Why Business Credit Reports Are So Important in a Shifting Economy
During times of economic uncertainty, it is important to pay closer attention to the way we are doing business. While some things are out of our control, there are steps we can take to mitigate risk exposure.
Pulling a business credit report can help you decide whether to offer or extend credit to a customer or do business with suppliers, as well as apply for a business loan are some examples.
Offering Credit to Customers
When accepting big purchase orders or extending credit, you need to know the health of your customer’s business. This is true even if you have offered credit to the customer and there were no problems. There is no guarantee that the outcome will be the same because the customer’s business situation may have changed.
A business credit report can help you evaluate potential risks and the likelihood that you will be paid on time. The best business credit report provides a risk assessment that includes the following information:
- Credit score
- Repayment risk
- Stability risk
- Days beyond terms
It also lists any legal filings, bankruptcies, liens, judgments, and UCC filings. Depending on the type of business credit report you choose, you will also receive credit limit recommendations.
A business credit report can also help you deal with vendors and suppliers and apply for loans or lines of credit.
Learn more by downloading the Executive Report on this page.
accredit Makes It Easy to Pull Business Credit Reports
Whether you are applying for a loan or checking on the financial health of your suppliers, vendors, or customers, accredit can provide the information you need to make good financial decisions. accredit offers Experian, Equifax, and Dun & Bradstreet business credit reports on demand.