DEFINE YOUR BUSINESS
D&B will create a composite credit profile based upon information that is provided by local, state, and federal agencies, third party resources, your vendors and suppliers, and you, as an active participant in your own business. They are going to paint a picture onto the canvas of a credit report that will represent you and your business -- impacting your business credit approvals, bids you submit on projects, and even the interest rates you are given on loans, insurance, and credit cards.
If anyone is going to paint a picture of your business, don't you think your hand should be on the brush?
History has proven that businesses can be impacted by factors that are within their control as much as factors that are outside of their control. D&B will generate scores and ratings based on approximately 75 different factors they have found to have defining impacts on a company's financial status, longevity and credibility. We know, for instance:
• A hurricane will affect every business, even those NOT directly in it's path
• A change in business management affects the way bills are paid
• A drought will affect a broad spectrum of businesses
• Sudden employee hires and layoffs affect pricing and product flow
• Providing additional products or services will affect your cash flow
• A rapid change in payment habits foresees closures or bankruptcy
• Negative media can be devastating
• CEOs sometimes get arrested
It is crucial to your company's success that you have access to the funds you need when you need them. But it is also crucial that you get the best possible interest rates for that funding. You are the determining factor in that equation. A lack of information in your D&B profile can be just as devastating as having negative information.
It is your responsibility to make sure your D&B report is up-to-date and accurate, and that the information contained in that report paints a clear picture of who you are, what you do, and the stability of your credit worthiness. If you do not provide this information to D&B, they will create a profile that is based solely on averages of other businesses your age, in your region, in your industry, with your employee count, etc. Shouldn't your business credit report be based on information about YOUR company?
You don't have to think very far back to remember an oil spill in the Gulf of Mexico - an explosion and raging fire on a damaged oil rig that caused millions of gallons of crude to flow unimpeded. While the effects to millions of businesses along America's third coast were not immediate, the impact generated on their D&B profiles was.
From historical insight, D&B knew how this would impact businesses and livelihoods. They knew that everyone would be impacted by the disaster. Not just the oil company responsible for the rig itself, but everyone from the shrimp and fishing industries, to the hotels and resorts, to the Mom and Pop shops, to the trucking and shipping industries, to the employment agencies, to the environmental agencies, to the vacationers and hobbyists who frequent all of those businesses during the tourist season and off-seasons alike.
Hundreds of thousands of businesses were impacted by that disaster, and millions of dollars were lost. But there were many more businesses that were negatively impacted by D&B and it's sudden downgrade of their overall composite credit appraisal and financial stress scores simply because they were located in that region and had the POTENTIAL to be impacted by the disaster.
It became the responsibility of those business owners to then repaint the picture of their company's credibility, their ability to withstand the tests of the disaster and possibly even thrive from it. Was that fair? No. Was it a brutal reality? Yes. Did they survive? Only if they took matters into their own hands and worked past it.
How can you positively impact your Dun & Bradstreet business credit profile?
• Provide up-to-date and accurate information
• Use the D&B DUNSmanager to update your file
• Do not provide misleading or false information
• Be able to back up your data with credible evidence
• Challenge inconsistencies when you see them
• Know when to push back and when to step back
• Hire people who know how to paint…
How can you positively impact your composite credit appraisal? There are literally hundreds of ways. How to know which are the right ways and which are going to spell disaster? You don't. That is why you hire people who do know how to paint a clearer picture of your business. That is why you need a specialized team who understand what to look for and what to look out for. An informed team that knows the factors that impact your creditworthiness and can guide the processes in place to get you to your goals. A team with experience in credit building and maintenance, with the right tools to get the job done, and the appropriate answers for your questions.
That is why you hire Starpoint Credit Solutions. We can paint a brighter future for you and your business.
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Gain access to your business credit profile
Update the business information in your file
Dispute removable slow payments
Challenge outdated public filings
Gather your existing vendors and suppliers
Submit your trade references to D&B
Track your updates and scoring improvements
Send you an updated report as changes occur
Establish new trade lines for your business
Advise you against potentially risky behavior
Provide companies who can report payment history to the business credit bureaus
Register your business with SAM.gov
Provide you with guidelines and the training you'll need to keep making progress
Refer you to trustworthy lending sources for working capital and business lines of credit
Walk you through the application process and answer your questions along the way
Keep you on a consistent track to success