How To Become Lender Compliant
I attended a 2-Day intensive training session with a Dunsright Certified Dun & Bradstreet (D&B) former manager/employee February 3rd and 4th. I didn’t think that there was much to learn, but boy was I mistaken!
I attended to learn how to assist clients in becoming lender compliant. We were certified as a reseller of his products and services and gained access to his knowledge base, which I liken to pulling back the veil and revealing hidden truths and insider secrets.
This came in from Mitch our BLOC E Program Manager Sunday evening February 8th:
Joe,
The Q&A we did referred to ‘being lender compliant’ when I mentioned ‘the reverse engineering process’ allowing the corps to meet the lenders pre-approval process.
You have rightly referred to what you learned as ‘pulling back the veil and revealing hidden truths and insider secrets’
By building a proper DNB credit profile you increase the potential of being funded up to $100,000.
We are offering a package of services:
Dun and Bradstreet business credit profile built in 60 to 90 business days
Executive Summary Review
Business Plan Review
The retail value of these products and services is $5,000 but you may enroll for $3,500 for the first 100 clients.
Dun and Bradstreet business credit profile built in 30 to 45 business days add $2,000
Dun and Bradstreet business credit profile built in 15 business days add $4,000
We also have a BFG Guaranteed Funding Program with potentially up to $500,000 in funding. The cost is $25,000. Many of our clients choose to pay us a Success Fee of 5% on the back-end.
Other BFG Products and Services:
LIST OF SERVICES:
Here is a full list of our services.
REF1 A thorough examination and appraisal of your corporation to determine what needs must be met prior to moving forward with the funding process. 10-Business Day Process in which we examine the articles of your corporation and meeting minutes and/or business plan and provide you with edited versions – $3,000
REF2 A list of 10 of brokers and their contact information for you to contact directly – $1500
REF3 Prepare a lender compliant business plan for your business $5000
REF4 Prepare lender compliant meeting minutes for your business
$1000
REF 5 Prior to purchasing our services or buying a business, we use the information gathered on your corporation or business and represent your company to the 800 brokers and provide you with advice as to which funding options (if any) should you consider and negotiate backend fees on your behalf. Includes REF1, 3 and 4. $6500
R2 Business Plan Template, Meeting Minute Template & appraisal $2500
H3 Dun and Bradstreet business credit profile built in 15 days
$7500
H4 Dun and Bradstreet business credit profile built in 30-45 days $5500
H5 Dun and Bradstreet business credit profile built in 60-90 days $3500
REP2 1 year Business credit monitoring services $1000
REP1 Get a trade line with a high credit line of $25,000 reporting to Dun and Bradstreet $6000
H6 Dun and Bradstreet — Remove slow pays, liens and judgments or other errors on credit profile $2000
H7 Dun and Bradstreet — Add more trade experience to existing report or add trades to generate PAYDEX $4000
H8 Dun and Bradstreet — Get an analysis of your performance compared to that of your competition $3000
P1 Personal Credit repair services in 30 days to raise score over 700 — 100% money back guarantee $7000
P2 Personal Credit repair services in 60 days to raise score over 700 — 100% money back guarantee $5000
P3 Personal Credit repair services in 90 days to raise score over 700 — 100% money back guarantee $3000
BUNDLED SOLUTIONS COST
B1 Ref 1 + R2 + H3 $10000
B2 Ref 1 + R2 + H4 $7000
B3 Ref 1 + R2 + H5 $5000
B4 Ref 1 + Ref 5 + R2 + H4 $10000
BFG will be a reseller of our materials many for the first of which have been furnished free of charge up until this point.
Top 5 Myths About Dun and Bradstreet
The Story
You don’t have to be working for Dun and Bradstreet too long before you realize that to some regard, everyone with no exception, has one or more aspects of business credit wrong.
So in the interest of all you business people who “claim” to know a thing or two about a business credit report, lets see how much your really know 😉
MYTH #5. Without Dun and Bradstreet, I won’t or can’t get a loan.
Banks or most lenders use Dun and Bradstreet as a source to verify the public information they need like liens, suits, judgments or slow pays. Ultimately it is the strength of your corporation or the corporation you purchased or your FICO score or both that is the actual factor used in most credit decisions. So the answer to myth #5 is FALSE!
MYTH #4. Each time I call Dun and Bradstreet they try to sell me something.
