Applying for financing with Forward only requires a soft credit pull and does not affect an individual’s credit.
Once a customer has received working capital from Forward, we report on the customer’s performance against the terms of their contract on a monthly basis to Experian Business Credit, who in turn calculates business credit scores. Our part is simply reporting whether each customer is in good standing or poor standing.
- Good Standing: The customer is either making payments or engaging with our Account Servicing team. If a customer is engaged with us but their revenues show they are not required to make payments, we will report them as in good standing.
- Poor Standing: The customer has not made a payment for 30+ calendar days and also has not engaged with our Account Servicing team in 30+ calendar days. Failure to pay will not result in being reported as in poor standing, as long as the customer is engaged with us.
We consider a customer engaged if they are communicating with our Account Servicing team, providing any requested information (e.g., bank statements) per their agreement, and generally working with us towards a resolution.
Experian Business Credit operates using its own algorithm, and we have no knowledge of the impact of our data within its algorithm. It is important to remember we are simply reporting whether a customer is in good or poor standing with Forward Financing.
Our Account Servicing team can be reached at 888-954-4377, Monday through Friday, 9 AM to 6 PM Eastern Time.