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As a small business owner, it’s important to familiarize yourself with your company’s credit score and know how to find it. You should also be aware of factors that may affect it. Make a point of continually monitoring your business credit score for potential changes or mistakes.
You can find your business credit score by checking one of the three main business credit bureaus.
Decide which of the three main business credit bureaus—Dun & Bradstreet, Experian Business, or Equifax Business—you want to use to access your credit report and score.
Visit the chosen credit bureau’s website and sign up for an account. You may need to provide some basic business information, such as your company’s name, address, and EIN.
Each credit bureau offers different plans and report options. Review the available plans and choose one that best suits your needs:
– Dun & Bradstreet: Opt for the free trial or select a paid plan starting at $15/month.
– Experian Business: Choose a single report for $39.95 or an annual plan for $189/year.
– Equifax Business: Purchase a single report for $99.95 or a multi-pack for $399.95.
Enter the required business information to access your credit report. This may include your EIN, company name, address, and other relevant details.
Once you’ve completed the necessary steps, you will receive your business credit report and score. Review the report carefully, looking for any errors or discrepancies that may need to be addressed.
Regularly monitor your business credit score, especially when you’re planning to apply for loans, negotiate contracts, or make significant financial decisions. Stay informed about changes in your credit score and take steps to address any issues that may arise.
Dun & Bradstreet offers a free option which allows you to view four scores and ratings for 14 days. They also offer several paid options starting at $15/month for checking your business credit, building your credit, and checking others’ business credit to help you determine the risk factors of working with a potential business partner.
Experian offers several options for a single report or multiple report plans. According to their website, “The available options provide varying levels of detail – from presenting the basic facts of a business to detailed business credit, payment, and public record histories – in an easy-to-read format.” A single report starts at $39.95, or for $189/year you can get ongoing access to your business’s full credit report and score.
With Equifax you can order a single business credit report for $99.95 or purchase a multi-pack (which equates to 5 for the price of 4) for $399.95. You’ll get a full report with credit score, risk scores, failure scores, and public records.
Your business credit score is similar to your personal credit score in that it represents your business’s credibility as a borrower. Once you start your business, obtain an EIN number, and create a bank account for your company, business credit bureaus will start gathering information about your company by looking at public records. Your business credit score is connected to your company’s EIN number. It takes time to build up, so if you’re just starting out, check out these tips for climbing the ladder of credit.
Several factors determine your business credit score such as time in business, assets, industry type, size of the company, public records, outstanding debt, and payment history.
A good credit score will help you get better terms with new vendors or suppliers, lower interest rates on loans, lower terms on credit cards, and better insurance premiums. It also demonstrates your financial stability and creditworthiness to prospective business partners or suppliers before they enter into a working relationship with your company.
You should always stay on top of your business credit score because it can be an indicator of business identity theft or fraudulent activity. Sometimes there are mistakes in credit reports, such as outdated information, or discrepancies that should be addressed. Monitoring your credit score will also give you an insight into areas where you can improve like paying down an outstanding balance on a credit card.
SBG Funding offers small business term loans or business lines of credit to help you establish and improve your business credit.
A strong business credit score can lead to securing financing with favorable terms, negotiating better payment terms with suppliers, building trust with potential business partners, attracting investors, and facilitating expansion.
Yes, a good business credit score demonstrates your reliability as a buyer, allowing you to negotiate favorable payment terms, such as extended payment deadlines or discounts for early payments, with suppliers.
To improve your business credit score, you should establish a business credit profile, pay bills on time, manage credit utilization, monitor credit reports, establish trade lines, and maintain a healthy financial position.
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