Some Methods To Protect Your Small Business Line Of Credit

Whether you are a business owner of a convenience stores, retailer shops, or gas stations, how do you protect against company mal-practices? If you own a small business then you’ve probably established some credit lines with local vendors. If you have a firm that has workers then you may be in a position of having to trust other people to use those credit lines on your behalf.

Businesses often have employees such as delivery drivers, someone who fills out expense report. Some people that are trusted to pick up tools once in a while. For example if you own a carpentry shop, plumbing company or other such business. You may be the boss and you often need things so you don’t get the time to be running out to the store every time a person in your business needs something. So then the plain answer is you direct someone to go out and do it. Unless you want to give that person a check every time you need something you are better of establishing some sort of business credit line.

Commonly the company you established the credit line with will have the person picking up the item sign an invoice to confirm the payment for their records and then give a second copy to the customer. It is your employee’s responsibility to give you that copy so you can pay the bill when it comes due. Over time as the person doing your shopping becomes known to your suppliers, then the chance for abuse manifests itself.

When it is time for you to the bill, you should observe it cautiously. This is your opportunity to check and see if any other suspicious event is taking place. Check the invoice for things like the date of the purchase was made and if included on the invoice what time did they make the purchase? Was the purchase made during normal company hours or was it after? Often such fallacious purchases are made on a weekend. People that abuse your trust many times could try to do things after hours and tell the vendor about staying late.

There are certain steps you can do to avoid the problem. Most vendors maintain a card of approved signors from your company. This way if you spot a signature you do not distinguish the vendor can be held reliable for permitting the payment. It will still be your responsibility to handle the employee and their action. You can also inquire the vendor to send copies of all invoices to you so that you can verify all purchases. You can communicate clearly to all employees that you do check all the statements and invoices from your vendors but don’t make it sound so threatening though.

Nearly all employees would never be regarded as abusing the trust given to them by an employer but there are always some that feel they can get one over on the boss. They could want to get back at you due to not giving them a promotion, or being disappointed about some result. The point of course is that it does happen and it’s better to be safe than sorry in the future.

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How To Get Free Credit Report

If you want to buy a $20,000 car over a 48-month period, then you should expect to get a 6.5% interest rate and pay $2,700 in interest over the loan’s lifetime. However, if you have a low credit score, then your interest will be 11% or higher, meaning you’d pay $4,800 in interest for that same car! Finding free credit repair services is so critical because it sets the price you get on mortgages, auto loans, school loans and credit card interest rates. Who wouldn’t want the best deal?

The best part about finding a third party credit counselor to tackle your credit repair is that you won’t feel so alone. It can be overwhelming, frustrating and embarrassing to find yourself knee-deep in debt. Sure, you could repair your credit on your own by reading a few books, buying software, calling and negotiating with creditors, or making an organized checklist of priorities. However, you may prefer the “we’re-in-this-together” feeling of working one-on-one with a debt reduction professional who can ensure you’re doing your best to pay off old debts and wipe the slate clean with a newer, positive payment history.

The first step toward credit repair is getting your free online credit score. Thanks to the Fair Credit Reporting Act, you are legally entitled to one free report each year from each of the three main credit bureaus, which are Experian, Equifax and TransUnion). On your credit report, you’ll see whether or not you have a high or low credit score, as well as all the outstanding debts you owe, people who have checked your credit report, loans you’re paying off and other financial information that is readily visible to loan officers. It is important that you check this report each year to make sure all of your financial records are up-to-date. Any past late payments, collection accounts or blemishes will be on your record for seven years, but your account status should be updated and your score should reflect your recent activity. It’s not unusual to find errors or dated information, so keeping your records accurate is one way to repair bad credit.

Many places offering free credit repair can’t really help you because they only offer vague advice at first, while trying to up-sell you to a premium membership for the “good” service. If you currently have unpaid bills and accounts in arrears, then you can benefit from credit card debt reduction or debt consolidation service. The debt consolidation officer will contact all of your collectors and negotiate better terms for you. You’ll pay them one monthly sum to cover all your debts and your debt counselor will disperse the money to all your creditors. The debt consolidation will show up on your credit report, but it’s much better than collection accounts or bankruptcy. A few popular consolidators to look into include My Credit Group, Lexington Law and Care One.

Finding quality free credit repair may not be simple, but there are many resources for you to turn to, listed at At the Association of Independent Consumer Credit Counseling Agencies (AICCCA), you can gain access to a list of quality credit counseling companies. The National Foundation for Credit Counseling is a nonprofit company that helps consumers maintain financial stability. You can avoid credit repair scams by going through these organizations, checking companies through the Better Business Bureau and not paying large upfront fees to accomplish your goals.

If you want to read more articles about credit repair tips, please feel free to visit our credit repair site.

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