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Notary007
60 Posts |
 Posted - 07/20/2011 : 12:52:00 AM
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Dun & Bradstreet uses a credit rating system called a Paydex score for businesses. It uses a scale from 0 to 100, different than the FICO score used for consumer credit ratings. A Paydex score of 80 to 100 is good, showing LOW RISK of late payment, and a history of prompt payment on the due date or early payment, up to 30 days before the due date. Sometimes early payment is encouraged by offering a discount. But unethical payers may take the discount and still pay late.
A score of 50 to 79 is MEDIUM RISK of late payment, with payments received from 1 to 30 days after the due date.
A score of 0 to 49 is HIGH RISK of late payment, with payments received from 31 to 120 days after the due date.
You can buy a business credit report to check the Paydex score, or you can calculate an estimated Paydex score using your own experience with a business. Keep track of when payment is due and received and calculate the Paydex score using this guide:
Risk Score Payment Received
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Low 100 30 days before due date
Low 90 20
Low 80 0 (Prompt Payment, on due date)
Medium 70 15 days after due date
Medium 60 22
Medium 50 30
High 40 60 days after due date
High 30 90
High 20 120
High UN Unavailable
Watch out for declining Paydex scores.
You might wish to require pre-payment from businesses with Medium or High Credit Risk. After the due date, the payer may lose the privilege to pay by company check. Instead, payment must be made with a certified bank check, US postal money order or PayPal.
If charging late fees or interest, do not exceed the legal limits for your state. Some states have usury interest rate laws. If you try to charge or collect an excessive rate of interest, you may be committing a crime. Disclose your Terms and Conditions in writing on your website or by email when accepting a job. |
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Notary007
60 Posts |
Posted - 07/19/2011 : 10:59:25 AM
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Update: According to the Dun & Bradstreet website, smallbusiness.dnb.com, they no longer offer debt collection services.
"We're sorry, we are no longer offering Debt Collection products
Effective August 1st, 2009, D&B will no longer be selling Debt Collection products until further notice. We regret any inconvenience this may cause you and we appreciated the opportunity to have serviced you in the past. You can continue to purchase these products directly through Receivable Management Services by contacting them at 888-211-1762."
You can look up businesses for free to confirm their business address. And you can register to request their DUNS account number and they will send it to you for free by email. You can purchase business credit reports if you choose. You can get a free DUNS number for your own business and work to build your business credit history.
You can report good or bad payment history, confidentially and at no cost, if your business has more than 300 active accounts or is a current DNBi or PPP customer, then you can qualify to participate in the D&B Trade Exchange Program. |
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dfye@mcttelecom.com
New Hampshire
681 Posts |
Posted - 05/16/2007 : 02:46:36 AM
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Dunn & Bradstreet to me has always been like a privately paid type of "Better Business Bureau". You can find a lot of information about a company's financials (unlike a brief complaint history at the BBB) at Dunn & Bradstreet.
I have only recently heard of Dunn & Bradstreet doing collections even though I am sure they have been doing them for quite some time. I do not think I would personally use them as I believe Dunn & Bradstreet has a higher purpose in business especially when it comes to Wall Street.
Legal Eagle Para Professional Services |
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Kelly
California
105 Posts |
Posted - 05/15/2007 : 11:46:16 PM
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I spent quite a bit of moolah on collections with DNB. Guess the letters didn't look official-enough.. I never got a dime out of their efforts, but sure spent a lot of mine.
Collections are exhausting... I really hate 'em.
Kelly Robertson, California Notary Education Instructor
Practical Applicaton Workshops at www.LoanSigner101.com
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joanbergst
California
360 Posts |
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jlissem
New Jersey
139 Posts |
Posted - 05/09/2007 : 12:25:31 PM
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| Used them for 35 years in printing business. You have to decide if it is worth it. |
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cwarlaw
Michigan
9 Posts |
Posted - 05/05/2007 : 01:56:39 AM
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| Has anyone used them to collect your fees? If so, was it worth it? |
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