Identity Theft: They Caught Him

His hard earned money? Gone. Creditors on his back everyday. The cops knocking on his door. His family strained to the breaking point. He didn’t do anything wrong but my business partner’s life got turned upside down afew years back. He became a victim of what is now the fastest growing crime in the world. Identity theft.

According to the Federal Trade Commission, since 1999 over 27 million people in the US alone became victims of this epidemic 10 million more last year. Harris InterActive,a marketing research company, reports that between 2002 and 2003 more roughly 19,178 people per day fell victim.

Your identity can be stolen in many ways. For my partner, the thief gained access to his social security number and address then applied for a series of loans in his name. When the bills came due, guess who the creditors and law enforcement held accountable?

He and his family felt the full impact. Identity theft can cripple and even destroy a person’s life. The time loss trying to recover your identity as well as the out of pocket expense U.S.Treasury Secretary John Snow calls identity theft “the greatest threat to consumers and far more insidious and harmful to our national welfare than many people realize.”
The internet doesn’t make it any better with its almost limitless access to information but a great deal of identity theft still comes from the offline world. Wherever it comes from the goal stays the same. To get your personnal information and steal what belongs to you for as long as possible.

In many cases, this can lead to the victim filing for bankruptcy or worse. As reported by the Orlando Sentinel, one man whose identity got stolen recently spent 54 days in jail before authorities realized their mistake.

Yet even when the thief finally gets caught, victims find out all too often the worse part still lies ahead. The recovery of their identity. For my partner, that meant never ending battles with the same credit bureaus that previously gave him good ratings.

They destroyed his credit almost overnight eventhough he did everything they told him to get it restored. The agencies refused to clear his record and instead, started sharing his information with each other. His mortgage rates went thru the roof. He paid more for everything but still got declined. With all of this came the burden and fear of him not knowing if he would ever recover his identity.

Six years later he finally did. He started working with a company that within 90 days restored his credit. His mortgage rate dropped and he went back to paying full price for everything like the rest of us.

And like my partner, all of us risk becoming victims. In San Antonio Texas, television station KENS 5 spoke with a man convicted of identity theft who warned “Don’t take for granted what you have because anybody could take it away – I mean at the snap of a finger.”

He would know. The ways of stealing an identity have turned this crime from nuisance to worldwide crisis.

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Home Page > Finance > 6 Major Types of Business Credit Applications

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6 Major Types of Business Credit Applications

By: Marco Carbajo
Posted: Sep 03, 2010

Before you begin applying for credit it’s important to figure out what strengths and weaknesses your company brings to the table.

Are you a startup or have you been in business for several years?

Do you have projected revenues or actual revenues coming in year after year?

Does your company process credit cards on a monthly basis? If so, how much volume?

Are you struggling with poor personal credit or do you have strong credit scores?

Does your company have any assets or are you relying on using your own personal assets?

Once you have made an honest assessment you’ll have a better idea of what types of credit your company will be able to start obtaining right away.

I have assembled the six major types of business credit applications along with some actual examples so you can easily identify which best fit the needs of your business.

6 Major Types of Business Credit Applications

1) Personal Credit Check -Personal Guarantee – Reports to Personal Credit Reports (Business Credit Cards from Chase, Bank of America and other major bank cards)

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2) Personal Credit Check -Personal Guarantee – Reports to Personal Credit Reports and Business Reports (Capital One Business Platinum : that card reports to Corporate Experian, Small Business Equifax, Experian, Transunion, Equifax)

3) Personal Credit Check ‘Personal Guarantee – Reports to Business Reports (Discover Business, Comerica Business Mastercard)

4) Personal Credit Check ‘Business Credit Check – No Personal Guarantee – Reports to Business Reports (Sam’s Club Business Discover card)

5) Business Credit Check – No Personal Credit Check ‘No Personal Guarantee – Reports to Business Credit Reports (First Equity Card, Secured business credit cards, Vendor credit lines)

6) No Business Credit Check – No Personal Credit Check ‘No Personal Guarantee – No Business Credit Reporting (Merchant Card)

While most businesses start off with trade credit and secured business credit cards you can easily obtain other types of credit depending on what you are willing and not willing to do.

If you are against a creditor pulling your personal credit reports then you have to realize that your business must be able to show that it’s a creditworthy company.

Getting incorporated, obtaining a federal tax identification number and complying with corporate conformity is just the beginning.

Applying for credit is the next step and depending on what level of risk your willing to accept on a personal level makes a big difference on what business credit applications you will end up filling out and submitting for credit approval.

It’s not uncommon for a business owner to apply for several different types of applications listed here so don’t limit yourself to one type of application.

Creditworthiness starts with establishing strong business files, solid business scores and favorable bank ratings.

Marco Carbajo – About the Author:

About the Author
Marco Carbajo is founder of the Business Credit Insiders Circle. Looking for business credit application sources? Join our no personal guarantee business credit building system. You can follow Marco on Twitter @MarcoCarbajo

Source: http://www.articlesbase.com/finance-articles/6-major-types-of-business-credit-applications-3191300.html

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What steps are you taking for minimizing business risk?

Are you having trouble deciding whether to do business with a company?

These are all important questions to address and conducting small business credit checks offer a viable solution that will help you make better-informed financial decisions.

Why business credit checks?

We all know that knowledge is power and there are many reasons why you want to have power when it comes to making business decisions. As a business owner it’s critical to minimize your risk as much as possible especially when extending credit to customers. Some of the typical ways include requiring a down payment on orders and offering terms as low as ten days but these steps alone do not cover as much ground as you could with a business background check.

Here are ten compelling reasons for you to conduct business credit checks:

1) Have full confidence in deciding whether you should to do business with a company by receiving complete business background information.

2) Protect your business from customers or suppliers who may be suffering financial or legal trouble.

3) Get a clear picture of a company’s business practices by viewing its banking, trade and collection history. This will give you greater insight into how the company manages its finances.

4) Before granting a credit increase to an existing customer you can review the risk factors to avoid any future surprises.

5) Quickly determine whether you can make a credit decision by knowing if a company has past liens, judgments, and bankruptcies.

6) Find out what your credit position will be prior to extending credit to customers by viewing the company’s Uniform Commercial Code (UCC) filings.

7) Ensure that your key suppliers will be around to continue supplying your company the products/services it needs.

Avoid the hassle and cost of collection procedures by making better-informed financial decisions.

9) Monitor your own company credit to manage what decisions other creditors and suppliers will make about your payment terms, credit lines, and interest rates.

10) Stay on top of what your competitors are doing by monitoring their credit.

You can definitely benefit by conducting business credit checks but you have to know what to look for when choosing a business credit reporting service.

For starters you’ll want to consider the size of its database, reporting tools, accessibility, and reporting frequency. The two largest repositories in the country are Dun and Bradstreet and Corporate Experian.

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