Are Commercial Tenant Credit Reports the Solution for You?

Commercial Tenant Credit Reports enable commercial property owners to run commercial tenant reports on prospective tenants before leasing office, warehouse or retail space.

AAA Credit Screening Services understands a property owner’s need to protect their property and to feel secure in their commercial leasing decisions. That is why AAACSS is now offering Commercial Tenant Credit Reports.

Commercial Tenant Credit Reports can be divided up into two categories: business reports, and individual principal(s) reports.

Commercial Tenant Credit Report packages available are: Business Summaries, Commercial Intelliscores, and Business Profiles.

Business Summary Report

These reports include a snap shot of the business’ credit history, including legal data. It will provide the number of trade lines the company has open, any court judgments or tax liens levied against them, bankruptcy filings, and more. This report will also include the date of incorporation, the filing status (“Active Business”, etc.) and the principal officer’s names.

Commercial Intelliscore

These are one-page reports with credit information, just like the Business Summary reports, but also adds current DBT (days beyond terms) information in trade agreements, monthly average DBT and the total outstanding trade balances. It will also include the higherst amount extended to the company by a creditor as well as number of collections accounts and any monetary sums of legal filings. Commercial Intelliscore reports also include Intelliscore Plus, which is a numerical rating resembling a business’ credit score. These scores range from “high risk” ro “low risk” based on the company’s credit history.

Business Profile Report

These reports are AAA Credit Screening’s most comprehensive business credit reports. The first page includes an executive summary, reviewing the information contained in the report as a quick reference. It includes the business’ current dollar weighted calculation of the average number of days that payments were made past the invoice due date range compared to all other companies and compared to other companies in the same industry. The overview also provides a graph with quarterly and 7-month DBT trends, and includes a summary of legal filings and collections, along with trade information. A performance analysis report for the business is also included, assessing indicators of payment trends and comparing the business’s payment speed with others in the same industry.

What makes the business profile report unique, is that following the summary there is a complete report on accounts with each creditor, balance and DBT. Details on all legal filings and collections are also included.

If the company is a new business establishing within the past year, you might find that your commercial tenant credit report will be quite thin and can’t be compared to other companies. Commercial property owners may feel that such a thin credit report is not sufficient to make a final decision and can therefore choose to run credit reports on the individuals or principals of the company wanting to lease their property.

Running both the business credit reports such as Commercial Intelliscore in tandem with individual credit reports allow property managers to have a better grasp of the company’s principals and credit worthiness before signing leasing contracts.

For more information about Business Credit Reports, click HERE

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So, you just ordered a verification….

Things to keep in mind:

1 – Turnaround times vary and are not guaranteed  clock

Verifications are rarely completed within 1 business day.  Most verifications require human interaction, not just automated computer searches.  This usually results in longer turnaround times. Our guidelines for verifications are 3-5 business days, however they are just guidelines. A minority of searches will exceed that time frame. Always call our office if you have a tight deadline and we can recommend a course of action.

2 – Results vary and are not guaranteed

A – Verifiers are not legally bound to respond to our requests.

B – Verifiers may have policies that prohibit some or all information be shared with    anyone other than the applicant.

C – Verifiers may not respond to our request.

We will always contact the verifier with the information provided to us three times.  If no response is received after three attempts, the verification will be closed.

3 – YOU are responsible for contact information  speech

It is important that your applicant provide detailed contact information for all verifications.  If we do not have a contact name and phone/fax number or email for the verifier (employer, landlord, etc.), we will be unable to fulfill your request.  We will notify you if that information is missing when your order is submitted and will close the verification request if the information is not received within 3 business days.

4 – Additional fees?!

Some verifiers charge additional fees or use a third party to complete verifications.  An example of this would be the companies THEWORKNUMBER.COM and DEGREEVERIFY.COM.  There are several others, however these two are the most common.  We will contact you if a verifier indicates there will be an additional charge to get your permission to continue with the verification and charge your account.  You may decline to proceed and the verification will be closed.

