The Anatomy Of Credit

Two Types of Credit:

• Consumer Credit – You supply personal information, then a score from one of the three crediting reporting agencies is generated, and you have a decision.

• Commercial Credit – First, the actual business itself must be verified. Then the type of business must be confirmed. Is it a Sole Proprietor, Corporation, Partnership, or LLC? After this, we must determine ownership, who owns the company, and how long that ownership has been in place. Next, we need to know the kind of asset in relation to the business and the location where the asset will be used. Once all of the information has been verified, we factor in business and personal credit ratings, if needed, to determine a decision.

Understanding Your Credit Score: FICO credit Score Model – determined by the three major credit bureaus, Experian, Equifax, and Trans Union. Do you want to know more on credit scoring models? Check out our blog There Must Be A Mistake; My Credit Score Is What?

• Very Poor: Score of  300-549
  
• Fair: Score of  550-649
• Good: Score of  650-699
• Very Good: Score of  700-749
• Excellent: Score of  750-850
   
  

Remember, the credit score might change slightly due to credit report information being slightly different from each reporting agency. Information That Affects Credit Scores:
 

• Payment History for loans and credit cards
  
• Used vs. available credit
• The number of credit accounts
• Age of credit accounts
• Type of credit accounts
• Total debt
• Number of credit inquiries in the credit report
• Public Records (for example, bankruptcy, Tax liens & civil judgments)
  

What To Expect When Financing Equipment Thru Tri-Lease:

Whether you are selling or buying equipment, we offer many different funding programs to fit your company’s needs. All you need to do is fill out a simple one-page application, and we will do the rest. We usually don’t require financials, tax returns, or complicated business plans. Then in about three business hours, you will get a decision. So now that you are more informed about the credit process, why not let us help you fund your next equipment purchase today?  Click here to apply now. Please let us know what you think about this blog topic in the comments section. Also, we would love to hear if you have any blog topics you would like to see in the future.

Editors Note: Credit score information was found at: www.experian.com, www.transunion.com, and www.equifax.com