Sunday, April 20, 2008
FICO 08 Won't Stop Scammers Targeting Companies Seeking Business Credit Services
Business credit services company Business-Tradlines.com comments on business owners seeking investment capital and corporate credit under FICO 08.
Little Rock, AR - April 15, 2008 -- Business-Tradlines.com, an online business credit services company, fears FICO 08 will not stop scammers from preying on businesses seeking investment capital. Corporate credit seekers will still face tradeline fraud, despite the good intentions of FICO 08, according to Business-Tradelines.com.
"What you should understand about scammers is they prey on desperation. And they are very creative, too. If it's not one form of scam, it's another," says Adam Stevens, Managing Director of Business-Tradelines.com.
The major challenge to small business owners is lack of credit history and thus, a low credit score, if any. This prevents them from taking out a loan or a line of credit. Corporate credit lenders typically only lend large amounts to businesses with good personal credit scores. Business-Tradelines.com offers a program that will allow small business owners to bypass the FICO credit scoring system and leverage business credit scores into maximum funding.
Scammers who purport to offer business tradelines often guarantee a business credit score of 80 almost instantly. Stevens says the key to knowing if a business tradeline is a scam is the sense of urgency presented on its Web site.
FICO 08, as an updated credit scoring system, completely disregards authorized user accounts in calculating credit scores, Stevens says. This slight adjustment in scoring is expected to affect millions of Americans who are banking on authorized user accounts to boost credit scores. Stevens fears FICO 08 might just give birth to a new form of scam.
"Aside from tradelines, the only other option for small businessmen is to personally guarantee the loans of their businesses. Now there is a growing awareness of how dangerous this is. We can really expect new business owners to seek out options other than personal loans and, as I said, scammers can be creative," Stevens said.
About Business-Tradelines.com
Business Tradelines helps take companies to the next level by providing the tradeline resources and business credit services necessary for business financing. New and existing business owners can learn about the next generation in corporate credit strategies by visiting http://business-tradelines.com/.
Press Contact: Adam Stevens
Company Name: Investor Technologies
Phone: 866-628-5187
Website: http://business-tradelines.com/
Subscribe to Posts [Atom]
