US 2003/0229580 A1 · Method for establishing or improving a credit score or rating for a business

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.

Claims20

Dependent claims

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.

6 more elements

Dependencies are inferred from the claim text.

Method for establishing or improving a credit score or rating for a business

Life of this patent

Method for establishing or improving a credit score or rating for a business

Life of this patent

Abstract

Claims20