So, you have just gone through the effort to establish your own company or are in the process of doing so and are wondering, “Where can I check my business credit score?” There are a number of different answers to this common question. In addition to a personal report that you can request from the small business bureau (most major reporting agencies will provide one free per year), you will want to obtain a copy of your business financial record from each of the bureaus mentioned above. For simplicity, we'll assume you're requesting a copy of your business credit score from all three bureaus.
Once you know which bureaus to request your score from, you must decide what information you wish to check on. Each bureau will request different information regarding your business credit score. Some, like Equifax, delve deeper into the financial situation of your company while others, like Transunion, simply ask for basic information regarding how long you've been in business. If you only need financial information pertaining to the past few years, you may be able to find a free copy of your score online at any of the bureaus.
Once you have obtained your business credit score, it is time to compare it to your personal score. Here's a quick way to do it. Go to the Annual Credit Report website and then access their site by clicking on the link “get a copy of your report.” After you have accessed this site, you will be able to see exactly where your score lies along the credit spectrum. You will also see what your current score is.
From this website you are able to view your scores for free each year. If you don't already have an account with the credit bureaus, it is highly likely that they will offer you a free copy of your report annually. You may want to consider obtaining three separate reports if you run several businesses. Otherwise, one report is enough for your business.
Once you know where your score is, check it against the list on the Annual Credit Report website to confirm. If you have new credit cards or accounts established recently, you may have an account or card with a negative score. This would result in you being labeled with a lower score, or even being rejected for a loan.
Your score is very important for you to have access to loans, credit cards, and other financial products. It is basically a symbol of your worthiness as a borrower. If your score is below average, lenders will question why you have not proven yourself to be worthy of credit. On the other hand, if you have a high business credit score, you may not even be considered for loans or other products.
To answer the question: Where can I check my business credit score? simply do an online search using one of the reputable business credit checking services. They are easy to find by searching for them in Google or any of the other major search engines. After finding a few of these companies, you may want to compare their rates, terms, and other payment options. A reputable company will allow you to do this before you decide to . . . . . . apply for a loan or credit card.
How many times a year should you check your score? Most business owners actually check their credit scores more than once a year. Of course, your specific credit rating will vary based on your credit history. If you have poor credit, it may take you longer to develop a good credit rating. However, with consistent checking, you will be able to ensure that your business is able to obtain credit in the future and avoid being labeled with a low score.