Wednesday, November 11th, 2020
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Posted by: Heather Sibley | on November 11, 2020
Posted by: Virginia Pounders | on November 11, 2020
Do you want to know all about the Dun and Bradstreet Rating and all of their scores and reports? D&B is the oldest and largest credit reporting agency. But you will need a D-U-N-S number to start building business credit. What if you don’t have a D-U-N-S number? Then get one; they are free. Go to: dnb.com/duns-number/get-a-duns.html. So this number gets a business into their system.
What are D&B Reports All About?
To consider the scores, you need to look at D&B Reports. D&B offers database-generated reports. The business services giant produces such a report in order to help their clients decide whether a business is a good credit risk. Companies use the reports to make informed business credit decisions and avoid bad debt. So several factors enter into creating such a report.
In general when D&B does not have all of the data they need, they will indicate as much in their reports. But missing data does not necessarily mean a company is a poor credit risk. Instead, the risk is unknown.
This is true for the Dun and Bradstreet Rating and for any other D&B business credit score.
The main reason for a client using this kind of a report is to engage in credit risk monitoring of merchants, suppliers, and business partners. This helps companies make informed business credit determinations and steer clear of bad debt.
Dun & Bradstreet takes many factors into account in producing such a report. These include a predictor of payment delinquency; how financially stressed a company is compared to comparable businesses; an evaluation of supplier risk; credit limit recommendation; D&B rating; and PAYDEX score. So let’s consider all of these factors in turn.
Is D&B Data at All Accurate?
D&B Data is only as good as how complete it is. D&B constantly gathers data. So it works to improve its analyses to assure the greatest degree of accuracy possible. To ensure as accurate a report as possible, give D&B your company’s current financial statements.
What are Dun & Bradstreet Scores All About?
Now let’s look at Dun & Bradstreet Scores. D&B has five main scores. PAYDEX is maybe the best-known. The other four are the D&B Rating; Delinquency Predictor; Financial Stress Score; and the Supplier Evaluation Risk Rating. For a sample Business Information Report, go to products.dandb.com/download/2019_BIR-Snapshot-Report.pdf.
So the main score is PAYDEX. However, a business will not get a PAYDEX score, unless it has at least 3 trade lines reporting, and a D-U-N-S number. A business must have BOTH to get a D&B score or report.
What is the PAYDEX Score?
Let’s focus on the PAYDEX Score. This is Dun & Bradstreet’s dollar-weighted numerical rating of how a company has paid the bills over the past year. D&B bases this score on trade experiences reported by various vendors. The Score ranges from 1 to 100; higher scores mean a better payment performance. PAYDEX scores reflect how well a company pays its bills. Larger bills get more weight in the calculation.
What is the Dun and Bradstreet Rating?
Now let’s check out the Dun and Bradstreet Rating. Dun & Bradstreet bases the Dun and Bradstreet Rating on a company’s net worth based on financial statements, as well as the company’s overall condition.
So a Dun and Bradstreet Rating is meant to help businesses rapidly gauge a business’s size and composite credit appraisal. The Dun and Bradstreet Rating is based on information in a company’s interim or fiscal balance sheet, and also an overall evaluation of the firm’s creditworthiness.
If a company’s financial statements are not provided, the score is based on company size, industry, or other related factors. If a company does not provide info, D&B will base certain scores on other related information in their file.
A company will get a lower Dun and Bradstreet Rating if they do not provide any information. It is in every company’s best interests to provide as much info to Dun and Bradstreet as possible.
Learn more here and get started with building business credit with your company’s EIN and not your SSN.
What is the D&B Delinquency Predictor?
So let’s consider the Delinquency Predictor. The Delinquency Predictor runs from 1 to 100. Higher scores are better. Dun & Bradstreet uses predictive models to determine how likely a company is to be late with its payments. Predictive scoring is a method of using historical information in order to try to predict future outcomes. It entails identifying the risks inherent in a future decision. It does this by examining the relationship between historical information and the future event.
This represents an objective and statistically derived counterpart to subjective and intuitive assessments. Such scoring allows a business to rank and order accounts based upon the probability of an event taking place, such as delinquent payments.
