September 22nd, 2009 by Jim Swift
It’s official. We are excited to announce the first community-driven approach to commercial credit reporting. Business decision makers from small business owners to senior executives of large corporations can now leverage the collective insights of the entire credit community. Using familiar ratings and reviews features popularized on sites like Yelp, Amazon, and TripAdvisor, members can share payment experiences with other credit pros and business owners by writing their own reviews, while utilizing the knowledge of their peers when making credit decisions by reading reviews submitted by other users.
Our goal is to fill an information gap we’ve heard about since our founding over 15 years ago: business credit reports – used to determine credit viability and payment terms – are based on the financial transactions of less than 1% of US businesses. Over 50% of the US GDP is provided by companies that have little or no voice in how they are perceived in traditional credit reports – small businesses found on Main Street in every town in the country. In what amounts to a calculated compromise, these reports are often derived from interactions with only the largest businesses. The majority of interactions with small businesses are often ignored. It’s the all-too-often lost insights contained within those millions of experiences that Cortera aims to recapture by embracing a more social approach.
With this new solution we are simply revitalizing an approach that had been in place since the 1800s – local merchants exchanging trade references in communities throughout the country. And that’s the key. The Cortera Credit Exchange is a community platform, designed to take these traditionally offline communities and peer networks that have long contributed knowledge and experience for the greater good and bring them online — a technological evolution of one of the oldest and most trusted social networks in business history.
Our mission is straightforward. It is time for business decisions and control over the granting of credit that powers over 50% of US GDP to be returned to those that have been left behind: small businesses.
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I need Martha Alvarado with the GE Consumer & Industrial Division (who I assume is located at Eastern Lighting MDC, 1520 Lauterdale Memorial HWY, Charleston TN 37310) to contact me at 804.550.2666 or email me pleae. We have recieved a box of 12 F54W/T5/835?eco lamps which were delivered by Fed EX on or about 10.13.09. We have no packing slip or PO# to reference to know what job these are for. We have no phone or fax number on the packing slip to use to contact her. This is the only means of contact I have to reach anyone at the above address, which is what comes up when I Goole it. Please help.
Thanks,
Russell J. Brooks,
President
Tolley Electrical Corporation
[...] a great day at DEMOfall 09! Today, we unveiled a fundamentally new approach to commercial credit reports by adding the real-time voice of the business community. Are you a small business owner? A finance [...]