Business credit is the life’s blood of small and large companies alike. Keeping track of their ratings is integral to ensuring they meet their customer obligations.
Who Tracks Business Credit Ratings?
Business credit ratings are tracked by several business credit bureaus, including:
• Equifax Business
• Experian Business
• Business Credit USA
TransUnion, a company typically associated with tracking personal credit ratings, may also have access to business credit scores. This is especially true for small businesses with a sole proprietor, as there is minimal distinction between a person and their business on this level.
However, the one credit bureau that holds the most sway in affecting a business’s overall credit score is Dun & Bradstreet, also known as D&B. D&B is the most widely accepted and trusted tracking agency for business credit scores in the United States.
How To Check Your Business Credit Score
Before you begin, ensure that you have your business identification number readily available. This may be one or all of the following:
• Employer Identification Number (EIN)
• Federal ID Number (FIN)
• Data Universal Numbering System (DUNS) Number
With this number ready, contact the credit agency of your choice. Again, keep in mind that the primary source for accurate business credit information is Dun & Bradstreet.
• Ask the credit agency for the forms that you will need to fill out.
• Fill in all information and double-check for accuracy.
• Return the forms to the agency and wait for their report.
To speed up the process, check if the agency has an online or e-mail-based form. Also, keep in mind that agencies have a wide-ranging price range for checking business credit ratings and issuing a report.
The Business Credit Report
While business credit is just as important as personal credit, the report may appear slightly different. The business credit ranking system uses a more concise scale than personal credit, numbered from 1 to 100.
A “good” business credit score is considered to be anything between 80 and 100. Just like personal credit, the lower this number gets, the higher the risk for businesses to consider when offering goods or services in good faith that they will be promptly compensated.
There are only two means of raising your business credit score:
• Promptly Pay Off Loans & Other Business Invoices
• Find An Agency To Research & Challenge Information On The Report
Credit reporting bureaus may have false or outdated information on file that might unjustly lower a business’s credit rating. If these damaging reports can be removed from the report, the overall business credit score could dramatically increase by as much as 50 points or even more.
Credit Absolute is one of the most trusted credit restoration companies in the nation. Credit Absolute’s risk-free approach of pay-by-performance ensures that you always get your money’s worth because a business doesn’t have to pay until there is progress.
Contact Credit Absolute today, and start on the road to credit repair and recovery. For fast, no-risk business loans and no personal credit hits, check your availability here.