Business Credit Decoded is an informative insider's guide on how to assemble an excellent business credit history and profile for virtually any organization. This comprehensive book will show how a business owner may be approved for thousands of dollars in new credit lines and revolving credit accounts. Along with detailed explanations of all the components of a sound business credit profile, it teaches readers how to accomplish an impressive debt-to-income ratio, asset management plan, and what type of marketing is necessary to attract new business.
Most individuals own a small business but have never really given much thought to how their business credit report and business credit score are created or how to improve them. It is highly likely they don't even know they can access this valuable information at all. There are many companies that will send out a free credit report once per year. Most business credit reports include important information regarding the financial health of your business entity. This information is used by business credit reporting agencies such as Experian, Equifax, and TransUnion to create a full picture of your company's financial health. This type of information is not made available to anyone else without your authorization.
Business credit reporting is very important because it allows banks and other lending institutions to assess the amount of risk they are taking when approving a borrower to provide credit. In essence, business credit reports provide the big business equivalent of your credit report. The financial health of your business and individual finances play a crucial role in determining whether you get a loan from a bank or not. Business credit ratings and scores are used by the major banking institutions such as banks, brokers, lenders, and financial institutions to decide whether to give you money to finance your business ventures or not.
Your business credit report is basically an assessment of your business' worth. You can easily access your business credit report online through a dedicated site provided by the three credit reporting bureaus. You should also look up your credit rating and score if you have applied for a business credit card, loan, or similar financing. You will find information on your business credit report at every major financial institution, so don't think that you need to go searching for it. The bureaus will provide you with the information.
When you search for your business credit report online, you will be required to enter some basic personal information. This information will allow you to access your credit report and score. You may also have the option of paying for the business credit report and score directly through them, which usually entails a one-time fee. If you opt to pay for this service via the Internet, the website will deliver the information to your inbox.
Once you receive your business credit rating and score via email, you should immediately analyze them to see where you stand. You should compare your credit score with the average of all the businesses in your category. If you see any inconsistencies in the rating, you should contact the reporting bureau immediately. Some companies might offer you a free credit check. To get this service, . . . . . . you should contact the bureaus yourself. This method will save you from wasting your time requesting the same service from different companies.
You should keep track of your credit rating at least once a year to ensure that you are not losing points because of mistakes. If you find errors on your business reports, you should report them immediately. You can use the credit repair companies available online to dispute the item, or you can write a letter to each reporting bureau to notify them of the error. You should always make sure to send copies of the letter and proof that the error is indeed theirs. You can then negotiate a settlement between you and the creditor to get the point cleared from your report.
Credit ratings are important for your business. Do not let an inaccurate one stop you from doing your job properly. You should compare your business credit report annually with the business credit reports of other companies. This way, you will get to know what the competition is doing. You will be able to improve your company's standing in the market.