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Friday, January 22, 2010

Equipment Leasing and Credit Scores

Equipment leasing goes hand in hand with credit scores. When you apply for a lease, you're hoping for a quick approval, not an extensive investigation. Understanding what equipment leasing companies are looking for from your application is the first step in strengthening your leasing application. At Tiger Leasing , we compile information from different credit reporting sources. For a more specific look at what Tiger Leasing takes into account when considering leasing application, please read our Credit Scores and the Lease Approval Process.

We utilize the Dun & Bradstreet Report to learn more about your company and its payment history. When evaluating your application, we take into account your PAYDEX score, the higher your PAYDEX score, the better!

When businesses are closely held, Tiger Leasing will look at credit bureau reports on individual owners. These credit bureau reports give us an idea of payment histories and outstanding borrowings. Tiger Leasing uses the Experian credit reporting bureau for a report that calculates a FICO score. As with the PAYDEX score, the higher your credit score, the better your chances of securing a lease with us.

Tiger Leasing encourages all businesses and individuals to check your credit report periodically for errors. According to recent studies, almost 80% of credit reports contain errors and almost 25% have mistakes serious enough to cause consumers to be denied credit.

Tiger Leasing relies on credit scores when evaluating potential leasing applications, though they are not the only factor we consider. Your business history, professional experience and cash reserves are also taken into account. At Tiger Leasing, we strive to discuss every aspect of our leasing applications with potential customers, pointing out both the good and bad information we find. Our goal is to make the application process a smooth one, so you can attain the equipment your business needs.

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posted by Tiger Leasing @ 10:54 AM

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