5 – Can I get a refund? coins

Our staff work diligently to get the information you require.  Once a verification has been started, no refunds will be given, regardless of the outcome of the verification.

Welcome To Our New Report Platform!

Introducing InstaScreen, AAA Credit Screening’s new platform for running and viewing consumer reports. As of 6/13/201Easy-Button6, all of our reports will be run through InstaScreen. What does this mean for you, our clients?

Some of you may have already experienced InstaScreen. If you have requested a report within the past week, you should have received a welcome e-mail directing you to https://aaacredit.instascreen.net/ where you can use the login and password that we have e-mailed you to access your report – now, later, whenever you want; your report will be waiting for you within our neat and tidy interface.

If you haven’t requested a report in the past week – don’t fret! Your account is ready and waiting for you when you put in your next request whether it’s a week, month, or year from now; we will send you your login information along with the notification that your request has been completed.

Once you enter in your login for the first time, you will be prompted to reset your password to something other than the default. Be sure to practice password safety and do not use a password that you utilize for other logins, such as your e-mail or your online banking account. You will also be prompted to set up security questions. These questions are in place so that in the event you forget your password, you can prove your identity to regain access to your account.

How do you access your reports once you are logged in to InstaScreen? There are two easy ways.

  • The first way is to enter in your applicant’s last name into the search bar at the top of the page and press your “enter” key. Then, a list of any of your applicants with that last name will appear. Click on the applicant whose report you want to view, and voilà!
  • The second way is to click on the tab labeled “Reports”. Then, on the left sidebar, click on the link for “Last 10 Reports”. This will come up with the last 10 reports that you have ordered from us. Click on the applicant’s name whose report you want to view, and the report will appear!

One of the benefits of InstaScreen is access. You can now access your reports via your home computer, your smartphone, or a tablet with internet access! You can download your report as a PDF so you can view or print it offline or you can view it online. InstaScreen is perfect for anyone at home or on the go!

https://www.hrbackground.com

 

FRAUD

stolen

Lions, tigers, and lost Social Security cards, oh my! Yes, it’s a very scary thought. Information that you have likely worked hard throughout your life to protect is now missing. It could be in the hands of someone that has mischievous ideas or more likely, it could be in the trash. The thought of your name and matching social security number being used to secure credit (that you obviously didn’t authorize) is horrifying and devastating.

If this happens, steps may be taken to lessen the blow to your credit (and psyche).

If you believe that you might be a victim of identity fraud, follow these steps.

  1. Place a fraud alert on your credit report by contacting one of the three major credit bureaus (Transunion, Experian, and Equifax). Once placed, the other two bureaus will be notified. The initial fraud alert will last for at least ninety days.
  2. Review your credit report for fraudulently open accounts.
  3. If accounts are found; contact the creditor and question the account.
  4. File a fraud report with your local police department and the Federal Trade Commission.
  5. Report to your bank and other creditors about identity fraud.
  6. Place an extended fraud alert on your credit. The extended alert will last for 7 years.

For some it is necessary to continue with one more step. They may elect to place a security freeze on their credit report. The security freeze prevents anyone (lender’s and creditor’s) from accessing your credit report. There is no time limit on the security freeze, and will remain on your credit until you say otherwise.

The fraud alert and the security freeze are consumer (you) initiated and ended. A credit reporting agency must follow certain guidelines pertaining to identity theft. As a consumer, you have rights, and those rights are there to protect and help you in the event of a situation such as identity fraud.

There are other reasons that one may elect to place a fraud alert or security freeze on their credit, but it may cost the consumer an out of pocket initial fee to establish.

 

Pay Your Taxes or Doom Your Credit

death & taxes

The time of year that everyone despises has come around yet again. It’s a certainty of life. You are born, you pay taxes, and you die. Many people get overwhelmed with the process of filing their taxes, or the thought of having to pay out any sum of money. Let’s be real. The majority of Americans do not save money throughout the year to pay at tax time. We all know we should, but there are so many other things that we can use that money on. So the question is, what happens if you don’t pay your taxes?

