Business Credit Ratings
Tips & Advice to help you make your decision on Business Credit Ratings
Before applying for a commercial loan that will allow your business to pay for important research and development projects, you should consider learning about how strong your business's credit rating is. You can also use business credit ratings to learn more about the risks of partnering with another company on a project.
Business credit ratings are very similar to ratings for individuals. These credit ratings consider a wide array of factors to decide how much risk a business represents. If you have paid all of your bills on time and generated strong profits, then chances are that your business has a good credit rating. This could help you secure low interest loans that allow you to enter new markets.
Credit ratings are also useful for businesses that plan to form partnerships with other companies. By checking that company's credit rating, you can determine how responsible they have been in the past. That could help you avoid partnerships with companies that will not uphold their end of the deal.
There are several organizations that provide credit rating information about businesses. Use the links provided by Business.com to learn more about these resources. That way, you can choose one that meets your needs.
Building/Checking a Business Credit Rating
An established credit rating is crucial for growing a small businessBy Daniel Kehrer, Founder & CEO BizBest Media Corp. Any business that plans to seek loans, lease equipment, establish partnerships, accept credit cards or buy inventory and materials should have a strong credit profile. You'll need to:
- Get listed with key credit profiling firms.
- Build, maintain and update your business credit profile.
- Check credit profiles of customers.
Obtain a DUNS number and get listed with D&B
If someone wants to check your creditworthiness they'll often look first to D&B. A DUNS number from D&B is the industry standard for business listings. Getting one puts you in D&B's database and lets you use D&B as a credit reference.
Try:
Apply for a DUNS number and build your business credit file at D&B Small Business Solutions. CreditBuilder lets you create a complete credit file from the ground up. Update your record anytime with eUpdate.
Check your file or others
For small, growing companies - especially those doing business with large companies or government entities - a positive credit report is vital. Knowing what's in your file is important since missing or incorrect info can hurt you. And if you grant credit to others, you'll want to know their credit history.
Try:
Review the business credit solutions offered by the major credit bureaus: Experian, Equifax, and TransUnion. For instant business credit reports online visit Business Reports USA, an Experian affiliate.
Shortcut: Services to help you build business credit
A business credit consulting service can help new business owners separate personal and business credit histories and establish separate business credit.
Try:
Business Credit Services can help.
High-Volume, low-cost reports
To confirm information on new clients, make low-risk, low-dollar credit decisions, pre-qualify prospects or even generate sales leads, you'll need a subscription credit report service offering unlimited access to data on millions of businesses.
Try:
Credit.net, a division of database giant InfoUSA, offers low cost solutions for small business.
International credit reports
Doing business outside the U.S.? Accurate and reliable information about the creditworthiness of overseas clients is critical.
Try:
Get international credit reports here.
Dun and Bradstreet® (D&B®) Reports. Get a Business Credit Report Now!
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Experian® Business Credit Reports. Reliable & Secure. Trust Experian!
Need Information on a Business? Evaluate and Monitor Risk Ratings.
