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Credit Repair & Financial Advice Blog


Business Credit Scores Explained

Business Credit Scores

Business Credit Scores

Does My Business Have A Credit Score?

Many small business owners ask this question, especially when thinking about applying for a business loan or possibly after recently being declined for a business loan. In short, businesses do have a credit score and it can affect your business and whether you’re able to open a line of credit for your business.

Business credit scores work similar to a personal credit score and are affected similarly by actions such as paying bills on time, amount of debt, whether you regularly max out credit lines, ect… Your business credit score is used to determine whether your business deserves to receive credit, and if so, how much interest should be charged to mitigate any risk.

Business Credit Ad

What Determines Your Business Credit Score

If you are a business owner and are attempting to apply for a business credit card, standard business loan, or any other line of credit in your business’ name, the vendor will check your business credit score to determine eligibility. Business credit scores, like personal credit scores, are typically affected and determined by the following:

  • Payment History
  • Number of Credit Accounts
  • Current Balance on Accounts
  • Historical Credit Score
  • Business Demographics (Age of the Business, Industry, ect…)

A good business credit score is important, not only for getting approved for loans and getting a low interest rate, for business relations as well. Your business credit score could determine whether a company is willing to do business with you, merge, buy your company, or even whether you can get business insurance.

Unfortunately, business vendors don’t have to release information to the credit reporting agencies and in some cases, a business could have had credit accounts for years but not have a credit history if the vendor never reported the credit information. For that reason, if you’re a young business, it can be helpful to check your business credit score once a year to ensure your credit activity is being reported.

Need Help Improving Your Business Credit?

Improving a business credit score can be tricky, especially for a business with a turbulent past credit history. Fortunately, though, it is possible to repair a business credit score just like a personal credit score. If your business is suffering from a low business credit score due to incorrect credit reporting or other issues, contact Credit Absolute for business credit score repair assistance.

Don’t let your business credit score determine the success of your business.

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