education is to provide a well-rounded education as well as an opportunity to follow a more narrowed path towards a desired career. Students will be required to learn the basic subjects: English, math, history, science, music/art, nutrition and physical fitness. Once the core requirements have been completed, students will be able to choose a path, if confident about their career choice, or be able to continue pursuing the liberal arts while be able to experiment with other subjects as well. By providing interests that will cater to all, we hope to decrease the drop out rate and have stronger young men and women entering the workforce upon graduation.

    Schooling is mandatory for all children ages five to sixteen unless special circumstances may arise. The federal government will contribute at least forty cents for every dollar spent on public education and more may be allotting if deemed necessary. Since the government is contributing a large amount, certain guidelines will be put into effect concerning how the money is to be spent. Since technology is constantly changing the face of our school system, a committee will be summoned every five years to make adjustments to the current schooling system and budget.

    The curriculum will be left to the states to decide but there will be nationalized tests to be sure that all states are providing education at an expectable level. In the sixth grade students will be tested on the following subjects and skills areas:

    Reading and interpreting passages and their ability to write
    Basic mental math skills and be able to complete problems that will prepare them for higher level math
    Analyze scientific graphs and know basic facts of the different divisions of science
    Answer multiple choice questions on general United States and world history

    Once into high school students will be required to complete a certain number of courses before graduation. This is to give every student a basic knowledge and for those who are unsure of what to do next, this curriculum will help students realize what it is they are truly interested in. Although these courses are required for students, there is the possibility of testing out of the subject to not make learning repetitive and dull. Required courses are as follows:

    Three years of English
    Two years of math
    Two years of world history
    One year of United States history
    Two years of science
    Art history, studio art, history of music or music course
    Nutrition and health
    Physical fitness

    Once the required courses have been completed, or fulfilled by adequate testing, students can choose a track they wish to pursue. There will be upper level courses in all the basic subjects. Schools should also provide courses in computer science, business, drama, film, and other areas schools wish to include. Students may also receive credits through a work-study program if pre-approved by the school. Qualifications for the work study program involve:

    School approved job
    Reports from employer on employee status
    Current resume and ability to make good cover letter
    Ability to still take courses in school while maintaining a job (Course load will be lower for those participating in the work study program)

    There should also be a trade school where students can become certified in a certain profession by the time they graduate from high school and proceed directly into the work force. Such programs may include but are not limited to:

    Auto body repair and technology
    Computer technology
    Carpentry
    Cosmetology
    Criminal Justice
    Culinary Arts
    Early Childhood Education
    Electrical Technology
    Electronic Technology
    Fashion Design
    Nursing Assistant
    Plumbing/Heating and Air Conditioning
    Small Animal Care
    Welding

    With increased courses being offered to students, number of school buildings themselves will need to be cut to allow all schools to be equal and to adequately use the federal funding. Students may have to commute thirty or more minutes to school each day. Although this will be an inconvenience, schools will provide transportation to and from school and after school activities.

  13. Mike December 21, 2013 at 2:34 pm Reply

    I have a BSc Business degree but no specialization. I enjoy economics and accounting. Would love to work in a bank in the credit department … not 100% certain of my options. Personally, I like analysis, interpreting financial statements, writing, reading, researching, observing market trends. My weakness: I don’t have a statistics base and will never ever want to work more than 50 hours a week. Have to raise children too 🙂

    Please don’t suggest CFA. I found a banking diploma which I’d like to do. Hopefully after I have found exactly where I fit, I can work for other qualifications.

    What course are relevant? I can do four. Principles of Banking is a core choice. Here are my electives.

    – Corporate Finance
    – Financial Reporting
    – Financial Intermediation
    – Investment management
    – Valuation and securities analysis

  14. Elfreda December 23, 2013 at 7:12 am Reply

    I received a pre selected offer from DirecTV offering my small business, which I haven’t used in several years- and when I did- it was a single credit card long since paid off now. A name I did not recognize appeared in the delivery address with the title “Manager” right above my small business name.
    I’ve panicked, googled, to little information about this occurring to anyone before. Is my best option to get to the bottom of this name either calling DirecTV about where they got this information, or going with experian for a 35$ small business credit report? Is there not a free annual report for small businesses?
    Secondly, is someone operating as manager for fraudulent purchases and loans?

