[ryanh]

I am primarily a broker and I use datamerch daily. Well worth knowing if I am wasting my time for the money.

[Michael I]

I am primarily a broker and I use datamerch daily. Well worth knowing if I am wasting my time for the money.

curious what kind of submission flow you get that it is worth it? doesn't it take same amount of time to submit than to check ?

[TheUnderwritingProdigy]

curious what kind of submission flow you get that it is worth it? doesn't it take same amount of time to submit than to check ?

Checking on Datamerch is super simple. Just plug in the last 7 of the EIN into the search and that's it. For bonus tips, also run the last 7 of the SSN since sometimes you'll find they defaulted under that as a sole prop as well.

[SFC]

curious what kind of submission flow you get that it is worth it? doesn't it take same amount of time to submit than to check ?

Probably thinks you can get leads out of it.

[Josh1810]

curious what kind of submission flow you get that it is worth it? doesn't it take same amount of time to submit than to check ?

our leads go from interest-statements in-app signed-submitted. checking every merchant at the front door can save us hours of work!

[Michael I]

our leads go from interest-statements in-app signed-submitted. checking every merchant at the front door can save us hours of work!

yeah but correct me if i am wrong you need social or tax id to check. so it only saves last step not to submit

[Josh1810]

yeah but correct me if i am wrong you need social or tax id to check. so it only saves last step not to submit

most of our leads have ein

[Josh1810]

although I've heard that some funders will lock up a client by putting him on datamerch with a bogus claim... kind of like the beginning of covid, where all payments were lowered even when the merchant didnt ask for it, and they immediately became "lowered payments" lol

[TheUnderwritingProdigy]

although I've heard that some funders will lock up a client by putting him on datamerch with a bogus claim... kind of like the beginning of covid, where all payments were lowered even when the merchant didnt ask for it, and they immediately became "lowered payments" lol

ehh. Not really sure how much I agree with that still being the case. It's pretty standard to see accounts w/"COVID-19 Hardship" being selected on there. Most of those postings are nearly a year old at this point and I know, personally, it doesn't make any difference whether or not I'll fund them this far down the line.

[ryan $]

I am primarily a broker and I use datamerch daily. Well worth knowing if I am wasting my time for the money.

****. Ill buy all your DataMerch declines.
DataMerch is ****. There are so many in there for "Defaulting" yet Court Records show nothing.

Just send the files to a funder who doesnt use DataMerch.

[Guilds12]

****. Ill buy all your DataMerch declines.
DataMerch is ****. There are so many in there for "Defaulting" yet Court Records show nothing.

Just send the files to a funder who doesnt use DataMerch.

Which lenders don't use datamerch?

[ryan $]

Which lenders don't use datamerch?

A Bunch.

[ryan $]

I am primarily a broker and I use datamerch daily. Well worth knowing if I am wasting my time for the money.

I personally think DataMerch is complete bull****. MANY MANY MANY times lenders or even brokers will list merchants in DataMerch as default, fraud, ect and it turns out to be completely false, they just want to deter others from taking their customers.

It is complete bull****. Nothing irritates me more than a file being declined for being in DataMerch for a default, but there are no UCC's or Court Records to back it up. Ive even gona as far as to provide a year worth of statements and literally shown lenders they never missed a payment and paid off in full. You can see the entire advance in the statements, perfect pay history, but like UNDERWRITING ROBOTS with no critical thinking, No we must decline, listed in DataMerch. Im showing you its bull****..... seriously?

thankfully plenty of lenders dont use datamerch period.

[Michael I]

I personally think DataMerch is complete bull****. MANY MANY MANY times lenders or even brokers will list merchants in DataMerch as default, fraud, ect and it turns out to be completely false, they just want to deter others from taking their customers.

It is complete bull****. Nothing irritates me more than a file being declined for being in DataMerch for a default, but there are no UCC's or Court Records to back it up. Ive even gona as far as to provide a year worth of statements and literally shown lenders they never missed a payment and paid off in full. You can see the entire advance in the statements, perfect pay history, but like UNDERWRITING ROBOTS with no critical thinking, No we must decline, listed in DataMerch. Im showing you its bull****..... seriously?

thankfully plenty of lenders dont use datamerch period.

plus when the funders that list them goes and funds them they have no penalty for that funder. Has happened to me so many times

[TheUnderwritingProdigy]

plus when the funders that list them goes and funds them they have no penalty for that funder. Has happened to me so many times

How about funders like CFG that use Datamerch and then never post a single default while just reaping the benefits of everyone else's contributions? WE NEED ACCOUNTABILITY! lol

[excelcap]

plus when the funders that list them goes and funds them they have no penalty for that funder. Has happened to me so many times

As a funder you need to obviously educate yourself and the team to use the system in sync with the other data available. Granted you can put whatever you want in data merch and funders should def not solely rely on the information put in by any user. However, when its coupled with negative background or ucc data you can rest assured no one just tried keeping a merchant all for themselves or blocking out other funders.

DO YOUR DILLLIIIII right folks