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Broker and Vendor Collude--Scamaroonie SCAM#1 “Many leasing companies have found a way into HP and GE Capital ( TOSHIBA) vendor finance programs. They either partner up with a computer reseller and they submit deals under the premise that the reseller is truly selling the equipment. Often times all the reseller does is re-invoice the deal. They will either mark up the invoice or simply add points to the lease payment. “Leasing companies have even gone so far as to create computer resellers whose sole purpose was to RE-INVOICE deals often times changing furniture, machinery, backhoes, etc., into Laptops/Servers and the like...NO SITE VISITS on VENDOR BUSINESS!!! Pathetic isn't it!!!
“D&B Manipulation! As you know many lenders base approvals on D&B scoring...so if a guarantor has poor personal credit and has time in business of 2+ years or even better 5+years, a simple call to D&B can cure all his problems. It is done this way: “The leasing company will log into D&B on the presidents behalf (i.e. IMPERSONATE THE PRESIDENT). They will then proceed to “update” the D&B records. This will consist of bumping the number of employees and annual sales reported etc...They can also manipulate the PAYDEX by reporting trades to D&B...I have seen a paydex move from the LOW 30's to 70 within 3-4 weeks...after the D&B is updated the company will simple SLIDE through GE CAPITAL credit window for CORP ONLY business.... “I have even seen presidents being replaced on D&B's as they will move a guy with good credit in and one with poor credit out... “On smaller deals, most department of corporations can be accessed by the internet, where you simply change who is the president.” (name with held ) -- “Regarding the Broker to Vendor Funding Source—Three Separate Incidents #2 story in your 2/12 edition, I work with a vendor that reported to me a month or so back, that another leasing company was in the process of funding one of their transactions and asked the vendor to include their fee in the invoice to the funding source. The vendor has not complied and as yet, the deal has not funded. The leasing company (broker) is located in Southern California. There was no "splitting" mentioned so maybe this is unrelated. My vendor wants no part in anything unethical. I am anxious to hear more details as your story develops.” (name with held )
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