The Business Credibility Check
Did you know that many business loans are denied for simple errors on the application?
Did you know that failure to make sure your business is set up to pass credibility checks will quickly get you a denial, even if YOU have excellent personal credit? What makes it worse if now you have placed an inquiry on your own personal credit.
Without proper identifying the 10 most important credibility formalities in your business setup, and the 10 minor business expectation factors of your business set up, you place your business at high percentage bracket for a denial.
In a recent study of U.S. Business loans from big banks, it has been estimated that only 22.8% of small business loans were approved.
In a recent conversation directly with a FICO representative, we learned that one of their clients who utilizes their decision analysis for approvals were receiving over 2000 applications for business loans, but were only approving roughly 350 applications. Why? Businesses were not passing the credibility check!
If you were not aware, many commercial lending firms now employ FICO Application Fraud Manager as part of their pre-qualification standards. Application fraud is a costly and growing problem for the financial stability for lenders and their investors. What does this mean to you? In efforts to combat first or third party application fraud, lending firms can quickly deploy FICO’s capabilities to see if your business meets certain criteria, BEFORE you even make it to underwriter’s review of your credit, cash-flow and collateral.
In the face of our economy, businesses are under pressure to approve more loans and credit, and simultaneously reduce the risks of fraud. This is evident now in many of the personal consumer credit and debit cards which now employs the Chip and PIN methods for card management.
FICO’s Falcon Fraud Manager cross-checks multiple platforms to validate you and your business. They even have a platform that includes cross-checking your social media connections!
Below is what your business entity is up against with credibility checks being ran by FICO against you and your business.
Are you ready?
At Hillcrest Financial our Lender’s Credibility Check Platform has helped thousands of business owners position themselves for a higher approval rate, simply by allow us to validate your business through our platform. We’ve developed several powerful tools and numerous resources to help your business pass the Lender’s Credibility Checks and place your business on the right path for funding.
Let’s take a closer look at some of what you will receive:
We Help You Build Your Entities Credibility:
- Check all documents for through correction
- File appropriate documentation for correction if needed
- Help you establish proper licensing
- Help you establish credit relationships with all necessary credit bureaus
- Help you establish proper business set up
- A lot more in making your business credible…WAY MORE!
- Make sure your business successfully passes the lender’s credibility checks
How It Works:
When you become a member of the Hillcrest Financial’s Lender’s Credibility Check Program you will be contacted by your assigned Credibility Coach within 24 hours. This will be your main contact person through-out the program.
The first step will be to review your current business set up and make sure is up to par with lender’s compliance. Our goal is to make sure your business passes the lender’s business checks.
After we have reviewed your current business records and licenses, you will be contacted by your Business Credit Coach, who will then instruct you on the next processes for positioning your business for funding, should you choose to move forward.
Then, the good part comes…
You will have unlimited access to our proprietary database of reporting vendor lines of credit and business credit card providers. You will know exactly what they require to approve your business BEFORE you apply.