Consumer Credit Reports
Small businesses make up 99 percent of all U.S. companies and 73% of those are sole proprietorships. Creditworthiness of a sole proprietor or a guarantor may be verified by using a consumer credit report.
Leveraging Consumer Credit Reports for Business Credit Decisions
Small businesses are the backbone of the U.S. economy. Sometimes, business reports alone don’t provide enough information for sound credit decisions. In these cases, consumer credit reports can be invaluable, especially when considering a personal guarantee from the principal of the company.
When Can You Access a Consumer Credit Report?
Owners of Unincorporated Businesses
Access consumer credit reports for business owners when the business structure is not incorporated, ensuring you have a clear understanding of the owner’s creditworthiness as it directly impacts the business’s financial stability.
Credit Transactions Initiated by the Consumer
Retrieve consumer credit reports when extending or collecting credit initiated by the consumer, allowing you to make informed decisions based on the consumer’s credit history and risk profile.
Guarantors
Obtain credit reports for individuals who have guaranteed the business obligation in writing, providing insight into the financial reliability of those backing the business’s debts.
Written Authorization
Review personal credit histories of individuals who have provided written approval, ensuring compliance with legal requirements while gaining valuable credit information for your assessments.
CIC Consumer Credit Reports
What CIC Credit Provides
CIC Credit has been in the reporting business since 1921 providing products within the verification, fraud detection, and screening business.
Their cutting-edge tool extracts and stores data directly from the credit bureaus (Experian, Equifax & Transunion) to seamlessly access, merge, and automate credit information.
OneCreditSource Reports
What’s Available?
OneCreditSource is a nationally recognized company providing consumer credit reports from all three bureaus (Experian, Equifax & Transunion) along with Tenant Screening, National Evictions & Criminal Data, and Pre-Employment reports.
Please note that not all states allow pre-employment credit checks. Please check your state laws.
Need a Credit report?
Need a Credit report? Please call or email our Customer Support Representatives for assistance: (800) 622 6985
faq
Consumer Credit Reporting
Are consumer credit reports instant?
Yes, after you are set up you will have online access to instant reports.
Can I get consumer credit reports on international individuals?
Consumer credit reports offered are domestic reports only, with the exception of Canadian reports being available.
I can’t find the individual I am looking for. What should I do?
Are you utilizing the social security number, which can assist in identifying the correct individual? Try searching with fewer details. Use just the individual’s name and state to improve your chances of finding it.
Are there legal guidelines I need to follow to access a consumer report?
Yes, please refer to the Fair Credit Reporting Act Guidelines (FCRA)
What information is included in a consumer credit report?
No matter which bureau a consumer report generally includes some personal information, credit history including open as well as closed accounts, history of on time payments and delinquent payments, comments such as write-offs, etc.
How can a consumer credit report help my company?
A consumer report can be helpful when accessing a small business that may not have much on their commercial credit report or when a principal of a company signs a personal guarantee.
faq
General Credit Reporting
Are Commercial Credit Reports instant?
Yes, after you are set up you will have online access to instant reports.
Can I get business credit reports on international companies?
Yes, we offer several international report options, both real-time reports and freshly investigated.
I can’t find the company I am looking for. What should I do?
Try searching with fewer details. Use just the company’s name and state to improve your chances of finding it. If you’re still unable to locate the company, please note that businesses are not required to provide their data. Contributing data is crucial for creating comprehensive reports.
How can a business credit report help my company?
A business credit report can help your company make informed decisions by providing insights into the financial health and payment behavior of potential clients, partners, and suppliers. This can aid in risk management, credit decisions, and establishing strong business relationships.
What information is included in a business credit report?
A business credit report typically includes the company’s credit history, payment patterns, public records (such as liens, judgments, and bankruptcies), company background information, financial statements, and credit score. Reports vary depending on the vendor and type of report.
Credit Reporting
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