In today’s world, it is more important than ever to have a strong business credit score. A weak credit score can hurt your business in many ways, from making it harder to get loans to causing you to pay more for insurance or services. Luckily, checking your business credit score is easy. In this, we’ll walk you through how to check your business credit score and what to do if you find that your score could use some improvement.
How Do Business Credit Scores Work?
Did you know that you have a business credit score? No, not your personal credit score, but a business credit score. Just like with your personal credit score, your business credit score is used to determine how likely you are to repay money that you borrow. Lenders use your business credit score to decide whether or not to extend you credit, and what interest rate to charge you if they do.
Where Can I Check My Business Credit Score?
There are a few different ways that you can check your business credit score. This is important to do on a regular basis, as your score can have a big impact on your ability to get loans, lines of credit, and other financing.
Here are some options forwhere you can check your business credit score:
- AnnualCreditReport.com – This website allows you to request your free annual credit report from the three major credit bureaus (Experian, Equifax, and TransUnion). You can request all three reports at once, or stagger them throughout the year so that you always have an up-to-date report.
- Credit Repair Ease – This website offer you free business credit score and also suggest improvement in your business credit report.
Pro Tip: Check Your Credit Score
Reasons to Check Your Business Credit Score
Your business credit score is one of the most important factors that lenders consider when determining whether or not to extend credit. A good credit score can lead to better terms and lower interest rates, while a poor score could result in your business being denied credit altogether. Here are four reasons why you should regularly check your business credit score:
1) To prevent errors and inaccuracies. Mistakes happen, but you don’t want them on your record. Checking your score gives you the chance to catch any errors so you can dispute them and clear up your history.
2) To track your progress. By regularly checking your score, you can see how well you’re managing your credit and identify any areas where you need to improve.
