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Avoid Fraud & Approve More Good Loans

Avoid Fraud & Approve More Good Loans

If you're watching the news on an ongoing basis, it seems people just don't learn from the transgressions of others. Unscrupulous individuals are still being caught committing fraud against lenders. How does your company avoid being a victim of fraud? It starts with a complete credit application. Next, pull credit.

BCR is the only independent provider of credit data from all three major business credit bureaus. Our proprietary blended reports give you the best each bureau has to offer, giving you the most complete view of a business’ credit situation.

New D&B Viability Rating Comes to BCR

New D&B Viability Rating Comes to BCR

BCR recently added D&B's Viability Rating as an add-on to our report lineup. A standalone Viability Rating report will be made available in the coming days. The Viability Rating is a new analytic tool that offers a comprehensive assessment of whether a company will still be in business in 12 months.

Mandatory SBA Credit Reporting is Easy and Free

Mandatory SBA Credit Reporting is Easy and Free

In an Information Notice sent out on December 15, 2014, the SBA clarified the following:

  • Lenders are required to report to commercial credit account information to the appropriate credit reporting agencies whenever they extend credit via an SBA-guaranteed loan. Lenders should continue to report information concerning the extension of credit, servicing, liquidation, and charge-off activities throughout the life-cycle of the loan.
  • Reporting must be done on no less than a quarterly basis, per the GFCBP (Guide to the Federal Credit Bureau Program – page 3-2).
  • Reporting of guarantors is not required.
  • Lenders are required to provide the following in their reporting:
    • Name, address and taxpayer
    • ID Amount, status and history of the debt 
    • Agency or program under which the debt arose
    • Additional elements required by the credit bureau