By Walter Nunez & Yhordan Serpentini
Many business owners think they have items reporting on their business credit reports that really are not actually being reported, but over 90% of trade vendors do not report to the business credit reporting agencies. So, chances are good that the information you think is on your report might not really even be there.
If you see accounts or details you do not recognize or feel are inaccurate on your business credit reports, request a debt validation for that account using a debt validation letter.
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 the 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 to your dispute.
Have you been surprised with the information that you may or may not be expecting in your business credit report?
Jaeli Tools:
Latest Posts:
- Digital Mastery Unlocked: Navigating the Costs and Returns of Your Business Website
- From Dream to Reality: Financing Your Business Acquisition for Success
- Marketing vs Sales – Why Both Are Important and How They Complement Each Other
- Defying the Startup Graveyard: Navigating the Mysteries of Business Ventures
- Tips to Boost Your Chances of Raising Capital Through Ten Different Methods
