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RE: Credit Scores for Franchise Prospects

howtofranchiseguide — Sat, 30 Oct 2010 06:30:01 GMT

yes agree with you. Credit Scores ae very important for franchise proposal. Between thanx for your insight on this issue. Useful information.

RE: Credit Scores for Franchise Prospects

Mr. Tim Carter — Mon, 11 Oct 2010 14:16:22 GMT

We obtain background reports including:
-local, state & federal criminal check
-credit report
-credit score (TransUnion's, I believe)
-bankruptcy score
through Lexis/Nexis. The process to get certified to have the information is a little tedious (which it probably should be). They have a host of other business research services of which we rarely have need that are priced on a a la carte basis. The background checks are contracted with a minimum annual buy.

I believe Lexis Nexis is sourcing the service through Kroll Factual Data so it might be easier to go directly to them. It took a little while to explain to the sales rep how a franchisor uses credit reports but it qualifies as a legitimate business need under FCRA.

Credit Scores for Franchise Prospects

LFillers — Fri, 24 Oct 2008 17:32:46 GMT

In light of current economic conditions, we have learned that we may want to consider a franchise prospects credit score as part of our franchise approval process and should look for franchise prospects who have a FICO score of at least 700. Our current vendor provides us with a credit report, but it does not include the prospects credit score. Through my research I have found that I can obtain the credit score directly from the credit reporting agencies like Transunion, but that necessitates a monthly fee and at our volume it does not seem worthwhile. Do any of you obtain credit scores for your franchise prospects? What company do you use?