Assuming that you’ve already registered with iupdate let’s cover the two major components of the platform which are updating your profile and investigating a payment experience.
Once you login you’ll see six major tab functions which are:
- Start Update Process
- View/Print Company Report
- Submit Financial Statement
- Investigate Payment Experience
- Data Update Policies and FAQs
- User Profile
Start iUpdate Process
The start update process tab is a major part of the system and it’s where you’ll review your company information and make any necessary changes to update your profile. This tab contains six steps covering the following areas:
- Business Summary – The business summary section shows your company’s basic profile information, such as company name, trade styles, business address, phone number, parent company name and location, CEO name, sales volume, net worth, number of employees, line of business and your DUNs Number.
You can use this summary to get a quick overview of your business profile, and identify any areas that you may have to correct or investigate more closely.
- History & Operations – This section allows you to add or remove company officers, directors and even a change of ownership status. Another added piece of data that you can add is a subsidiary, branch or affiliate of your company. This shows the relationship between your company and other companies you may have that are within a corporate family.
Finally, you can update information regarding the operations of your company such as number of employees, facilities, and even edit or add your company’s SIC code.
- Payments – Updates to this step must be done through the Main Menu option ‘Investigate Payment Experience’.
- Finance & Banking – In this section you can add company financials which DNB uses to derive scores, ratings, and credit limit recommendations. This is not mandatory but it sure does enable your file to fully reflect your company’s financial strength.
Now instead of filling out all the required fields you have the option to upload an electronic copy of your current financials as well.
- Public Filings – The public filings step is a data screen that shows you any public records being reported on your company profile as well as government activity. For example, if your company has been awarded a government contract or grant then that information would display here.
- Final Review of Changes – In this final step of the update you can review all the changes you’ve made. There is even a print option so you can keep all your corrections on file for future reference.
Investigate Payment Experience
The second major component includes a payment investigation tab which allows you the opportunity to initiate a payment experience investigation. This make the dispute process really simple and less time intensive.
As you know keeping your profile up to date is crucial and with tools like iupdate you can regularly monitor, manage, and investigate information that may not properly reflect the creditworthiness of your company.
How often do you review your business credit profiles?
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About the author
Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for AllBusiness.com, a subsidiary of Dun and Bradstreet and author of “Eight Steps to Ultimate Business Credit” and “How to Build Business Credit with No Personal Guarantee.” His articles and blogs have also been featured in American Express Small Business, Business Week, The Washington Post, The San Francisco Tribune, Scotsman Guide, Alltop, Entrepreneur Connect, and Active Rain.