Business credit reporting agencies have been in existence for many years. For the consumer, credit reporting agencies are usually just another name for loan and finance companies. Most of us have a general idea of the major business credit reporting agencies. But what do they really do?
Business credit bureaus are organizations that maintain the reports that you can access about your business finances. They provide the business owners with the tools they need to manage their business finances more effectively. Most of us have access to free business credit reports from the major business credit bureaus once a year. However, as a small business owner, you might not get your reports on time every year, even though you might be paying the minimal fees.
Small business owners are often skeptical of third party companies such as credit card issuers, banks, and debt collection agencies. In addition, we've all heard horror stories about how these businesses treat their clients. There are some unscrupulous business credit bureaus that establish business credit scores by gathering the personal information of business owners who have established their own business. Without the owner's permission, the business credit bureaus then sell this personal information to other companies.
In other words, the business credit bureaus are taking advantage of your business by collecting your personal information and selling it to other people or entities for their own profit. For example, credit bureaus will use your personal credit file to (for now) only allow vendors to purchase goods and services from you. That means if you run an online business, the vendors will know that you're the only person they can get credit from. If you don't run a brick and mortar business, you may not even be aware that this information is being sold to other businesses.
Fortunately, there is good news. You can learn how to get the big three business credit bureaus to stop selling your personal information to other companies. The solution is called the Fair Credit Reporting Act, or the FCRA. The purpose of the Fair Credit Reporting Act is to ensure that all consumers get an accurate copy of their business credit report and all bureaus are required to give you a free copy every year.
If you're curious about how to dispute business credit cards and bureaus from the credit bureaus, the website below provides valuable information and resources: Fair Credit Reporting Act – Part 7 – Part 8. This guide helps you understand what the law says when it comes to disputing items on your credit report. It explains in great detail the process for contacting the different credit bureaus, as well as how to complete a successful dispute. It also gives you contact information for consumer advocates with whom you can communicate with if you have any problems with business credit cards and bureaus. If you find yourself in need of a good business credit card dispute, this guide provides helpful information about the process.
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