A tax lien. That’s what happens. If you don’t pay your taxes, it will not immediately show up on your credit report. However, the IRS will file a tax lien.
Tax Lien:          “A tax lien is the federal or state government’s legal claim on your property.”

                        Applies to real estate, vehicles and financial assets.

 

A tax lien will drop your credit score easily by 100 points, show on your credit and will negatively affect your ability to get a credit card, loan, or mortgage.

The IRS will file a tax lien if you owe a minimum of $10,000. State and local jurisdictions vary, but the state can and will file a tax lien with an unknown minimum of amount owed.

If you didn’t pay your taxes in the past, and you already have a tax lien affecting your credit, you can follow these steps:

  1. Pay your current taxes on time or work out a payment arrangement
  2. Get the tax lien released
  3. Pay back the owed debt in full – the lien will be released within 30 days
  4. Offer in Compromise – Settling your debt for less than you actually owe
  5. Discharge of Property – Must meet eligibility requirements
  6. Wait 7 years for it to fall off of your credit report. Verify that the lien shows on your credit as being paid/satisfied*

*There is ONE MORE resource for you if you didn’t pay your taxes previously. The federal government created the Fresh Start Program. If you pay your debt in full, you can request that the IRS WITHDRAW your tax lien. The credit bureaus do not include withdrawn tax liens on your credit report.

The best thing you can do, as much as it may hurt, is to pay your taxes in full from the beginning. For the most part, a tax lien can be avoided, so why deal with that hassle?

For more information on the Fresh Start Program

Authorized Reasons to Run Credit

There are many reasons that you can run a person’s credit. The most common reasons are:

Credit transactions which help the lender determine the credit worthiness of the individual for the purposes of a loan, mortgage or credit card;

Tenant purposes to determine the likelihood that an individual will pay rent on time for property to be leased;

Employment credit reports are used to quickly and cost-effectively provide objective and factual information, providing insight into an applicant’s integrity and financial responsibility.

The Fair Credit Reporting Act (FCRA) has set in place specific guidelines that must be followed any time credit is pulled. The individual whose credit is to be pulled must authorize in writing that they are aware and allowing this to take place. Also, the applicant has rights if the information obtained is used to deny credit, residence, or employment.

If there is doubt as to whether it is legal to pull someone’s credit report, confer with your background screening company or a legal team.

https://www.aaacredit.net

 

 

 

 

 

Deciphering a Credit Score

Trying to calculate your own credit score will make you feel like a caveman attempting calculus. There is a specific algorithm that is used by each credit bureau to make this calculation with many factors that play into it.

Generally speaking, your score breaks down into five major parts. Each part holds its own percentage of value to your credit score.

35% Payment History

30% Amounts Owedcredit_score_breakdown

15% Length of Credit History

10% New Credit

10% Credit Mix

The truth is that even with knowledge of these specific percentages, your credit score would still not be simple to calculate. Other factors are taken into consideration during calculation that can alter these percentages. For example, people who have a short credit history will have differently weighted factors in the equation used to calculate their score than those with a longer credit history. Your credit history always plays a major role in the calculation. But, as the information on your credit report changes, so does the importance of the other factors that help to determine your score.

Often people use programs to see how a specific event, like buying a car, will impact their score. The reality is, it is impossible to measure that event without comparing it to your complete credit report.

There are some events that will always have a large impact on an individual’s score. Defaulting on a larger installment loan, like a mortgage, will damage your score more than a small revolving loan, like a credit card. Also, having a consistently high debt to credit ratio (how much of your available credit you are utilizing at any given time) will negatively impact your score.

While you may never know exactly how your score is calculated, making consistent and timely payments will work best to improve your score.

https://www.aaacredit.net

 

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