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, 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 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.