  15. Jaime December 23, 2013 at 7:18 am Reply

    LVNV is reporting a collection account on all three of my credit reports. Not only is this account past the statute of limitations for my state, but they are also not licensed to do business in my state. I called this morning to negotiate and settle for 25% and delete the account from my credit reports. They told me that it is not their process to send me a letter stating they will delete this, but once I pay, they will request for delete. I know this is bogus and they won’t delete it after I pay, which is why I requested this in writing. I would assume they would settle this debt since legally, they can’t even collect it! I just want it off my credit report. Any suggestions?

  16. Cleveland January 24, 2014 at 8:26 pm Reply

    I know that the board should have:
    -Articles of Incorporation
    -Bylaws
    -List of Corporate Members titles, duties, roles and responsibilities
    -List of Board Member Qualifications duties, roles and responsibilities
    -Membership letter saying they are a board member
    -Financial reports of what is in the bank account
    -Access to minutes book
    -Copies of all organizational policies
    -Receipts for personal donations

    But Should all of the board members have the:
    -Tax ID #
    -Dun and Bradstreet# (business credit report info)
    -EIN #
    -CCR information (government grants and contractor database info)
    -Non-Profit Tax Exemption Status #
    -The Bank Account Numbers
    -Should they know what other board members have donated or just what they (themselves) have donated?

    Should the whole board have this information or just the treasurer, Executive Director or Business Manager?

    What shouldn’t the Board of Directors know?? What information is to much information?

    Thanks in advance

  17. Arvilla January 31, 2014 at 1:45 am Reply

    How can I vacate a judgement in NY state?
    I had a business that closed in 2001 and had it signed under the corpration a lease. Now I find out that the landlord had placed a judgment on me personaly for 15K I do not have my copy of the paper work to prove this after so many years.is it too late?

  18. Charlsie February 2, 2014 at 6:26 am Reply

    if i can not pay the minimum payment of by business loan or if got refused for a business loan using my business account, is it going to effect my personal credit score?

  19. Lavern February 2, 2014 at 6:05 pm Reply

    So my mom is a bank manager for wells fargo for the past several months, her previous job was being an Assistant Vice President at a credit union.

    She told me that she was talking to another manager from a different wells fargo bank in another location and this is how it goes:

    1. first contact at a convention for wells fargo managers all across the bay area.
    Mom: (walks in line, she doesn’t know her way there)
    Guy: Oh you can go ahead of me miss
    Mom: Thank you
    Guys: (stares my moms face), Age before beauty
    Mom: (shocked)

    2. second one was at a conference meeting
    Mom: (Laughing at a joke with several managers)
    Guy: What are you laughing at dolly duck??
    Mom: (why are you zoo rude to me, i drove you home once don’t you know?)
    Guy: Love you (he’s gay so doesn’t mean anything more)

    It pisses especially to a love one when there being bullied by another person, especially since this guy is a manager like my mom. It really makes me think how does he react to people below him? What should my mom do now? I really want to report to his boss for my mom because she’s very forgiving I’m not because theres a limit to everything. I personally work in retail, and in my work, i have to be nice, show compassion and care for my customers, but it makes me really think about how ****** up people are and how another boss from a different wells fargo branch, same company as my moms branch would do something like that?

  20. Dong February 12, 2014 at 1:16 am Reply

    2 years ago my credit score was 680 at the age of 23. Now my credit score is 670. I know my score could be much worse, but I have made a good effort to improve my score and it went down since then?? There was only 1 maybe 2 times that I was a week or 2 late, but literally no late payments besides that! No collections or anything. I own 3 rental properties and make payments on time, every time.. Shouldn’t all this lift my score? I have had a credit check or 2. I own multiple credit cards for business reasons. Would that lower it? What are some good ways to make sure my credit score is going up? Thanks for any responses.

