Your business credit score does say a lot about the financial health of your company, and it’s one of the first things that any lender will look at to assess your eligibility for loans. Practically all of the important information about your business is contained in your business credit report, including most static information, collections, payments, judgments, tax liens, bankruptcy filings, and even more. Taken altogether, a fairly accurate picture of your company and its financial status, can be obtained by lenders and any potential partners in business, or parties interested in buying your company.
Obtaining your business credit score
It’s a good idea to periodically check on your business credit score, for several reasons. First of all, you should be aware of what’s on your credit report so that you know what other business entities and lenders are seeing there, and so you have a good idea of where you stand. You should also check your business credit history closely, to make sure there are no inaccurate line items posted there. If there are inaccurate details on the report, you can take steps to have those removed, so they don’t work against you.
You can obtain your business credit score and report from one of several reporting bureaus: Experian, Equifax, and Dun & Bradstreet. There are other business credit reporting bureaus, but these are the three major ones. Each of them has a somewhat different algorithm for calculating your business credit score, and each of them stores somewhat different information about your company. To get a good handle on what lenders see on your business credit report, you should obtain a copy of it from all three of the major reporting bureaus, so you have a good understanding of how the rest of the world sees your business.
Business credit with Skybridge Capital Group
If you have a less than perfect business credit score, we still may be able to help you with the financing you need for business growth. Contact us at Skybridge Capital Group to discuss some possibilities for funding that we may be able to assist your business with.