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Get an 80 Paydex Score in 2010
Author: Marc Augustine
Let me start by saying that I am tired of seeing articles on the internet full of fluff. This is one of the few articles that I personally publish on the internet, other than my blog, and I will try my best to leave out as much fluff as possible(other than this initial rant about nonsense articles online). For those of you who know how to get an 80 paydex, but simply want to get the names of companies that still report to Din and Bradstreet, you can skip the explanation and go to the end of the article. Your Paydex Score as many people know is the system that DnB(the main business credit bureau) uses to assess your credit worthiness by rating how timely you pay your bills. You can view the basic chart by DnB below. D&B Score Interpretation Table D&B PAYDEX Score Payment Habit 100 Anticipate 90 Discount 80 Prompt 70 15 days beyond terms 60 22 days beyond terms 50 30 days beyond terms 40 60 days beyond terms 30 90 days beyond terms 20 120 days beyond terms UN Unavailable Typically, you will never get over an 80 paydex. In the years that I have been building business credit, and after looking at hundreds of business credit reports, I have personally only seen two companies with a paydex score of above 80 and they were both below 90. I suspect that one of them was artificially created, but thats a story for another day. There are varying requirements floating around the internet about what is needed to get an 80 paydex(which is your initial goal in building business credit). The bottom line is this, you need 3 companies(not 4,5 or 6) to report to DnB that you have paid your bills in a timely fashions. Once that is done you will get your 80 Paydex. The problem now, is that many companies either stopped reporting to the credit bureaus, or require high spending in order to report. The companies still gives credit to brand new companies and also report to DnB very quickly. AT&T - They are your phone provider but you will want to open a phone line or remote call forward number with your Tax ID in the name of your business. Once you pay your bill on time, they will report to DnB and this can count as one of the three companies that you need to report. Quill - These guys give net 30 accounts to brand new businesses. You will have to put something in your shopping cart, and when checking out, simply choose to be billed. If you do not understand, give them a call and they should give you an account but getting billed online works more often than calling in. I have never personally got denied online but I have been denied when calling in. Reliable - This company's process is the same as Quill. They report to both DnB and experian business. A perfect starter company in your business credit journey. Uline - Although much of the items that they sell may not be useful, you can order something cheap and pay it off on time and they will report. Ok, so now that you know about paydex scores and who to start with the process, you need to know about the minimum order. What most people do not know is that companies cannot report less than $50 to the credit bureaus. This does not mean that you have to spend $50 in order to build business credit. The good news is that if you simply spend $5, lending companies will either report $50 or they will report the size of the line of credit. You can get all complete guide on business credit at http://www.businesscreditebooks.comAbout the Author:
Marc Augustine is the author of multiple guides on building business credit and blogs at http://www.creditrich.net How To Buy An Ultralight Aircraft Payday Advance, Easy to apply Beware Of Paypal Account Phishing Determining If You Need A Payday Advance Paying Tribute To Memories Can Help Us Move On How To Compare Prices When Online Shopping Tips And Strategies Where To Buy Kindle 2 Advance Reader Reduce Long Distance Rates By Internet Shopping by:George M Noceti How To Save Money Shopping Online by:Everett Sizemore Home Business Start Up -- Grocery Shopping Home Business by:Shawn Price Get Back With Your Ex - Patience Can Pay Off Who Will Pay When You Have Pre-existing Conditions