Posted by Jason N. on August 19, 2003 at 24:43:03:
Dave,
You can also find a local credit bureau agent that will run an idividuals credit for about $15. If you contact TRW, Equifax or Trans Union they can probably give you a local vendor. You will need to take the applicant to the vendor’s store and have the applicant fill out the forms and pay for the report. They can then give you a copy for your review. This is also helpful since for an additional $10-15 they will explain everything on the credit report to the applicant. Just ask to be present so you get a free credit report class. I have managed collection agencies in the past and done this for friends to help them clean up their credit. It usually can be completed in under 20 minutes.
I’m trying to put together a first deal and don’t yet have a dealer’s license or a business license. I want to complete a deal before getting licensed to make sure that it is something I plan to continue doing (since a $20,000 bond is neccessary). From the little I’ve actually looked into credit report services, they seem to want to see proof of an established business. How can I run a credit check on someone else (myself being just an individual)? Do any of you get the prospective buyer to obtain a free credit report to deliver to you? The park I’m trying to work in is C-grade (near slummy) and I don’t believe they run credit checks that I could borrow from. Does requiring the wannabee buyer to obtain their own credit report to hand over to me sound like a good plan?
Re: Running a credit check w/out being a dealer? - Posted by Greg Meade
Posted by Greg Meade on August 15, 2003 at 14:35:21:
Jon…have the client come to your office (or home), go online to equifax.com, have them apply for credit report,collect 25 from them, use your credit card (13) and print three copies. There is also a link to establish an account with equifax as a business entity to pull credit on people who want it done. Make sure you get written permission to pull credit…very important! Keep a copy , give them a copy, keep one for pm. Should work fine! Good Luck
Posted by Dave Swett on August 18, 2003 at 09:31:51:
I checked the Equifax intro page for client ID and did not go any further because they wanted my Visa credit card on that intro page and I did not want to make that level of commitment–yet.
My question: when you go thru their log on process, does their computer automatically sign you up or make you commit for a monthly review program where they automatically charge $x to your credit card?
My desire would be for a one time usage, $13 charge and then for everything to quit right then.
Another detail: Does their computer care if you use your credit card (and name) to obtain a credit report on Joe Johnson? The two names would be different.
Posted by Chuck (CA) on August 18, 2003 at 09:56:39:
First of all you can not run a credit report without someone’s written permission!
So, for an example you can not run someone’s credit report on line, unless your have an account at that credit reporting agency/company.
The online stuff is for your own credit and eyes. The report that you’d get wouldn’t be very helpful and is way different than a merchant credit reoprt that would be pulled when your buying a car.
Just call the credit reporting agency and ask to speak with an outside account rep. They’ll make an appointement, come to your office, complete an application, run a crefit repot, approve you (prividing your FICO score meets their min requirements), and then will load their software on your computer so you can pull your own MERCHANT CREDIT REPORT.
You should be able to give them a credit card number for billing purposes. Similar to your ISP, when they automatically bill you each month. Caution: Their fees and cost are NOT FIXED IN STONE. So, shop for the best rates.
Remember: You can not pull a merchant report until you’re set up with an account.