  21. Rochelle February 17, 2014 at 12:35 pm Reply

    I pay child support to my ex-wife. Now I find out that her
    boyfriend bought the ex-wife a house. Her name is on it too as “other owner” but it was really him and his credit buying the house. She does not have any credit. Could this house be considered a gift? A gift (like an inheritance) would have to be reported as income.
    Footnote: She already “works” for the boyfriend’s business, so I don’t trust her to report all of her income for child support calculation purposes.
    Thanks for any information or insights. I appreciate it.
    In my state, child support is based on both party’s income – her’s and mine. So her income is my business, according to the law and our settlement agreement. Her boyfriend buying her a house is my business, because it has an impact on my children. So anyway, the law states that a gift would count as income, but again I’m just not sure if the purchase of a house in this case is a gift. I guess I better ask a lawyer. I’m not trying to avoid paying child support, I’m just trying to pay what is fair.

  22. Emanuel February 18, 2014 at 8:37 pm Reply

    accounting

  23. Irwin February 22, 2014 at 12:46 am Reply

    i got all 3 of my credit reports, how come they all don’t have the same accounts on them. 1 has 3 accounts and the other 2 only have 2 accounts. don’t they all have to say the same thing? and what if they don’t? can i ignor that one account since it is not on all three?

  24. Robert February 22, 2014 at 6:29 am Reply

    My question concerns credit reporting that is inaccurate. Whatever the circumstances, perhaps someone in a small company has an axe to grind or there’s just a computer malfunction. Hypothetically speaking, feel free to interpret your own scenario. i’m curious to know what security measures are in place to ensure consumers aren’t wrongfully reprimanded for these acts of sabotage. Say for an example, you’re doing business with a small local company and the owner was an ex girlfriend/boyfriend and you cheated on her/him. That owner seeks out to report you to the credit bureau as not paying your bills or whatever. What’s to stop this from happening? Like I said, my example is crude I know, so feel free to use your imagination, either way i’m still seeking the same answer to the same conclusion.

  25. Vivian February 25, 2014 at 12:14 pm Reply

    I am currently a business marketing major and I am thinking of switching into accounting. I know my school has a great accounting program and it is also a great career. Math is definitely not my favorite subject (I’m more of an English person), but I have already taken college algebra (MATH115) and got an A. As a business major, the last math I have to take is business calculus (MATH135). I know that’s a lot less math than my friends who are science majors that have to go through the entire calculus series. For the actual field of accounting, how much math does it require? What does it involve besides math? Thank you for any advice

  26. Joycelyn March 1, 2014 at 7:46 pm Reply

    I had a creditor call me today and it’s been years since i had heard anything from this company!! It should be off my credit report already, but the collector said that this debt will never be erased because they are protected by a law saying that if i moved outta state it will stay on my record and they can call and harass me until PAID IN FULL?? I am looking and looking and there isn’t anything supporting what he told me?

  27. Porter March 2, 2014 at 4:09 pm Reply

    Will establishing a business line of credit help our personal credit rating? My wife owns a small business and we have received many offers for credit so she’s curious.

  28. Lanell March 2, 2014 at 4:39 pm Reply

    Here’s the story:
    I’m signing a lease with my roommate on this apartment. Our parents are cosigning with us, so the leaser also got our parents’ credit report. During the signing, I realize that they also pull out my roommate and I’s credit report. Only problem, for mine, they have my sister’s credit report. Ok, my sister and I have the same first and last name, but different middle name (it’s an asian thing, blame my parents for naming us so similar), but we have different birthday and social security number. Apparently they pulled out my sis’s credit report because I accidentally wrote my ssn wrong, BY 1 DIGIT (like mindlessly putting a “7” instead of “1”…the rest of the digits were fine)….but still even with the mistake the wrong ssn is not even my sis’s ssn. How did they get my sis’s credit report instead of me, how did they even find her? I don’t want to sign the lease under her name, but the leaser told me it is under my name, they have nothing to do with the credit report thing, they said that that step is already done with. They said I have to take it with the social security dept, which I called, but they gave me some number to the credit report place to call, which I did to no end (all machine, no one to talk to)

    The point is, who do I take to about the mix-up? Is it even worth sorting out, because the leaser say it’s not my sister, but me that’s signing the lease, just change name on the lease to my name? Will this appear on my sister’s credit report? Someone just explain this situation to me, I don’t even get how they get my sis’s report on name alone? I mean, the rest of the digit for the ssn is same as mine.
    To Banker: Thanks. But, when I told them that, they said they don’t need to pull out my credit report, they said they already done with that step???? Do I need to report this mix up to anyone? I’m just worry because I don’t want any record of this on my sis’s report since she has nothing to do with this.

