Keeping Tabs on Your Business Credit Report |
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Your business credit report is the basis
for all financing your company will receive in the future. Once you
incorporate your business, it begins to establish a credit record just
like your individual credit record. In the future, it is this report a
lender will view when considering whether to extend your company the
credit lines or loans it needs to grow and thrive.
How to Check Your Business Credit
You can check your business credit as easily as your personal
credit. You have the option of using a service or checking directly
with each credit bureau. Using a service is often easier and more
beneficial. Simply have your tax payer ID handy, as this will be the
mark you use to look up your credit.
How to Repair Your Business Credit
If you discover drops in your business credit, act
immediately. First, if you suspect fraud, report the incident to the
credit bureaus to stop any further drops in your score. Begin
correcting your actions if you know the score drop is a result of your
financial behavior. For example, stop spending on credit until your
accounts are properly paid down. For most companies, missed payments or
high balances on credit cards are the source of poor credit.
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