Tip: The importance of having good credit and proper credit lines with your manufacturers cannot be overstated. The members who are doing well within Round 1 of Competitive Bidding have established strong relationships with their manufacturers to move the relationship to a partnership level. Getting the manufacturers involved early and establishing compliance levels along with making sure proper credit lines and financing lines are established before the bidding process was essential to their success. The MED Group will be providing a webinar for our members to learn about business credt and what you can do to help increase your credit score and lower your borrowing costs. We will be announcing that webinar within the next couple of months.
Task:
- Run your credit report-choose one of the following below-remember this will be used to find problems with your credit report. You will also need to submit a credit report with your bid submission (numerical number included, but it cannot be older than 90 days at the time of bid submission).
a. Experian-www.experian.com b. Transunion-www.transunion.com c. Equifax-www.equifax.com d. Dun & Bradstreet-www.dnb.com e. Standard & Poor's-www.standardandpoors.com - Verify if the information is correct (name, social security number or TIN, address and claims)
- Settle any issues and disputes that are on the credit report
a. There are procedures on each website on "How to dispute a charge or claim"
a. This could take up to 60 days to be processed and handled
b. Be ready to provide proof if something was paid that should be marked as such on the credit report
c. Very difficult to have an item removed from a credit report-could be settled, disputed or paid (usual and customary)
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