The Two Types Of Credit And What Kind Of Information Is Needed.

• Consumer Credit – You supply some personal information, and 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 an 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 location where the asset will be used. Once all of the information has been verified, we then factor in business credit ratings and personal credit ratings, if it is needed, to determine a decision.
  

Understanding Your Credit Score: Vantage credit Score Model – determined by the 3 major credit bureaus, Experian, Equifax and Trans Union

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

Remember the credit score might change a bit 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 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. In most cases, we don’t require financials, tax returns, or complicated business plans. Then in about 2 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 below in the comments section what you think about this blog topic. 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