Since the 9-11 attacks on the New York World Trade Center and Pentagon the Federal Government has passed the US Patriot Act which has been undergoing restrictive modifications since 2001 to prevent money laundering, terrorism, and illegal business transactions. The result is that lenders have tightened up on prospective business lending requirements. Lenders are now regulated by the Federal Government under Section 326 of the US Patriot Act to comply with procedures to verify the identity of all business principals, legal structure and related financial information on the business entity and/or individual that is applying for business credit before an approval is granted. Click
here to view the US Patriot Act.
The primary sources of verfication by a lender before a financial application for business credit is approved is Dun and Bradstreet (D&B), Equifax and Experian Business Credit. The fact of the matter is that D&B has no interest whatsoever in your financial future as it is basically an informational agency which compiles information on millions of companies and sells this information to subscribers such as banks, collection agencies, asset investigators and other investigative agencies. Yes, they are there to make a profit! D&B also sells business reports online to businesses and consumers. GFS has no affiliation with D&B and is not here to undermine its services. However, our function is to have your business placed in the best possible position to secure your business financing and improve your business credit history and your financial future. To view D&B's position on the US Patriot Act and how this effects your company's Business Profile report click here.
As business consultants as well as financing experts we have seen thousands of D&B Profiles and highly recommend that we prepare one and/or review your current Profile for your business before we submit any financial request on your behalf to a lender. For you "do it yourselfers" beware of the pitfalls you may face and keep in mind that any incorrect or detrimental information that you provide D&B's representatives may remain on the report whether or not you update it later.
GFS is also a preferred member of Equifax Business Services which is also another major source of verification in the loan process by lenders. Prior to our submission of a loan or line of credit application we will run an Equifax Business report on your business and make applicable recommendations to improve your funding opportunities while building credit under your corporation or LLC. In addition we also run an Experian Business Credit Report if needed and coordinate the data with your D&B Profile and/or make applicable recommendations. GFS is available to prepare business credit file disputes and assist you in any investigation to correct or remove negative credit history.
In today's business world business credit is becomming increasingly more complex to analyze and is a major factor in a lender's decision to extend credit. Attention to detail and knowledge of how the credit bureaus operate often makes the difference between a loan approval and a decline. Why rely on random trial and error to achieve your financial objectives while lowering your FICO scores due to excessive credit inquiries. Allow our experienced consultants to analyze and correct any business credit deficiencies before we start the application process to save you the anxiety and provide you with the peace of mind that your business is in good hands.
To speak directly with one of our consultants,
call our Beverly Hills, California office at: 310-461-1919
during the hours of 8AM -5PM Pacific Standard Time.