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TransCredit Discrepancies

Now that the TransCredit "Days to Pay" and "Credit Rating" data is being displayed on the Sylectus Load Board, companies are comparing the TransCredit data to their payment experience.

Question

If you experience a significant variance in days to pay from a Sylectus carrier and report it to TransCredit, will they take that into consideration and change the "credit rating" and "days to pay" on the Sylectus site? Will they do this regardless of whether or not we choose to have them collect on the invoice? Example: Company XYZ shows a favorable credit rating and 35 days to pay on the Sylectus site then proceeds to take 45 days to pay the invoice. Will TransCredit update the days to pay for this carrier?

We posed this question to Wes Simons from TransCredit and here is his response:

Answer:

My name is Wes Simons and I’m the VP of Sales and Marketing for TransCredit, Inc. I wanted respond to the question emailed Stu Sutton earlier today regarding if a vendors score would change as a result of reporting your business credit experience to TransCredit. The answer is YES!

As you may already know, for the past 15 years, TransCredit has been the exclusive providers of credit scores and days-to-pay trends to many load-posting services throughout North America and Canada. Some notables include DAT-TransCore, Getloaded.com, Link Logistics and most recently SYLECTUS.

As the number of businesses who participate in our Accounts Receivable Online (ARO) Program increase, the resulting effect is that all Credit Managers will continually be able to determine their customer’s payment status earlier and more aggressively. This creates far better protection and security for all organizations across the Transportation Industry.

Submitting your company’s ARO helps increase accounts receivables accuracy and productivity. In sharing your company’s payment experiences, you are not only helping to improve the probability of customers paying your receivables on time, but we’ve learned that organizations are more apt to pay a company on time if they know that their payment trend is being reported to TransCredit.

TransCredit welcomes and appreciates your support. I have outlined below how you and other SYLECTUS members can contribute your business credit experiences to TransCredit. If you have any further questions regarding this please feel free to contact me my Customer Service Manager, Paula Dye at extension 113.

Sincerely,

Wes Simons
Vice President of Sales & Marketing
TransCredit, Inc
9485 Regency Square Blvd, Suite 102
Jacksonville, Florida 32225-8111
Phone: (904) 725-2239 Ext. 110
Fax: (904) 493-5752
Toll: (800) 215-8448
Email: wes@transcredit.com
Web: www.transcredit.com

To properly match your current and new customers’ information to our credit database we will need the information listed below for the initial set up. Every month thereafter; we only need the company name with the aging balances separated by 30, 60, 90 days and over.

The preferred format is in a CSV (comma separated value - text file) Document and I have attached a sample of how the headers should appear per column.

We can also accept files in an Excel Spreadsheet and other text formats. If these formats are not feasible to your programs, please email us whatever format your program currently supports and then we can let you know if that is acceptable!

AROXchange: Delivering a master initial file of all accounts receivable records plus future new additions to TransCredit via CSV text, XML transfer, or other modes of electronic transmission acceptable to both parties. This listing shall include the following identifying characteristics:

Subsequent delivery of items 1, 3 & 11 above on a timely monthly basis.

Thank you again for choosing TransCredit, we appreciate business.

It just keeps getting better ... and the best is yet to come!