Business Credit Checks
Just like your own personal credit rating, your business credit score can be checked by business credit bureaus. Unlike personal credit, however, your business credit score is partially controlled by you.
You are responsible for submitting and maintaining information about who lends to you, what suppliers you work with, and all accounts you have. Maintaining your credit score is reliant on you cleaning up your business credit rating regularly.
Earning a high credit rating and avoiding a low credit score is the best way to keep your company afloat. Make sure you are ready for a credit check that will reveal the work you've put into improving your credit by keeping all accounts accurate, making payments on time, and choosing the accounts you open wisely.
Too many inquiries can hurt your business credit score. Of course you will need to apply for business credit cards, loans, or accounts, but try to keep this to a minimum as “hard” credit inquiries will knock valuable points off of your credit score. Good credit is essential to the health of your business, so make sure you are ready for a credit check at any time.
- Understanding Credit:
