|
|
|
Forum Newbie
Group: Forum Members
Last Login: 10/24/2008 5:31:35 PM
Posts: 1,
Visits: 2
|
|
| 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?
|
|
|
|
|
Forum Newbie
Group: Forum Members
Last Login: 10/11/2010 2:15:54 PM
Posts: 1,
Visits: 5
|
|
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.
|
|
|
|
|
Forum Member
Group: Forum Members
Last Login: 11/15/2010 5:45:06 AM
Posts: 28,
Visits: 25
|
|
yes agree with you. Credit Scores ae very important for franchise proposal. Between thanx for your insight on this issue. Useful information.
How to Franchise System – World Class Franchise Training Program
http://www.howtofranchisesystem.com
|
|
|
|