By Mark Scott
A snapshot of your business’ financial health, your business’ credit score will determine everything from how much you can borrow to what kind of repayment terms you may enjoy from your lenders. Periodically checking your business credit reports is one of the best ways to ensure that your credit profile is solid and make it more likely that you will get the best rates on loans.
But while checking your personal credit is simple, the process for checking your business credit can be a bit more tricky.
What Information Does a Business Credit Report Contain?
A business’ credit reports contain the following information:
- Company information, including ownership, subsidiaries, employees, and parent companies
- Historical data on the company’s finances and growth
- Public information like bankruptcies, liens, and judgments
- Payment history and accounts
- Open accounts and lines of credit.
Information contained in your business credit report can affect everything from:
- How much credit you may receive from a lender
- How much interest you will pay on loans
- Whether you can get a business loan
- How much you will have to pay in insurance premiums.
Usually, business credit scores are calculated using two business credit agencies–Dun and Bradstreet and Experian. The D&B PAYDEX score and the Experian IntelliScore Plus assign your business a score between 1 and 100, with 100 being the highest possible score.
The score is largely based on your payment history, a mix of credit, age of accounts, and the overall amount of debt. Keeping these scores as high as possible is vital to getting the most favorable terms for your loans.
How to Check My Business Credit Score
The best way to stay on top of your score is to subscribe to one of the credit reporting agencies that serve business clients.
Dun & Bradstreet Credit Signal
D&B Credit Signal is one of the most widely used business credit reporting services in the United States. This service provides:
- A comprehensive record of all your credit and accounts
- Credit monitoring and alerts
- Monthly summaries of your business credit’s health
- Insights into which companies have requested access to your credit file.
Experian Business Credit Report
One of the leaders in both personal and business credit, Experian’s Credit Report provides an in-depth look into your company’s finances and provides up-to-date information on the health of your accounts. These reports include:
- Your business’ numerical score
- A complete credit profile and history
- Credit monitoring and alerts
- Equifax risk scores that identify potential business risks.
Experian offers multiple credit products. You can choose from a basic profile for one-time access, a premium plan, a monthly plan, and a yearly unlimited plan.
Nav Business Credit Reports
Nav Business credit reports is an aggregator of your reports from Dun and Bradstreet and Experian. The company assigns businesses a score that represents the average of the two major reporting agencies. It also provides you with your Experian score.
Nav Business Credit reports also provides helpful tools that will help you boost your credit score and enjoy a stronger financial position. The company offers a limited free version and a paid version with the opportunity to view your D&B scores, dispute errors, and build credit.
The site also offers tools for new companies that have not established a score and need guidance on lines of credit, commercial credit cards, and loans.
Understanding your credit profile will help you improve your business credit score and enjoy transparency when it comes to your company’s financial health. Business credit repair companies can review your reports and scores and make suggestions that will help to boost your company’s financial standing. Use one of the three services to access your business credit reports today.
About the Author
Mark Scott With a law degree under his belt and years of experience, Mark Scott set off to make the law more accessible to all. He decided to help people lost in the maze of legal terminology to find their way. Mark writes clear and concise pieces and gives simple advice that is easy to follow. On account of positive feedback from readers, he decided to dedicate more of his time to this goal and became a legal columnist. In his writings, Mark covers a wide array of topics, like how to seek legal counsel, or how to deal with different procedures. Furthermore, he directs his readers toward other trustworthy resources for more in-depth information.