That being said, note that predictive scoring only represents a statistical probability. So it is not a guarantee. The scoring system ranks and orders accounts based on the probability of late payments. However, a new company has no historical information, by definition.
The Delinquency Predictor looks at the proportion of slow payments in recent months; Proportion of past due balances to total amount owing; the higher risk industry based on delinquency rates for this industry; any increase in proportion of delinquent payments in recent payment experiences; and any evidence of open suits.
Learn more here and get started with building business credit with your company’s EIN and not your SSN.
What is the Dun & Bradstreet Financial Stress Percentile?
Now let’s tackle the Financial Stress Percentile. The percentile runs from 1 to 100. 1 percentile is most likely to fail. The 100 percentile is least likely to fail. It is a comparison to other businesses.
The Financial Stress Percentile compares the company in question to other businesses in the same location, business sector, number of employees, or number of years in the business. Financial Stress Score Norms show an average score and percentile for all firms with similar demographic characteristics. These Norms can be used in order to benchmark where this particular business stands in relation to the norm for its peer group.
It is based on a much higher raw score, the Financial Stress Score. The Financial Stress Score runs from 1,001 to 1,875. A score of 1,001 represents the highest probability of business failure. So a figure of 1 shows the lowest probability of business failure.
How Does the Financial Stress Score Relate to the Financial Stress Percentile?
The Financial Stress Score is based on a low proportion of satisfactory payment experiences to total payment experiences, a high proportion of past due balances to total amount owing, any UCC Filings reported, and a high number of enquiries to D&B over last 12 months. So this score compares a company to similar businesses in the D&B database.
Dun & Bradstreet produces Financial Stress Scores to forecast the chance of business failure over the upcoming twelve months.
D&B defines business failure in several ways. One is as a business which gets legal relief from its creditors. Another is a firm which discontinues its business operations without paying off all of its creditors in full. Yet another is a business which voluntarily withdraws from its business operations thereby leaving unpaid obligations
Another way is a company which enters into receivership or reorganization. Or it can be a company which makes some kind of arrangement for the benefit of its creditors. And all of this is based on the information found inside D&B’s commercial database.
If your company has a lot of lawsuits and liens against it, those will negatively impact your financial stress score.
What is the Dun and Bradstreet Supplier Evaluation Risk Rating?
How about the Supplier Evaluation Risk (SER) Rating? So this is a scale of 1 to 9. 1 means a company is least likely to fail to pay its own suppliers. Whereas 9 is the opposite, showing highest likelihood.
The Supplier Evaluation Risk Rating forecasts how probable it is that a company will get legal relief from its creditors. Or it can show the chance a business will discontinue its operations without paying creditors in full over next twelve months. The SER rating comes from D&B’s Financial Stress Score. So the Financial Stress Score percentile serves as the basis for the SER Rating.
Factors affecting a Supplier Evaluation Risk Rating are a negative net worth, and the proportion of slow payment experiences to total number of payment experiences reported. So the factors also include if a business belongs to an industry with above average risk of ceasing operations or becoming inactive.
So it is not exactly the same as the Dun and Bradstreet Rating.
What is the D&B Maximum Credit Recommendation?
Consider the Maximum Credit Recommendation. So it includes recommended dollar guidelines. D&B performs an overall assessment of a business for the next 12 months. They also check the predicted risk of business discontinuation. Further, they look at the predicted risk of severely delinquent payments.
D&B bases its dollar guideline amounts on a historical analysis of overall business risk. A recommended limit is based on the probability of severe delinquency. But this recommendation is no guarantee that a business can cover the recommended amount.
More Information about D&B Business Information Reports
What else is in D&B Business Information Reports? In addition to the above scores, a D&B Business Information Report contains trade payments (summary and by industry). So it also has trade line specifics with dollar amounts and terms, and legal events. It also has company events (mainly concerning ownership and management). So it also has a company family tree showing ownership specifics.
A Business Information Report also contains a Risk Assessment summary. So this summary shows the Maximum credit recommendation; PAYDEX; Delinquency Predictor percentile; Financial Stress percentile; and the Supplier Evaluation risk.
