Method for establishing or improving a credit score or rating for a business
First Claim
1. A method of facilitating the establishment of a credit rating for a business comprising the steps of:
- verifying that a credit rating does not exist with a credit agency;
determining information regarding said business;
searching public records information to determine the existence of other entities using said business information;
eliminating associations with other identified entities;
facilitating creation of an account with a credit agency/bureau to generate a credit rating/score;
identifying to said business a plurality of vendors capable of extending a credit line; and
permitting said business to engage in transactions with a number of said plurality of vendors to generate payment experiences;
whereby when said vendors report said payment experiences to said credit agency after completion of said transactions and said credit agency generates and reports a credit score to said business.
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Accused Products
Abstract
A method to establish or enhance a business credit score is disclosed. One embodiment describes a method of verifying the existence of business credit scores obtained from well known credit agencies/bureaus. In the absence of a credit score, a method is described to verify and eliminate any discrepancies related to the business'"'"' information in public records prior to engaging in the generation of a credit score. In establishing or improving a credit score, one embodiment describes a method of facilitating desirable payment transaction experiences with vendors capable of extending a line of credit to businesses without requiring any personal guarantee. In addition, these vendors are qualified to provide reliable reporting of payment experiences to the credit agencies/bureaus. One embodiment of the method facilitates receiving lines of credit, such as credit cards, from retail businesses not requiring a personal guarantee but which do require a credit rating.
213 Citations
20 Claims
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1. A method of facilitating the establishment of a credit rating for a business comprising the steps of:
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verifying that a credit rating does not exist with a credit agency;
determining information regarding said business;
searching public records information to determine the existence of other entities using said business information;
eliminating associations with other identified entities;
facilitating creation of an account with a credit agency/bureau to generate a credit rating/score;
identifying to said business a plurality of vendors capable of extending a credit line; and
permitting said business to engage in transactions with a number of said plurality of vendors to generate payment experiences;
whereby when said vendors report said payment experiences to said credit agency after completion of said transactions and said credit agency generates and reports a credit score to said business. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A method of facilitating the improvement of a credit rating for a business comprising the steps of:
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verifying the credit score generated by at least one credit agency for said business;
facilitating changes in business practices of said business to minimize undesirable credit based transactions to vendors prior to engaging in any future said credit based transactions;
generating a list of vendors capable of extending a credit line;
facilitating a number of transactions with a number of said vendors to generate payment experiences; and
facilitating said business to request a credit rating from said credit agency after said facilitating a number of transactions with a number of said vendors has occurred wherein transaction experiences have been reported to said credit agency. - View Dependent Claims (13, 14, 15, 16, 17)
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18. A system for providing information for use by a business in establishing a credit rating comprising:
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a remote computer system for receiving and transmitting information;
a data storage device associated with said remote computer system;
information stored at said data storage device representing a list of vendors arranged by vendor category;
user information stored at said remote computer system;
a communication interface permitting communication between said remote computer system and a user computer; and
a user verifier for verifying the identity of a user using said user information and providing access to said vendor information. - View Dependent Claims (19, 20)
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Specification