Small Business Credit Report

DATE: Oct, 10   COMMENTS: 0   AUTHOR: Allan Azarola

Small business lenders rely on a company’s credit rating and credit rating to decide whether or not to lend to a small business. A company’s credit rating is not an important tool that most small businesses and credit companies use to decide whether or not to get the credit you need. 

Once you find that you have a company’s credit report from an agency, you will find that several business loans actually get much more attention than just the credit score of an average small business. Lenders review companies’ credit reports to decide whether or not to approve small businesses for financing and interest rates. Each office receives these reports and can create its own score for your company

The same credit agencies that provide your personal credit reports can also provide your business information. When applying for a loan, the lender may want to review the annual report and other companies “credit ratings. If you are new to small business and are still building your credit rating and business, you can request an authorized check that you personally guarantee the small loan you are applying for. The information from your credit report is used to create your company’s credit score. 

Equifax also offers you a business credit provider, the Equifax Small Business Credit Score Provider (SBCP) or the credit rating provider, another leading player in the UK is Reporting Accounts.

Although they are separate, your personal credit rating plays a significant role in obtaining credit products such as small business loans. Business credit rating is the most important part of your credit report, similar to your FICO score, the most popular credit rating model. Similar to a personal credit score, you can determine your business credit rating, but it is separate from credit rating provider Equifax Small Business Credit Score Provider.

Although your personal credit score as a small business owner is always taken into account, a strong business credit profile can help to make securing a business loan much easier. By accessing your free business credit reporting now, small business owners can understand what you stand for and what you look forward to when you receive funding. 

Similar to your personal credit report, which tracks the way you use your credit, your business credit reports will show whether or not you as a company are engaged in responsible tax activities. Similar to a personal credit report, it records how well you pay your bills and how much credit you have used. However, credit agencies may differ in their views on reported corporate credit and what constitutes good business credit. Equifax’s business credit reports will be similar to Experian’s, but your true score will give you a more accurate picture of your overall credit history and business performance. 

When you enter a personal credit card in your own name on your personal credit card, your credit cards on behalf of your business will affect your business credit card. It seems as if you are a special company and have used an SSN to apply for a business card. [Sources: 8, 14] 

If you want to get your business credit report straight from the source, you can go to Experian, the largest and most respected credit reporting agency in the world. You can buy a single report that includes all your business results for $49.95 from Experians, where the business results report is available to all businesses, or buy it in their online store. [Sources: 15, 17] 

They also offer a business credit score that draws information directly from the three credit bureaus, but you have to pay to see the credit reports and the valuation of your business. They do not offer credit reports, but they do provide you with a number of tools to learn how to build your business’s credit. You can receive your points for a fee or give them away free of charge with a credit or debit card. 

If you don’t track your company’s credit history at all or have had poor credit history in the past, it’s a good way to get a summary of your free business credit report. Also, accessing a business credit report is not as easy as it is for your personal credit reports. You won’t have as much information as with the free version, but if you check it every month or two, you can stay up to date with your business credit score. If you miss this, you should check with Small Business Credit Report for more information. 

Just like your personal credit history, your business credit report is summarized by the three primary credit reporting agencies. Much of this information is not the same level of information that Experian, Equifax, TransUnion and FICO publish for your personal credit reports. Before you receive your business credit report, it is important to check the information in detail, including the number and type of credit cards, credit card numbers, payment history and other information. If you forget it, you can forget it for a long time, even after you have paid for it. 

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