Dun and Bradstreet goes through great pains to ensure the quality and authenticity of the information they publish and although you can get many of their services for free, D&B will also take great pains to ensure that if you have to pay for services, they are only on aspects of your business that you actually need. Their needs-based approach is what makes D&B one of the most trusted sources for business insight, so that you can decide with confidence when making a business decision. Sometimes however, they also go through pains to sell you one or more of their bundled solutions which you may not know how to use, if you use it at all. So the answer to myth #4 is TRUE!
MYTH #3. Building my D&B means I don’t have to be a personal guarantor on business loans.
Knowing anyone can build their business credit report what are the odds that if YOU were going to loan money to a complete stranger that you would take the word of a 3^rd^ party verification system like D&B versus you collecting the business owner’s information and researching it yourself before loaning your money to them? That’s what I thought. FALSE!
MYTH #2. I need a Paydex score to get funded and is it similar to having a FICO of 800?
You don’t know what it took for me not to use this myth as the number 1 myth. It certainly came in close! Folks let me explain something to you. Do you REALLY think banks and lenders are oblivious to the fact that you probably took measurable steps to ensure a Paydex score of 80? Do you REALLY think they are ignorant to the fact that you can add your own mother as a trade reference if she too owned a business?
What do you think the bank is thinking that you are actually going to list a vendor whom you don’t pay on time on your credit report? Actually, I know one guy that actually did that – but still, that was one out of the thousand’s of reports I worked on during my tenure with D&B. But what a Paydex score of 80 does, is it say you don’t have any slow pays or anything in collections (at least large amounts). Ever think about what it means NOT having a Paydex score? THE EXACT SAME THING! It means you have no slows or collections or trust me, they would show up on your profile without you being kind enough to volunteer that info. And no – actually having a Paydex score of 80 is in no way related to a FICO of 800. FALSE AND FALSE!!
MYTH #1. D&B is a credit reporting agency.
If D&B were in fact a credit reporting agency then at that point you might not require a personal guarantor for those loans. D&B is used so that if I am going to make a business decision about your company, I don’t want to waste my time going from courthouse to courthouse, secretary of state, call every one of your vendors and wonder who you’re not paying. All I have to do is go (pay, of course) D&B and I can get all that info from one place. This myth is perpetuated by some lenders or even vendors that have prerequisites of you needing a D&B prior to working with you – what they are really saying is we don’t want to spend the time and money or take any efforts on doing our due diligence on you when we can pay D&B to do it for us – its certainly cheaper then paying some employee $12 / hour to do the same task. FALSE!
Well folks, there you have it. There are many more myths and especially secrets I am certain D&B would not like me to talk about so this will have to do. The best thing you can do for your business today is go to http://www.dnb.com/ and get the right answers from their site or give them a call.
Inquiry on this new program:
Lisa happened to call as I was writing this newsletter so I cut and pasted the information on the lender compliant program that’s mentioned above. Here’s what she sent to me Friday February 5th and my reply:
Hi Joe,
Thank you for sending me this information. This is a lot to take in. I am confused though. If we are looking for a Business LOC for $300,000 what is it we need to do? It has here that we need a D & B profile and there is a BNG guarantee funding for up to $500,000 for $25,000? Do we pay that upfront or when it funds? And how long does it take to fund? We are looking for something to fund within 30 to 45days. Is this credit score driven?
Thanks Lisa
My reply:
No one ever accused me of not providing enough information, Lisa.
This was an excerpt from this weekend’s newsletter that is going out to our 230-referral partners and hundreds of former and current clients. You are one of a handful that has this information.
I am not trying to proselytize you from William O’Toole. Please remember that you called me. Also since I do not know William kindly forward the email that I sent you to him. Thank you.
The $25,000 program is paid upfront and will provide potentially $500,000. The fact that you only require $300,000 is immaterial. Cash flow is king. You don’t need to tap the lines but it will come in handy and will increase the value of your business.
Remember that on the product that Mitch featured the cost upfront for $300,000 was $22,500. The difference here is that this is a Dunsright certified former D&B manager that knows how to make a company lender compliant.
This is NOT credit score driven. I called the principal and he said that you can be funded in 30 to 45 business days if you follow his instructions to the “T.”
The introductory price for this program is $25,000 but it may increase because our pricing model is not firm. You would have paid $37,500 with Mitch for $500,000.
I am here to serve you and those whom you choose to refer.
Read the advice on FOREX.