Tag: credit

August 25, 2022

Understanding Regulation B (Reg B) All lenders are required to comply with Regulation B when extending credit to borrowers. Reg B implements the Equal Credit Opportunity Act (ECOA), which is regulated and enforced by the Consumer Financial Protection Bureau (CFPB). […]

December 8, 2021

On 7 December 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a Final Rule to facilitate LIBOR transition, via amendments to Regulation Z. The amendments take effect on 1 April 2022, and compliance becomes mandatory on 1 October 2022. Financial […]

September 17, 2019

Business owners need a credit score of 620 or higher to have access to a variety of financing options. 550 is the minimum for even basic financing that’s not cost-prohibitive. Business loans may be available for lower scores, but they’ll […]

October 11, 2018

When your business needs to funding to grow, bridge cash flow gaps or take advantage of a can’t-miss opportunity, where do you start? For business owners, there are more options than ever for financing. Whether through the traditional route of […]

March 24, 2017

Revolving credit can be a lifeline when your small business faces an emergency, or simply needs extra cash for unexpected short-term purchases. There are two main types of revolving credit: business lines of credit (also called revolving lines of credit) […]

February 22, 2017

Most small business owners are familiar with their personal credit score, but many don’t know that their business also has a credit score. Together, personal and business credit impact whether you’ll qualify for loans and leases, get favorable terms from […]