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Monday, April 06 2015

The consumer credit dispute system was created to provide the consumer recourse when there is an inaccuracy on their credit report. The way the system has turned into an automated dispute process using systems like e-OSCAR and OCR is fundamentally flawed.


There are no real investigations, but rather an automated process of sending and receiving information between the financial institution and the credit reporting agencies. The process barely satisfies the FCRA regulations and frequently violates the law.


Now, here's the big zig to online disputing, that’s hidden beneath the surface - The credit reporting agencies seem to be quite intuitive at finding hidden profit centers. Just when you thought they had all the angles covered, the deep truth of online disputing is exposed.


When consumers dispute online, there are no interactions with the humans needed to facilitate the dispute process, not even low-priced, foreign outsourced labor that they commonly use. Online disputes are truly 100% automated by computer systems, and the credit reporting agencies still charge the data furnishers for the errors. With this method, their profit on disputes is nearly 100% - wow!

Posted by: Kevin Foster AT 04:32 pm   |  Permalink   |  0 Comments  |  Email
Thursday, April 02 2015

You probably have personal credit scores established, and you are probably familiar with your scores at Equifax, Experian, and Trans Union.

But do you have a Paydex business credit score yet?

The main credit score used in the business world is known as a Paydex score provided by Dun and Bradstreet.

This number assess a business's lending risk much the same as a consumer credit score reflects a consumer's individual credit risk.

The exact definition from Dunn & Bradstreet, or D&B is: The D&B PAYDEX® Score is D&B's unique dollar-weighted numerical indicator of how a firm paid its bills over the past year, based on trade experiences reported to D&B by various vendors.

There are many BIG differences from a business Paydex credit score and an individual FICO credit score.

Consumer FICO credit scores range from 350-850. The Paydex Score ranges from 0-100 with 100 being the highest score you can obtain.

Having a Paydex business score of 80 or higher is very good, as scores below 70 are very bad.

Individual credit scores are calculated based on a number of factors. The Paydex score is calculated based on only one single factor; whether a business makes prompt payments to its suppliers and creditors within the agreed upon terms of payment.

For example, prompt payments will produce a Paydex score of 80. A 70 score reflects paying 15 days behind, 60 score is 22 days behind, a 30 score reflects paying 90 days behind, and a 20 Paydex reflects paying bills 120 days late.

If you own a business, your Paydex score is essential in establishing new credit and continuing to build credit limits exceeding $100,000.

Through the business credit and funding suite your clients can monitor their Paydex score as they build their business credit.

We can help business clients obtain money and credit for the business by offering our TRW Business Credit Building and Funding Solution.

Posted by: Kevin Foster AT 10:21 am   |  Permalink   |  0 Comments  |  Email
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