  29. Alexa March 2, 2014 at 8:50 pm Reply

    Hello all, and thanks for taking some time out a young entrepreneur!

    I actually have a couple of questions listed below. A little background to help you understand my level of understanding. I come from a finance background – so I know enough about accounting at this point to be dangerous. Please, however, refrain from suggesting I use an accountant. I’m in the rental real estate business and the accounting benefits of the business are such a large part of the biz that I feel compelled to get a full understanding of the ins and outs of the accounting side, so that I can accurately and correctly make investment decisions in the future – not find out from an accountant later on that things could have been done better if I had operated in a different way! I currently have three properties and to this point I’ve just collected receipts and entered all of my information into TurboTax at the end of the year, allowing it to calculate my depreciation expenses etc. It’s become quite the chore, and this year took me a very long time to complete. I’m also certain that I’ve misplaced receipts in the past and as such am missing out on tax deductions. So this year I’ve endeavored to get organized by tracking everything in Peachtree (to which I’m a new user) – and to log all of my purchases by scanning receipts. High tech – I know 😉

    I am comfortable viewing and interpreting financial statements. The trouble is often in synthesizing myself, based on my situation, which accounts to credit and debit. For most stuff I’m often fine – but not always. My goal in using Peachtree is two-fold: I’d like the accurate accounting for use at tax time, and I’d also like a more accurate financial picture for myself to know how successful my decisions have been. Okay – on to the questions…

    1. How to record appreciating assets you are currently depreciating…

    I realize from a tax reporting basis that you would only record an appreciated property (in my case) at the sale. However all of the accounting programs seem geared solely towards this type of reporting. I would like my balance sheet to accurately report the equity I’ve built up in the business. I have properties I bought as foreclosures that have large equity on day one. What entries can I make to show these assets without affecting the tax basis / depreciation??? This is important because I would like to have a record of this for my own purposes, but also to show potential investors in the future if I decide to accept outside funds.

    2. For expensed “assets” how can these be shown on the balance sheet as well?

    I realize a traditional asset would be depreciated – but most people seem to suggest a convention of.. well, if it’s < $500 than it should be expensed, even if it could be considered a durable good. An example for my business are a lot of maintenance items / tools since I do a lot of the renovation work myself. Is this even a valid approach?? If it is, is there a way to show these items on my balance sheet to reflect the increasing value of these holdings? What entries would be made in a case like that?

    Thank you for reading my question – this forum is the best! For a bonus: Does anyone know if Peachtree Premium 2012 will include their new "Peachtree Fixed Assets Depreciation – Lite" or only FAS 50? The demo version on the web includes FAS 50 with no provision to download what they describe online as the updated version. Just curious about that: the screen shots of the new version look a lot more slick than FAS 50.

  30. Luis March 3, 2014 at 4:51 pm Reply

    I went thru a company called–Credit solutions. I thought they paid off all the credit card companys.

    Well I guess they “forgot” one and now I’m being sued. This company(Credit solutions) is no longer in business—I wonder why?

    Should I call the law firm and try to work something out? Or go to court?
    Well Ed—Guess I’m not the only one
    http://www.consumeraffairs.com/debt_counsel/credit_solutions.html

  31. Aura March 7, 2014 at 3:56 am Reply

    Income not taxed

    The following types of income are not taxed in Canada (this list is not exhaustive):

    gifts and inheritances;
    death benefits paid from a life insurance policy;
    lottery winnings;
    winnings from betting or gambling for simple recreation or enjoyment;
    winnings from betting or gambling for simple recreation or enjoyment;
    winnings from betting or gambling for simple recreation or enjoyment;

    So, over the summer I played an online game. The game doesn’t revolve around gambling, however I spent the full of my time on the game using a system inside the game, created to let players gamble in-game money with eachother. I’ve made quite a bit from this game. I’m going to total at just over 100k. My question is, can I prove to the IRS that I shouldn’t be taxed on this money? Why should I only be able to gain half of what I risk? I gambled in this game for enjoyment, got quite lucky, and made 100k. It could have gone either way. And in a market where players like myself can only sell for 3/5 the price they can buy for – (resellers should be the ones getting taxed. They make guaranteed profit) I really shouldn’t be paying for taxes. Can anyone give me their opinion or provide factual info from Canada’s rulings on this matter? The method inside the game gave players 50/50 odds versus each other. It wasn’t guaranteed profit whatsoever. I could have lost 100k if i had been resorted to buying and buying and buying gold if i was unlucky. I was lucky however, and because of this made quite a bit off of 50/50 gambling odds. Should taxes be paid? Lose out on half of what i risk? I think definitely not.
    sorry, not irs. cra*

  32. Laurette March 13, 2014 at 11:36 pm Reply

    can someone tell me what their agreement looks like. i want to see if it is the same one that i have. Can you also let me know if these people have ever went into your account?

  33. Erma March 13, 2014 at 11:36 pm Reply

    On any type of business financing, if I were to take out a loan in my name for the business (whether an aqusition loan or SBA or whatever) would it go on my credit report? This is assuming that I dont take the loan out under my business name, its on me.

  34. Cody March 13, 2014 at 11:36 pm Reply

    I check my credit report online regularly as I am trying to pay off my credit cards and improve it so that I can start thinking ahead to the future, when I’ll want to start buying my own house etc.

    I checked my credit score a few months ago (May) and it was in the “Fair” category. However, I have just requested another credit score, and have somehow fallen to “very poor” within the last 2 months.

    The reasons it gives for the negative factors affecting my score are:

    * I have made 3 applications for credit in the last 6 months.
    * I have several credit agreements and the balance between them is relatively high.

    I have not made any new credit applications since I got my score in May, and I am within my limit with all of my accounts that I have – some of them are even old credit cards/store cards with a zero balance.

    Basically, my info is the same as it was in May, although obv I’ve made payments since then & kept them up to date, so why has my credit score gone down?
    I have checked who has done credit searches, and I am aware of the 3 credit applications that it is referring to, although one is a store card that I don’t use; one a bank account as I recently changed jobs and had to open an account with the bank I work for (part of the employment conditions); the other is a credit card that I used to do a balance transfer (this was applied for in April, so my “fair” score in May should have taken all of these into account).

  35. Normand March 28, 2014 at 9:58 pm Reply

    I recently checked my credit report to discover that I owe money to a company that is now out of business, so therefore I cannot settle the debt. Is there anything I can do to get this removed from my credit report?

  36. Vivian April 13, 2014 at 6:31 am Reply

    I would like to become an RN and would like to gain experience. I was thinking about the LPN program and while in, volunteering as a caregiver for even more experience.

    I was in community college for sometime to become an RN and after applying to the program I was told my credits would not count due to the fact that I had not applied first. So I’ve decided to take time off. My goal is to become RN but for the time being becoming an LPN and later go back to school to become an RN.

    ANY ADVICE WLD BE APPRECIATED

    THX U

  37. Carlos May 12, 2014 at 1:09 pm Reply

    what is the best way to make a business owner realize how important it is, to establish their business credit report with dun & bradstreet (even though they have to pay a few hundred bucks for thevalidation) even if they do not intend to use it for credit purposes?

    everyone thinks that they can use their personal credit for their business, and feel that no one cares about d&b is this true?

  38. Rozella May 18, 2014 at 4:23 am Reply

    To be more inclusive, if I owned a used car dealership where people “buy here, pay hee” do I just mail off a letter to Equifax? Or is there some process in order to have them use the information I report to them. If so, how do I go about this?

  39. Carmon May 23, 2014 at 11:36 am Reply

    I just did an application for a Capital One Business Card. My question is does it report to the personal credit agencies? Or just to Dunn & Bradstreet? I have a few business cards that do not show on my personal credit.

  40. Odell May 29, 2014 at 5:51 am Reply

    homeowners were being evicted due to defaults at much higher rates than white homeowners. more high interest mortgages were sold to working class, first time home buyers. the impact of the defaults on minority homeowner is:

    a. a manifest effect of credit laws
    b. a latent effect of lending practices
    c. widely interpreted as part of business
    d. survival of the fittest
    e. market survival

  41. Norman May 30, 2014 at 6:27 pm Reply

    I want to change my corporate name to better suite my business and wanted to find out how to go about changing the info on credit reports for my business so I dont lose my business credit along the way

  42. Salena June 10, 2014 at 4:53 am Reply

    I have attempted to construct a balance sheet and a cash flow statement based on this information. Yahoo user ‘Prof’, you have helped me with this and I appreciate the information and advice. If you could briefly take a look at them and tell me if I’m on track, I would appreciate it. Any help from anyone else with accounting/finance knowledge would also be appreciated.

    Your clients are a couple who are both 40 years old and have 2 kids. Don has an annual income of $90,000 ($2284.62 per fortnight after tax). Beth earns $40,000 per annum ($1200 per fortnight after tax). They are both contributing 4% of their income to a retirement plan.

    They have cars worth $12,500 and $16,000 respectively. The interest rate on both is 13.95% with repayment over 5 years. They purchased a house for $555,000 with a 70% mortgage at 5.75% interest with a repayment period of 25 years. Council tax is $2880 per annum. They have credit card debt of $10,000. The minimum monthly repayment is $130 per fortnight at 18% interest.

    Household expenses:
    Food – $250 per week
    Internet and phone – $125 per month
    Cell phone – $80 per month
    Toiletries – $60 per month
    Children’s after school care – $550 per month.

    Petrol expenses are $200 per month. Car registration costs $312 per year for each car and each car requires 2 WAF per annum, which cost $60 each. Maintenance costs are $1200 per year for the 2 cars. Incidental expenses are $350 per fortnight. Insurance is $268 per fortnight.

    They have $10,000 in savings and $15,000 in household possessions. Saving interest rate is 4%. The cars are worth 80% of their purchase price. Their retirement plan has a 5.5% return. In addition to their 4% contribution from their income, Don and Beth receive 2% from their employers and $1000 each from the government for joining and $520 per year per account.

    Based off this information, I have to construct a balance sheet and a cash flow statement. The cash flow statement is constructed on a fortnightly basis.

    Balance sheet:

    Assets
    House – $555,000
    Cash – $10,000
    Motor vehicles (2) – $22,800
    Possessions – $15,000
    Total assets – $602,800

    Liabilities:
    Credit card – $10,000
    Mortgage – $388,500
    Car loan (2) – $28,500
    Total liabilities – $427,000

    Net worth = assets – liabilities
    $602,800-$427,000 = $175,800

    Fortnightly cash flow statement:

    Income:
    Earned income (Job #1) $3461.54
    Earned income (Job #2) $1538.46
    Earned income (Employer retirement contribution) $100
    Government contribution to savings plan $40
    Gross household income $5140

    Expenses
    Retirement contribution (Job #1) $138.46
    Retirement contribution (Job #2) $61.54
    Income tax (Job #1) $1038.46
    Income tax (Job #2) $276.92
    Total $1,515.38
    Net Income $3524.62

    Car loan repayment (car#1) $134
    Car loan repayment (car#2) $171
    Petrol $100
    Car registration $12
    WAF $9.23
    Maintenance $46.15
    Incidental expense $350
    Insurance $268

    Mortgage payments $1124
    Council rate $110.77
    Credit card $130
    Interest $42.50

    Living expenses:
    Food $500
    Internet and phone $62.50
    Cellphones $40
    Toiletries $30
    After school care $275
    Total expenses $3405.15

    $3524.62 – $3405.15
    Amount remaining each fortnight = $119.47

    Do either of these seem accurate? Also, if something is listed as a monthly expense, and you need to construct cash flow on a fortnightly basis, do you just divide by 2? Even though half a month is actually a little more than 2 weeks?

  43. Rufus June 10, 2014 at 5:14 am Reply

    Is this a hard job to obtain? What kind of degree do i need to pursue?

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