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Up-to-date business credit reports and exclusive D&B scores, whenever you need them. DNBi Professional demystifies credit reports and walks you through the evaluation process so you can easily make - and document - confident credit decisions.
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Credit Report 'FICO' Scores
The basic credit score is called a FICO score. The formula includes such information as punctuality of payment, debt capacity in use, length of credit history and types of credit used. To get your business into the best possible position, you'll need to do three things:
- Improve the balance-to-limit ratio on outstanding credit cards and loans. Besides paying down balances, this may involve signing up for more credit — having a low balance compared to the available limit can improve a credit score.
- Verify the accuracy of your credit information. This includes making sure that credit agency records show that any previous bad debts have been cleaned up.
- Fix inaccuracies in your credit reports.
Separate your business score from your personal score
An Employer Identification Number, also called an EIN or taxpayer ID number, helps to separate your business score from your personal score, which is attached to your Social Security number. Continue separating your business and personal identities by establishing separate phone numbers and checking accounts.Internal Revenue Service Web site. Review the instructions and the form before starting.
Get your personal credit report
Lenders recognize a correlation between a business owner's personal credit history and likelihood of repaying a business loan — so be sure to check that your personal credit report is accurate. Reports may vary among reporting agencies, because each bases its score on slightly different criteria.Review your business credit report
Small businesses do not have FICO scores, but lenders do consider other predictors that businesses will repay loans. So you'll want to be sure your business credit report is up to snuff.Fix your credit to boost your score
You can correct inaccuracies and take steps to raise your score yourself, but if you prefer, you can hire help.- Your FICO score is based on your credit information and doesn't consider your employment, income or other personal data.
- If an application for credit is denied as a result of the credit score, you're legally entitled to specific reasons for the denial.
- FICO scores range from about 300 to 850, with scores over about 700 considered to be good credit.
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Tips & Advice for FICO Scores
Knowing your companies FICO scores is important to making large financial decision that can be affected by a negative credit score. The FICO organization, or Fair Isaac Corporation gives the vital information of credit risk to both companies which require their own score for review and adjustment as well as those businesses which are assessing possible risk and making decisions in which credit ratings play a significant role.
There are many online resources through which a FICO score may be accessed. Reviewing it regularly prevents unforeseen complications that may arise. Credit ratings may be manipulated by simple practices designed to build good and solid credit. Performing these adjustments can assist in raising scores that are low to allow businesses to pursue such benefits as loans and other financing options.
Reviewing the FICO rating of potential business associates is a great way to tell what the general reputation of the company may be. Spotting low credit as an early warning sign can assist in avoiding future losses and hassle. Review the scores of both your business and those working in conjunction with your business to have better insight to the state of general practices. If you are looking for more information on FICO scores try clicking the links to the left.
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