Okay so everyone knows that is a Federal Law that you can only use ONE factoring company.
Right? Wrong!!!! If this is so some will need to provide a CFR(code of federal regulations) that specifically states that.
Sending the same bills to be factored to 2 different factoring companies at the same time is FRAUD and so we don't do that. Or end up in alot of trouble.
It is propaganda and misinformation perpetrated by the factoring companies that want way to much personal information and require that you pay them $125 or more to quit using their services with their "Exclusive" contracts.
Who are they selling all that information to anyway?
It's like saying that if you don't like Bank of America and want to do business at Wells Fargo you have to pay B of A to not bank there any more.
REALLY read those factor contracts. The bigger they are the more loop holes the are built into them and the more the will try and chisel every dime they can from you.
When the factoring companies start asking for personal information that is a matter of public record ie: articles of incorporation they are just trying to get you to do their work for them. Of course one might ask, "Do they really need this type of information?"
If they need extensive personal information of this deep a nature right off the bat then they are already expecting to have to worm their way out of some questionable charge. All though it may be perfectly legal and they will be really nice about it, is it right? It depends on your point of view. [Upright or bent over!]
Want to use a no-nonsense Factoring company try D and S Factors from Idaho. Straight up and 5% with $1 ACH charges. Personally after attempting to deal with TBS factors I will NOT have anything to do with them. Some of you may find them perfectly acceptable. I do not.
So if you are 100% convinced that the Federal Law requires you to only use one factoring company in the trucking business PLEASE post the CFR (code of federal regulations) number here. Not something that is sort of close but something that specifically states just that.
If it can't be produced then I GUESS you all been Bu*L SH*t*d AGAIN!