Learn more here and get started with building business credit with your company’s EIN and not your SSN.
Dun and Bradstreet Rating: Takeaways
Dun & Bradstreet collects objective data points on businesses and creates Business Information Reports from them. These reports outline five basic scores. So some of these are predictive scores. The more information D&B has, the more comprehensive the report is.
Finally, a Dun and Bradstreet Rating is only as good the information in its report.
Dun & Bradstreet’s database includes over millions of firms spanning the globe. So this includes millions of active companies and millions more companies which are out of business but kept for historical reasons.
D&B constantly gathers data and works to improve its analyses to ensure the greatest degree of accuracy possible. To ensure as accurate a report as possible, it quite literally pays to provide D & B with your business’s current financial statements. In that way, you will have a far more accurate Dun and Bradstreet Rating sand D & B report.
Because an accurate D&B report means you are far more likely to get business funding.
The post Get Your Dun and Bradstreet Rating and More with D&B’s 5 Main Business Credit Scores appeared first on Credit Suite.
Posted by: Carma Diaz | on November 11, 2020
Comments URL: https://news.ycombinator.com/item?id=25045000
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The post WaystoCap (YC W17) Is Hiring a Full Stack Software Engineer appeared first on ROI Credit Builders.
Posted by: Susan Miller | on November 11, 2020
Getting verified on social media is one of the first steps to building a successful social media marketing strategy.
Whether it’s your personal account, your business account, or both, getting that little checkmark next to the profile name is massively important.
And not so that you look like one of the ‘cool kids.’
A verified social media account provides instant social proof and credibility when anyone looks up to you or your company online.
Verification can also help with networking and push your company to your industry’s forefront as a trusted option.
Getting verified on social media can be a challenge, and it might take some time, but it is definitely worth it.
But maybe you’ve already tried to become verified, and you were rejected.
Or perhaps you don’t know where to start.
Unless you’ve got a huge following like Beyonce, becoming a verified account takes some commitment and trial and error.
If you’ve tried to become verified before and you’ve been rejected, you’re probably not following the rules closely enough. For some sites, it’s a lot harder than others to show your worth.
But don’t give up.
I’m going to explain why your business isn’t verified on social media.
Why Getting Verified on Social Media Matters
Twitter was one of the first social media platforms to introduce verification, and it took a while for it to become as important as it is today.
It began as a way for the platform to identify which Twitter accounts belonged to celebrities.
Now, getting verified on social media tells users which accounts belong to brands, companies, and influencers.
Basically, social media verification serves as an instant way to tell other users, “Hey, this account isn’t just your average Joe — pay attention to it!”
This is especially useful for trying to target younger users, who are the prime social-media demographic.
Having that badge of proof means that your account is worth following, paying attention to, and interacting with. It’s how you know it’s really me on Facebook:
It immediately shows customers that any other accounts with that name are fake.
Which isn’t as huge of a problem for me as it is for mega-brands like Walmart. Check out this fake Walmart YouTube account:
Looks pretty legit at first glance, right?
There’s an official Walmart logo as the profile picture, and the description even says, “Walmart Official YouTube Channel.”
But upon further inspection, the account only has two video uploads and three subscribers.
So this fake account was probably created to gain followers, create a scam, or even potentially destroy Walmart’s brand by impersonating the company.
Based on the videos on this channel, it was probably created to use the Walmart name to gain subscribers or views:
See how much trouble it is to find out if the account is real or not? Since it has no checkmark, we can guess it’s probably not the real deal.
So you can’t be sure until you evaluate things like the account’s number of followers and the kind of content on the page.
If it had a checkmark, there would be no guessing or research.
The benefits of verification are pretty easy to identify, and while the process can be easier said than done, it’s pretty painless overall.
The processes for getting verified are unique to each social media platform. So let’s go through the big ones.
Here’s how you can get verified on Facebook, Twitter, Instagram, LinkedIn, YouTube, Pinterest, and Snapchat.
1. How to Get Verified on Facebook
The gray checkmark means that businesses (like Starbucks) or certain pages in specific locations are authentic.
