Your business credit report is just as important to your business as your personal credit report is to your personal finances. Your business credit score will make a difference when you are trying to get accounts or insurance. Although your business might be starting out, you need to protect your business credit from the start to be ready to make long-term financial purchases and get good interest rates and terms.
What to Monitor on Your Business Credit
Just as you should monitor your personal credit score, you should monitor your business score.
- Check your report for accuracy. Business credit also tracks the size of your business and other demographics.
- Check your report for changes that might impact your business. Look for accounts that you may not use or haven’t opened.
- Know who is asking about your business and checking your credit score.
- Prevent identity theft.
- Identify problems early.
How to Monitor Your Business Credit Score
At least once a year, you should request your business credit report from the major credit bureaus, Experian, Dunn & Bradstreet and Equifax. Unlike personal credit reports, you will probably have to pay for these reports, but it is worth the time and effort. Go through each report and look for errors. Check the score to find out where you stand and how to improve. Business credit reports vary, so you’ll want to go through each one.
If you find errors or inaccurate information, you’ll need to contact the reporting agency and fix it. You may need to provide documentation showing the real information. By monitoring your business credit proactively, you’ll avoid fraud and theft of your business information.
Work on Your Business Credit Score
Contact Fast Commercial Money for financing options that let you build your business credit score. Your business credit is an asset for your organization that should be protected.