A problem that directly effects millions of Americans and small businesses is the astonishing number of errors in credit reports. We’re looking for an American save for entrepreneurs, a little uncomfortable about global markets but needing serious answers to the credit issues causing local businesses to be ineligible to purchase stocks that could broaden their portfolio the way large corporations do. Many consumers have errors in their credit file that make them look risky. Lenders respond to this incorrect data by offering higher interest rates, less favorable terms, or denying credit.
Given the seeming importance of credit scores, why are they so inaccurate? Each of the bureaus have many millions of credit files resulting in billions of data. Errors happen with so much data coming from so many sources. Also, the data isn’t consistent between the three main credit bureaus about a candidate’s creditworthiness. Worst of all, many lenders will use a small-business owner’s personal credit risk as a symbol of the business’s risk.
Most often, small businesses are not able to receive the financing needed to sustain and grow.
Small business advocates, like America’s Real Deal, understand these challenges and are passionate to help entrepreneurs fund growth outside of the traditional system that’s proven ineffective in the local family business market. Entrepreneurs have a voice about their business with an expert panel of advocates. It is a collaborative effort between the judging panel and the audience that will intentionally propel these entrepreneurs to greatness, very different from the Shark approach. Of course, not everybody will receive coaching and financing, but they shouldn’t.
America’s Real Deal goes beyond a credit file and is an American save for small businesses.