The manner is which Corporate Credit Network (CCN) conducts business is disturbing. This company claims that by following its program, it is possible to build excellent business credit within a year. I paid $695 for this program. Nowhere on their website is the cost for the program (or information about a set-up fee) published.
One of the first steps in their program is to establish credit with companies that offer Net 30 payment terms to newer businesses.ccN provides the customer with a list of ONLY 6 companies from which to purchase goods. They suggest spending $70 to $100 for two consecutive months with 5 of the 6 companies. The major problem for me was that there were very few, if any, products these companies sold that were of any use to my business. Also, I question how much a two-month credit history with five companies would effect my business' credit score. I know my personal credit score would not dramatically increase in such a short time with such small purchase amounts.
When I questioned the company regarding their process, I received an indignant email from the company's owner, Mike Berrian. Below are a couple of excerpts from that communication followed by my comments in parentheses.
"Erick your technician worked for a scam artist as the right hand for a man named Ray Reynolds who has burnt more business credit files than he has built." (Am I supposed to be comforted that the person working on my account was the right hand man for an alleged con artist?)
"I dont know how much you paid to join but we can give you a courtesy refund minus the $195 set up fees if this is really the route you want to take." (Why wouldn't Mike know how much I paid? If the program is a lock-step process, doesn't everyone pay the same fee? Where on the website does it state that there's a $195 set up fee?)
After this episode, I inquired about business lending at Wells Fargo Bank. The assistant branch manager stated that Wells Fargo couldn't care less about a business' Paydex score. They are interested in the owner's personal credit history & how much the person's company is making in determining whether to grant the loan.
In my opinion, CCN is a ripoff because 1) they don't charge everyone the same amount of money to join what appears to be the same program and 2) they invent policies as they go along, such as the $195 set up fee that is not documented anywhere on their website.
I would not be surprised if CCN is receiving kickbacks from the 6 companies they insist that their customers buy from — I'm sure there are MANY more companies that would grant businesses Net 30 credit. Why are there only 6 on CCN's list? My home-based internet business does NOT need industrial vacuums or tool sheds. No smart businessperson buys items he/she does NOT need just to build credit.
CCN needs to state clearly on their website how much their program costs & how those costs break down. This has been an awful experience. I'd rather have taken a match to the $195 than have this company keep one penny of my money.
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