Credit reports (not what you're thinking) - Posted by Randy -IL-

Posted by David S on January 23, 1999 at 09:21:31:

in the example (a bit drastic), the fee is $395. the added $300 is fluff - but designed to get their attention. In NO way is this a discount, nor would I give a discount. With current interest rates, most appraisers are 1-2 months just getting to the job.
If the lender paid the invoice within 30 days as requested, this tactic would not be needed.

Perhaps a 10-15% spread would be in order.

David S

Credit reports (not what you’re thinking) - Posted by Randy -IL-

Posted by Randy -IL- on January 22, 1999 at 09:13:27:

(not quite a post about real estate, but I think we could all benefit from the discussion in some form)

In this post I’m not talking about your standard consumer debt credit report. I need one that reports on businesses, corporations, and most importantly banks. Let me explain…

I am a real estate appraiser and in the course of my business I must give credit to the companies who normally do the crediting. I find it an outrage that the same companies who reposess cars, trailers, TVs and foreclose on properties for nonpayment can get away with the same bad behavior.
All of my invoices require payment in 30 days. It is not unusual for the banks to wait over one hundred days to pay. If I were to do that I would lose my car and home! Not to mention having my credit wrecked! But since I’m dealing with a bank, they feel they are untouchable and unaccountable for their own action then non-action.

Does anyone know about a credit reporting agency who handles reports regarding companies, namely banks? I would like to begin a campaign with other appraisers to begin the use of credit reporting to encourage prompt payment. I only feel that equal treatment is in order for the deadbeat banks.



Try if you will, but banks are notoriously - Posted by Carol

Posted by Carol on January 23, 1999 at 13:52:48:


My hubby’s former co. used to do phone and data cable installations for banks and they were HORRIBLE. However, as you so rightly point out, they will repo your car! (They had CONSIDERED repo-ing the phone system for late payment, but decided it was not very good marketing!!)

Re: Credit reports (not what you’re thinking) - Posted by Bud Branstetter

Posted by Bud Branstetter on January 23, 1999 at 02:06:00:

The Office of the Comptroller of the Currency is a source to report abuses by banks. Search for their website and you can find the nearest regional office.

Re: Credit reports (not what you’re thinking) - Posted by David S

Posted by David S on January 22, 1999 at 19:51:43:

how about this;

appraisal for 123 Dead Street ---------- $ 695.00

discount if paid by 02-22-99 ----------- (300.00)

balance due on or before 02-22-99 ----- $ 395.00

If they don’t like it, move on. there are plenty of lenders that need qualified appraisers today.

David S

Re: Credit reports (not what you’re thinking) - Posted by JC

Posted by JC on January 22, 1999 at 09:26:08:

One source is Dunn&Bradstreet. They have a rating on corporations and provide financial information. However, I think that you would be better off making it clear in your contract agreement with the institution that there will be interest penalties for payments received past 30 days (they do the same thing). This sort of thing should be spelled out in your work agreement contract. And if they fail to pay in a timely fashion, be consistent and make sure that you charge them the interest. Another way that I take care of this is to find out up-front what their pay cycles are, and ask if I can be placed on their quickest payment cycle. One company I was working with usually didn’t cut checks before 45 days as a standard, but then I found out that I could request to be placed on their 2 week turn cycle. I sure made a difference.

Re: Credit reports (not what you’re thinking) - Posted by Laure

Posted by Laure on January 23, 1999 at 08:05:13:

I don’t think they get away with charges like that …except maybe commercial appraisals. But your concept is ok. I would have a hard time discounting my service ie. time. Maybe an annual credit if all payments were made within 15 days. ie. give them one free appraisal at the end of the year, if they have paid you within 15 days all year long. Might be surprised how a little carrot works.

Laure :slight_smile:

Business Credit Report Source - Posted by raelynn mitchell

Posted by raelynn mitchell on January 23, 1999 at 09:41:26:

The other source, besides D & B, is Experian Business Services (I think that’s the name), which is the business report side of Experian (formerly TRW). Dun and Bradstreet is the most popular, however.

A funny thing, though. I once worked at a big six accounting firm that didn’t pay on invoices, only on statements. I don’t get their logic. But the cute thing about this accounting firm :frowning: was that their average pay cycle was closer to two months. I got the feeling that the bigger they thought they were (or the employee submitting the bill for payment thought the company was) the longer they felt they could wait for payment.

Research your state law thoroughly. Although not totally related, I’ve seen instances where if someone is one day late on a car payment the “carry your own note” lot would repossess the car. Point I’m getting at here is, perhaps it is possible to take legal action (read small claims court) at a 30 day or a 60 day interval. And if it gets that far, once you get awarded a judgement, dial 800-333-0505 (Dun and Bradstreet) and report them. All they require is a fax on company letterhead to add items to that company’s file for non-payment. They also have a collection service, where THEY’LL send the company a letter demanding payment. Ask them about this.

Perhaps another way to handle the issue is to put the statement “All payment histories will be reported to all major credit reporting agencies, including Dun & Bradstreet and Experian” on the invoice somewhere. It may or may not wake them up, but follow up on that statement.

By the way, you can report good payment histories to those credit agencies as well, by simply faxing a letter to them on company letterhead describing the company’s pay history.