??? Protecting Your Business Credit: A Guide to Debt Validation
Your business credit report plays a crucial role in securing funding and growing your business. But what happens if you notice errors or unfamiliar accounts? Here’s what you need to know about debt validation and how to protect your business credit.
?? What is Debt Validation?
Debt validation is a process where you request verification of an account from the creditor. This ensures the details reported to the credit agencies are accurate.
How it works: 1?? Write to the creditor, requesting validation of the account. 2?? The creditor may provide details about the reported account. 3?? If they don’t respond within 30 days, dispute the account with the business credit reporting agencies.
? Important Distinction
Unlike consumer debts, business debts are not protected under the Fair Credit Reporting Act (FCRA) or the Fair Debt Collections Practices Act. While you can request validation, creditors are not legally required to respond.
?? How to Dispute Errors
?? Send a written Debt Validation Letter to the creditor. ?? If no response is received within 30 days, escalate the dispute to the business credit reporting agencies.
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?? Why This Matters
Errors on your business credit report can impact: ?? Loan approvals ?? ?? Interest rates ?? ?? Vendor relationships ??
Taking proactive steps ensures your credit remains accurate and ready to support your business growth.
?? Need Help? Faster Funding is Here!
At Faster Funding, we specialize in helping businesses build and protect their credit. From credit building to financing solutions, we’re your partner in success.
?? Contact us today to fuel your business dreams!
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About the Author: Paul A. Damiano is currently the President of Faster Funding in Fort Lauderdale, Florida. He specializes in helping business owners establish excellent business credit scores and then leverage those scores to access cash and credit for their businesses. Paul A. Damiano is also the mastermind behind the release of the exclusive Business Credit and Finance Suite. The Business Credit and Finance Suite is the leading business cash and credit access system in the world today. For more information on business credit scoring, business credit, visit fasterfunding.com or Faster Funding ? ?