GATC Blog – April 2016

get-access-to-capital_sam-leccima_green-check-markDEBT VALIDATION – APRIL 3, 2016

 

If you see accounts or details you don’t recognize or you feel are inaccurate on your business credit reports, request a debt validation for that account using a debt validation letter. A debt validation is where you solicit the creditor for verification of the account details they are reporting. They will typically send you back details of your account that they are reporting. The FCRA and the fair debt collections practices act apply to consumer debts, not business debts. So you can send a debt validation letter, but the creditor is not required by law to respond toget-access-to-capital_sam-leccima_debt-validation-letter your dispute.


When sending a debt validation request, your request must be sent to the creditor in writing. Also insure you dispute the debt with the credit reporting agencies if the creditor doesn’t respond to your request. If no response is received within 30 days of mailing the letter directly to the creditor, then you should then dispute the account with the business credit reporting agencies.
 

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get-access-to-capital_sam-leccima_green-check-markCROWDFUNDING – APRIL 6, 2016

 

Crowdfunding is another great financing option for small businesses. With Crowdfunding you use the get-access-to-capital_sam-leccima_piggy-bank-crowdfundingcollection of finance from backers—the “crowd”—to fund an initiative. Crowdfunding models involve a variety of participants including the people or organizations that propose the ideas and/or projects to be funded, and the crowd of people who support the proposals. Crowdfunding is then supported by an organization (the “platform”) which brings together the project initiator and the crowd.

Crowdfunding allows good ideas which do not fit the pattern required by conventional financiers to break through and attract cash through the wisdom of the crowd. If it does achieve “traction” in this way, not only can the enterprise secure seed funding to begin its project, but it may also secure evidence of backing from potential customers and benefit from word of mouth promotion in order to reach the fundraising goal.

 

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get-access-to-capital_sam-leccima_green-check-markCOLLATERAL FINANCING – APRIL 9, 2016

 

You can use collateral you already have to qualify for collateral get-access-to-capital_sam-leccima_collateral-loanbased financing. Acceptable collateral includes account receivables, stocks, bonds, and other securities, cash-on-hand, inventory and purchase orders. Acceptable collateral also includes equipment, 401K, some real estate, floor plan and book of business.

 

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 — "ANY OTHER COLLATERAL BESIDES YOUR HEART OF GOLD AND YOUR MILLION DOLLAR SMILE?"

 

 

get-access-to-capital_sam-leccima_green-check-markDOING BUSINESS AS: – APRIL 12, 2016

 

Doing Business As (DBA) denotes a business name used by a person or entity that is different from the person’s or entity’s true name. Filing rudiments vary and are not permitted for some types of businesses or professional practices. DBAs can be sole proprietorships or can be used by corporate entities to reserve “brand names”, such asget-access-to-capital_sam-leccima_doing-business-as-dba those of chain stores owned and operated by a holding company or other “umbrella”.

The phrase “doing business as” (abbreviated DBA, dba, d.b.a. or d/b/a) is a legal term used in the United States and Canada, meaning that the trade name or fictitious business name under which the business or operation is conducted and presented to the world is not the legal name of the legal person(s) who actually owns the business and is responsible for it.

 

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get-access-to-capital_sam-leccima_green-check-markANOTHER CREDIT SCORE? – APRIL 15, 2016

 

The Equifax Business Failure Score predicts the get-access-to-capital_sam-leccima_equifax-logolikelihood of a business failure through either formal or informal bankruptcy within a 12-month period. The Equifax Business Failure Risk Score is built using financial services and trade payment data, providing a higher degree of predictability. The score range is from 1,000 – 1,880 and it returns up to four reason codes, 0 indicates a bankruptcy.

 

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get-access-to-capital_sam-leccima_green-check-markA PICTURE TELLS… – APRIL 18, 2016

sam_leccima-get-access-to-capital-a-picture-is-worth-a-thousand-words

Equifax’s payment index value is a dollar-weighted indicator of a business’s past and current payment performance based on the total number of financial and nonfinancial payment experiences in the Equifax Commercial database. On the report, there is a chart shown that provides a suggested interpretation of the Payment Index value.

 

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get-access-to-capital_sam-leccima_green-check-markAND THERE'S MORE TO THE CREDIT STORY…- APRIL 21, 2016

sam_leccima-get-access-to-capital-more-to-the-story

Equifax’s proprietary model for business credit scores looks at many factors to derive the score, several of which are not displayed on the summary report. Factors include, but are not limited to an increased trend in delinquency, the presence of derogatory public records on the business profile, such as liens, judgments and bankruptcies, an increase in the number of credit inquiries, the number of accounts on file, balances outstanding, payment habits, credit utilization and related trends over time.

 

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get-access-to-capital_sam-leccima_green-check-markCROWDFUNDING INCREASES – APRIL 24, 2016

sam_leccima-get-access-to-capital-equity-crowdfunding-earlyshares

Crowdfunding websites helped companies and individuals worldwide raise $89 million from members of the public in 2010, $1.47 billion in 2011, $2.66 billion in 2012, and $1.6 billion of the 2012 amount was raised in North America. In 2012, more than one million individual campaigns were established globally and the industry was projected to grow to $5.1 billion in 2013.

 

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get-access-to-capital_sam-leccima_green-check-markWHY D&B? – APRIL 27, 2016

sam_leccima-get-access-to-capital-dun-and-bradstreet-ampisand

Dun & Bradstreet is the biggest and major business credit reporting agency. Commonly known as D&B, the agency provides information on businesses and corporations for use in credit decisions. Dun & Bradstreet is a publically traded company with a headquarters in Short Hills New Jersey, and trades on the New York Stock Exchange.

 

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get-access-to-capital_sam-leccima_green-check-markD&B IS VERY INTERNATIONAL – APRIL 30, 2016

sam_leccima-get-access-to-capital-boy-scope

Dun & Bradstreet has a massive presence worldwide.  Of over 200 million records they had on file in 2012, they reported over 54 million were from Europe while only about 33 million were from North America. Another 12 million records were from Latin America, while only 27 million records were from Asia Pacific .The lowest volume of records on file was in Africa, with only about 1.1 million records on file, and the Middle East, with only about 1 million records on file.

 

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