Facebook for Influencers
To verify your personal account to become an influencer in your industry, begin by ensuring that your Facebook page is updated.
Add a recent profile picture and make sure your profile information is all filled out.
If you haven’t been posting regularly (on Facebook or any social media platform), you’ll need to wait until you’ve regularly posted for a consistent amount of time before trying to verify it.
You’ll also need to make sure your account is authentic, unique, complete, and notable, according to Facebook:
If you’ve completed these steps already, head to Facebook’s Request a Blue Verification Badge form.
Select the kind of page you’re looking to verify and complete the form accordingly by providing an email address, official website link, and more:
Be sure you have a digital copy of your ID since Facebook will use this upload to verify that it’s really you.
Facebook will process the request within a few days, but it could take a few weeks, so be on the lookout for their reply.
Facebook for Businesses
Business verification on Facebook confirms the account actually belongs to the business.
To verify your business’s Facebook account, head to your Business Manager, then look for security settings. Note that not all businesses need to be verified — and you might not be eligible. For example, if you use Monthly Invoicing to pay for ads, you won’t have to submit any documentation.
Once you find Security Settings, click on the Confirm Identity button. Submit a photo ID or upload the requested documentation. Enter your business details, then select your business from the list.
Then, select a phone number you can access from the list provided or select Use Domain Verification button. You can also select to have the verification code delivered by text or email.
Enter the verification code, and hit Submit.
You should expect to hear back from Facebook about verifying a business page within a few days. You will get a notification on your personal Facebook page when it’s been approved.
2. Get Verified on Twitter
According to Twitter, verification indicates an “account of public interest. Typically this includes accounts maintained by users in music, acting, fashion, government, politics, religion, journalism, media, sports, business, and other key interest areas.”
So if your account doesn’t fit into any of these areas, trying to verify it is pointless.
But if you do, Twitter gives some verification tips to increase your chances of getting verified.
For example, you have to have:
- A verified phone number
- A confirmed email address
- A bio
- A profile photo
- A header photo
- A website
- A birthday (if your account is not a company, brand, or organization accounts)
- Tweets set as public in Tweet privacy settings
Once you’ve met all these criteria, you can submit a formal verification request. (Note: Twitter sometimes puts their verification process on hold. If that happens, you’ll have to try back another time.)
Be sure to fill out the form and include some backstory, in 500 characters or less, about why Twitter should verify your account.
You’ll also have to provide some website links that back up your claims.
You can expect to hear back from Twitter within about a week.
3. Get Verified on Instagram
Out of all social media platforms, Instagram is probably the most selective when handing out verified badges.
According to Instagram, “Accounts representing well-known figures and brands are verified because they have a high likelihood of being impersonated.”
“We want to make sure that people in the Instagram community can easily find the authentic people and brands they want to follow.”
So becoming verified was pretty easy for someone like Justin Bieber:
If you’ve already got a huge following or you’re a mega brand, Instagram will probably go ahead and verify your page without you having to do anything:
But if you’re not, focus on these two key tactics in the meantime:
- Build your following and post engaging images.
- Add as much identity-supporting information as possible to your profile to make it appear, official, even though there’s no checkmark.
If you take the time to make your account legitimate without having the official Instagram seal of approval, people will notice.
And hopefully, after a while, Instagram will too.
4. Get Verified on LinkedIn
Since LinkedIn is like Facebook of the professional world, you might think that their verification process would be a lot like Facebook’s.
But it’s not. The LinkedIn verification process works a little bit differently.
LinkedIn hands out check marks on the LinkedIn Lookup app.
These checkmarks prove that someone actually works for the company they’ve specified.
And this checkmark is miraculously easy to get.
All you have to do is request verification from LinkedIn and wait for a four-digit code to land in your business email address.
Then, enter the code into LinkedIn Lookup, and ta-da! You’re verified.
However, if someone doesn’t have a checkmark on LinkedIn, it doesn’t necessarily mean that their profile isn’t legit.
It probably just means they haven’t completed the verification process yet.
Another way to prove your credibility on LinkedIn is to get an invite to its Influencer program, like Bill Gates.
