Business Credit Tips

My journey into the world of starting and maintaining business and corporate credit.

Posts Tagged ‘setup fees’

Some corporate credit companies are scams

Posted by Jeff Miller on August 20, 2008

They are in the business of collecting setup fees rather than helping you establish corporate credit.

One of my friends found one of these. They collected $5000 for each of two people that my friend was working with to establish corporate credit and it’s been over a month with nothing happening except occasional “we’re working on it” messages. That’s $10,000 down the drain.

One thing that he did not do is check references of people who have established business credit through that company.

I won’t publish their name here since I don’t want to get sued but if anyone asks about a specific company, I’ll let you know if I’ve heard of them and if I recommend them. If I’ve heard of them but don’t recommend them, you have your answer (unless I give a specific reason why I don’t).

Unfortunately, it is very hard to tell the good companies from the scams since the scams try very hard to sound like the good companies. So, always check references.

Advertisements

Posted in Business Line of Credit | Tagged: , , | Leave a Comment »