EL PASO, TX February 18, 2014 Interstate Capital President, Tony Furman, announced that 23 factoring companies have signed up for its free credit reporting service offered by its subsidiary, Check Freight Broker, LLC. (“CFB”). Interstate Capital is a transportation factoring company formed in 1993 that funds nearly $1 billion per year of freight bills annually for thousands of motor carriers. In May 2013, Interstate announced a program for factoring companies seeking to reduce credit expenses by providing them with free unlimited access to its proprietary database containing Interstate’s first-hand collection experience with tens of thousands of freight brokers. Interstate Capital’s database contains millions of transactions spanning over 20 years. Since announcing its availability, 23 factoring companies have enrolled in the free program.
Interstate’s collection histories with freight brokers are published in searchable freight broker credit reports on CFB’s website, the world’s largest free freight matching site (load board). Internet load boards, also known as freight matching sites, are used by thousands of truckers to find freight in locations they have empty capacity. Available freight is posted on load boards electronically by shippers and freight brokers seeking trucks with excess capacity.
Most load boards charge subscription fees to access their sites, in some cases, thousands of dollars per year. CFB uses an advertiser-supported model, so site access is 100% free for registered members. CFB has posted over 40 million truckloads of freight and has over 15,000 registered motor carrier members.
Among CFB’s many features is free unlimited access to Interstate’s extensive collection experience with tens of thousands of freight brokers. Interstate Capital is the only factoring company known to share valuable proprietary collection data publicly with its peers and motor carriers, 100% free of charge. The only eligibility requirement a factoring company must satisfy is that it be a member of the IFA, an industry trade association that counts hundreds of factoring companies as its members. CFB does not request or accept credit or collection data from third parties to ensure 100% control over the accuracy and timeliness of data displayed on the site