Since LinkedIn doesn’t allow people to apply to the Influencer program, your chances of joining the club with Bill Gates aren’t super high.
But, LinkedIn will be more likely to notice you if you start publishing your content on their platform.
Anyone who pays for a Premium Membership gets this logo, but it makes things look a bit more official than those who don’t have it.
5. Get Verified on YouTube
Verifying your YouTube account and verifying your YouTube channel have almost nothing to do with one another, but they’re usually thought of as the same thing.
Here’s the difference between each kind of verification and why they’re both important.
Step 1. Verifying Your YouTube Account
Usually, this can be done once you first make a YouTube account.
YouTube will remind you at the top of your video manager page to give a cell phone number to tie to your account.
Once you’ve done this, and you should, YouTube will send you a verification code that you can enter in to prove that your account is real.
Completing this step is crazy important because you’ll get to enjoy these additional features:
- Uploads longer than 15 minutes
- Add customized thumbnails to your videos.
- Live stream
- Appeal content ID claims
Step 2. Verify Your YouTube Channel
This is that the almighty little checkmark is placed next to a YouTube channel name.
And tons of creators are trying to get it.
To get it, you’ll need at least 100,000 subscribers and then apply for verification.
They’ll look to see if your channel is authentic and complete and give you the badge.
6. Get a Verified Account on Pinterest
Being verified on Pinterest means that users will know that it’s really your company pinning to boards on the platform. It will display a red checkmark and your URL at the top of your page, like this:
To start, make sure that the Pinterest account is a business one and not a personal one.
Then, confirm your website.
Next, include a “Pin It” button on your site.
From there, change your profile picture to your business logo.
To start, select the “Settings” option:
Scroll down to the bottom of the page where you added in your website URL.
You’ll also want to connect your Instagram, Youtube, and Etsy accounts, if you have them.
Then, click the Verify Website button to the right:
Click that, and the following instructions will appear.
Follow each step accordingly, and Pinterest will notify you in a few days if you’ve been approved.
7. Get Verified on Snapchat
On Snapchat, verified users get something a bit different than the typical check mark.
They get an emoji of their choice.
For example, Kim Kardashian owns the 🍑 emoji:
This is important because it’s virtually impossible to find a Snapchat user unless you know exactly what their account name is.
But with the use of emojis, finding any “verified” account becomes easy.
You don’t need to know their account name. You can enter their actual name.
Which is perfect for celebrity accounts like Justin Bieber or Kylie Jenner, since their account names are “rickthesizzler” and “kylizzlemynizzl.”
Snapchat has recently taken this a step further by providing a list of related accounts to follow when you scan a code with your phone’s camera:
It looks like this will be the status quo for verification on Snapchat for awhile.
If you have a substantial following on the app, reach out to Snapchat representatives and find out if your account is worthy of verification.
You’ll have to provide some proof of your identity if you’re lucky enough to get them to agree to verify your account.
If you aren’t a Snapchat VIP, it might not be worth taking these steps to verify your account.
But, you never know if Snapchat will say yes or no, so it doesn’t hurt to just ask.
You can contact Snapchat through their “Contact Us” web page.
If they deny your request, you can always inquire about becoming verified at a later date once you’ve built an even larger following on their platform.
The more followers and connections you have on the app, the better chances you’ll have of Snapchat verifying you on the social media app.
8. Get Verified on TikTok
There are two different types of social media verification on TikTok: the blue check, for brands and organizations, and the yellow check, for public figures and famous creators.
Currently, you cannot apply to be verified by TikTok, but that option may be available soon. If you have any questions, the sites suggest sending an email to [email protected]
Getting verified on social media isn’t a one-size-fits-all task.
It actually isn’t even possible on all social media networks — Reddit, for example, does not verify any accounts.
If you’ve tried to become verified on social media platforms and were rejected, try to follow the platform’s requirements more closely.
Then, submit your request again once you’ve met all of the criteria.
If you do it right, you can get those check-mark credentials that everyone desires to help you build brand awareness.
Which social media platforms do you think are most important for verification?