A business credit report aggregates information about your business’s credit history from a variety of sources. Your business credit score impacts your business in several ways, such as applying for credit with suppliers and other businesses or applying for a loan. Monitoring your business credit report can also help you uncover any errors that may negatively impact your credit and monitor for potential business identity theft.
Command Credit makes it easy to buy business credit reports and provides a low-cost solution to help you better manage your business.
Why It Is Important to Check Your Business Credit Report
Business credit reports can tell you a lot about a company’s financial health. When you pull a credit report about your business, you can see exactly how the business credit reporting bureaus rate your creditworthiness and the information others will see when they look.
Applying for Credit
With the current economic climate and the large number of companies facing bankruptcy or closure, businesses are being more careful about who they extend credit to. If you are applying for credit with a supplier or another business, there is a pretty good chance they will be looking at your business credit report.
If you know what they see, you can be better prepared to discuss any blemishes or past problems you have had with credit. If you have a good credit score, it may help you negotiate more favorable terms or get approved for higher credit limits. Either way, you will want to know what your business credit report says before you ask someone else to decide about extending credit.
Applying for a Loan
It is no secret that those with the best credit get the best interest rates. When you have a high business credit score, you are at a lower risk for the lender. Just like when applying for credit with a business, when you have a good score, you can shop around for the best possible interest rates.
If there are problems in your credit history, checking your business credit report before applying for a loan can give you time to correct any outstanding issues.
Checking for Errors
Business credit reporting agencies rely on information contributed by businesses pertaining to its credit records which are incorporated into a business credit reports tradelines which are used to determine your creditworthiness. If one of the companies you do business with reports something incorrectly, it might impact your credit score.
By checking your business credit report, you can see errors and contact the company and the credit reporting agencies for correction
Checking for Identity Theft
Identity theft happens not just to consumers, but businesses as well. Business identity theft and fraud cost companies billions annually. Cybercriminals commit financial fraud, such as obtaining new lines of credit, loans, or credit in the name of a business, to make fraudulent purchases or steal money.
One of the first indications of identity theft may be when you see credit inquiries or credit lines show up on your business credit report that you did not initiate.
How to Check Your Business Credit with a Business Credit Report
Command Credit makes it easy to check your business credit report. You can view offerings from the major business credit reporting bureaus Experian, Equifax, and Dun & Bradstreet.
There are different types of business credit reports and services available for your business needs. Depending on the report you choose, you can see how your business is assessed in terms of your:
- Business credit score
- Risk of going out of business or filing for bankruptcy
- How your handle credit compared to others in your industry
- Any judgments, liens, or other derogatory filings
- Trade payment summary details
- Prior payments that were recorded as past due
You will also be able to see credit inquiries if someone tries to open a new credit account in your name.
With Command Credit, you can buy self-serve business credit reports from Equifax, Experian, or Dun and Bradstreet. These self-service business credit reports are available instantly.
Go to CommandCredit.net today to see the different types of business credit reports that are available and view samples.
If you would like more information or help deciding which is the best business credit report for you, contact our Client Services team at (800) 676-9705 or by email today.