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How To Repair Business Credit

The Importance of Good Business Credit

As a business owner you are probably now aware of how important it can be to have a good business credit score. Having a low business credit score will impact whether lenders will work with you and can determine whether companies will do business with you.

If you do find a lender, the high interest rates and fees will greatly inhibit your business from being successful. Having a bad business credit score can be a slippery slope, as interest rates increase, making it more difficult to pay off debt while also making it difficult to grow the business without the necessary resources. Therefore, it’s very important to know how to repair business credit and build your busineess credit, if your score it low.

How To Repair Business Credit

Here are the primary steps you should take in order to repair your business credit and get back on track with growing your business into a successful company:

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  • Contact your lenders and attempt to negotiate an alteration in your repayment options. If you’re having financial problems, many lenders would rather restructure your payments, than receive little or nothing if your business were to go bankrupt.
  • It’s important that you focus on also repairing your business’ finances while working on repairing your credit. Put as much of your profit into paying off debt as you can.
  • Contact your lenders and request that they report all account closures and repayments to the credit rating agencies. Although they may already do this, lenders are not required to, therefore it is always a good idea to check with them to ensure that these positive actions are being reported to help repair your business credit.
  • As a Hail Mary you may consider a debt consolidation program. It’s a long term fix, which will make it easier to pay off debt and get back on track, but will take quite a long time. This option is better than filing bankruptcy, but again, it should be a last resort.[/custom_list]

Keep in mind that once you have successfully paid off your outstanding debt, or have gotten back in good standing with your lenders, it’s important to keep a close eye on your credit use. Once you’ve repaired your business credit, you don’t want to ruin it again by over-accumulating debt again.

Using your business credit is a good thing but make sure you use it conservatively. Just like consumer credit, with business credit you should keep a low debt-to-credit-limit ratio. In other words, whatever your business credit limit is, you should keep your balance at 50% or less.

Removing Negative Business Credit Reportings

In many cases, repairing your business credit can be as simple as identifying negative items on your business credit report which were incorrectly filed, or are altogether false. Requesting to have these false, negative items from your business credit report can help to repair your business credit significantly.

If you’re a business owner struggling with bad credit and need assistance repairing your business credit, contact Credit Absolute for proven assistance with business credit repair. There’s no reason your business should suffer due to false or incorrect credit reporting.

1 Comment

Sallie Bradshaw October 18, 2018 at 5:08 pm Reply

I have had a derogatory report placed on my Idaho-based home-building business, “Bradshaw Homes, LLC” (which is only being reported in one of the three bureaus–Experian), and need help getting that removed/challenged/cleaned up. Please contact me ASAP.

Thank You!
Sallie Bradshaw
208.371.3037

http://gobradshawconstruction.com

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Steven Lasseson
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Credit absolute has helped me tremendously over the past few months. My scores for all 3 credit bureaus have increased by 50+ points. I appreciate the education on credit. I am now much more knowledgeable and strategic about when I should and should not use my credit cards. I look forward to my progress as my goal is to purchase a home by the end of the year!
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I noticed a few changes on my credit report that had lowered my score which concerned me and after looking at reviews online I decided to set an appointment with Derek at Credit Absolute. I was fully expecting to spend hundreds of dollars for his advice on what I should do to get it back up to where I had it. After consulting with him and looking in depth at my report, he gave me some tips and helped me understand how the 3 bureaus work and what I could do to increase my score. Best of all..... he didn't charge me a penny. Derek is an honest guy, running an honest business, and if you are looking to build your credit score then he is the guy to turn to. It was about a year ago that I met with him and my score is up over 90 points. 10/10 would recommend Derek at Credit Absolute!
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My experience with Credit Absolute has been nothing but wonderful! The entire staff are very knowledgeable and understanding. Felica is the one of the nicest people.
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David Burgess
19:02 20 Aug 19
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23:32 16 Aug 19
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Zacary Roberts
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15:37 25 Jul 19
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19:35 18 Jul 19
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Baron Adelmann
Baron Adelmann
21:59 26 Oct 17
Derick and his team have helped me tremendously! He explains the process of improving your credit and does all of the work for you! My credit score has improved drastically and I know that I couldn't have done it without the help of Credit Absolute. Because of them, my business has continued to thrive in a way I never thought possible. Thank you Derick and the Credit Absolute Team!
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22:31 16 Feb 17
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Vanity Hernandez
20:15 19 Jul 16
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