If you want to improve your company’s credit rating, you need to ask yourself how to verify it, but there are many credit reporting agencies, and many of them are not the ones that produce the personal credit reports issued by Experian, Equifax, TransUnion, and FICO. The best way to check your companies “credit rating is to start with a free annual report from one of the many credit reference agencies.
Similar to a personal credit report, business credit reports are influenced by a number of key factors that determine whether you are a credit risk. When you get your free business credit reporting from Experian, Equifax, TransUnion, FICO or any of the other major credit reporting agencies, you should know that your company’s credit ratings are calculated on different scales, and what makes a good business credit deal will differ from what is the best credit score for a person. Just as with managing your personal credit reports, your company’s credit reports should not be inaccurate or incomplete and presented to your company in the most accurate way.
Experian allows you to buy your business credit report from its website, charging $39.95 for the simplest report, but if you want it directly from the source, you can also go through Experian’s online credit reporting service. If you find an error in your company’s credit reports, you should report it to the credit reporting agencies, and the details of how to challenge the error are included in the credit report. Basically, they should notify you by writing either to the company reporting your consumer credit or to the person or company providing the information about the errors.
Experience also encourages small business owners to create their own business credit reports to monitor and improve your business’s credit rating. Experian, the same credit institution that provides personal credit reports, can also produce an annual report. Access to a free report on business loans will help small business owners understand better what stands between them and their creditworthiness and look forward to financing.
Similar to Experian’s report, Equifax’s business credit report will be correct, but it will give you your true score. When applying for a loan, your lender will probably check your credit rating as well as other factors such as your company’s credit history.
Equifax’s Small Business Credit Report is similar to Equifax’s Personal Finance Report. Similar to your personal credit reporting, the business credit report reviews your business credit rating, reflects your payment and delinquency history, lists judgments and liens that affect your businesses, and provides a summary of your business’s financial operations, including your ability to pay invoices and the amount of money in your bank account and credit history. [Sources: 8, 9, 19]
Unlike your consumer credit report, there is no federal law requiring credit agencies to provide this report free of charge. Business credit reports are public, meaning that anyone can demand them from any company. Only lenders and suppliers report credit lines and trading lines to credit reporting agencies, where they are included in your company’s business credit report. Each company can report its own credit, but only lenders or suppliers can report your company’s credit line or trading line. [Sources: 0, 17, 19]
The Equifax Business Credit Report costs $99.99, but you can also get access to a free version of the Experian Business Credit Report that you don’t have in the free versions. The Business Credit Report is built on Experian and is specific to your business, so it seems to be missing when you use an SSN to apply for a business credit card. It is built up with your phone and utility bills, as well as your bank account information and other personal information. Another option is to use Reporting Accounts who also offer free and paid for credit reports.
You can access the Equifax Business Credit Report when you sign up for membership and pay for the report, but not when you pay for it.
If you don’t track your company credit history at all, or if you have had poor credit history in the past, the free business credit report summary you receive is a great starting point. Also, remember that the information you receive from your free business credit report is unlikely to match what you find on your paid business credit report or other credit reports.
Similar to Experian’s report, the Equifax Business Credit Report will be accurate, but it will give you your true score. You can only receive your free credit card if you send us a letter and we sign you to notify you when someone buys a copy of your business credit card.
Credit agencies can vary how your business’s credit report looks and what constitutes good business credit.