You have no doubt heard many advertisements aimed at consumers on how they can check their credit score. However, it’s rare for business owners to hear the same type of spiel. That means they may have no idea what their company credit score is or how to obtain it.
Below are some ways to obtain your credit report and how to evaluate it once you do have it.
Dun and Bradstreet
The well-known business credit service of Dun and Bradstreet offers a service called CreditSignal at no charge. This alerts you to changes in your report or score as well as when someone has purchased your business credit report. It doesn’t actually give you access to the report itself. You can learn what Dun and Bradstreet has on file for your company by purchasing an upgraded membership that offers credit monitoring and credit building advice.
Another business credit reporting agency called Nav offers business owners their Dun and Bradstreet Paydex report and their Experian Intelliscore at no charge. A Nav free account will give you a general business grade along with suggestions on how to build your credit or improve your credit score. As with the above service, you will need to pay if you want to see more information.
How to Interpret Your Business Credit Report
A full copy of your business credit report will have three sections. These include:
- Credit: This lists the number of accounts, outstanding balances, percentage of utilized credit, and any credit trends your business has developed over time.
- Demographics: This section lists the number of years your company has been on file, size of your business, and type of business according to the Standard Industrial Classification code.
- Public records: If you have judgments, liens, or bankruptcy data, it will go in this section.
Your business credit score can be as low as zero or as high as 100. Most lenders look for a score of at least 75. If you need more tips on improving your business credit or would like to discuss financing options, please contact Blackwater Capital Funding for immediate assistance.