Check Business Credit Rating freeVerify the creditworthiness of companies free of charge.
This will also have an impact on the interest rates that creditors will give you when you request a credit. How do you check the credit of your company? It would be advisable to look up both your own credit history and values and those of your company, as both will impact your exposure to corporate credit.
In order to check your creditworthiness with the three main credit bureaux (Experian, TransUnion and Equifax), visit MyFICO.com or use the credit check tools on our website, where you can check your vantage scores and get a free TransUnion credit rating. For the other two credit histories free of charge, go to AnnualCreditReport.com.
There are any main things on your personnal credit reviews that you will likely need to do some credit repairs before you can get a business loan or credit card listed at an attractively low interest rate. As soon as you have a handgrip on your Personal Credit, I would move to verifying your business credit reviews and notches.
Equifax, Dun & Bradstreet and Expert are the business credit reporting offices, and you should know what your business credit reporting looks like with all three offices. In order to find out whether your company is registered with Equifax, D&B or Expert, use the free search on their websites. Unlike your own credit history, which you can view for free each year, you must still purchase credit information from your company.
However, the costs are rewarding because you want to know if your reports contain cheating deals that could harm your business in the long run. The value of your business credit is different from your own credit value and is between 0 or 1 and 100. There are three corporate offices that compute your credit scores differently, taking into consideration a variety of different considerations, such as how long you've been in business and the credit you' credit exposure and credit facilities you've opened in the last six month.
If your company is not registered with these credit bureaux, what happens? They can appear on the big credit bureau radars by taking action to formalise your business. Open a commercial banking for example instead of using your own private banking for business activities. Receive a TIN (Bundessteuer-ID), with which the credit bureau identifies companies.
In order to be included in the D&B list, you must request a free nine-digit DUNS number via the website. When you have taken out commercial loans with other companies, ask them to notify credit agencies of your payment on time. Using a business credit will also help increase your business credit. As soon as you have a business credit rating, maintain it with the same diligence you give to your most important client relations.
Find ways to be clever at keeping your budgets in check, such as leasing premises in a collaborative complex instead of your own offices, so you have some liquid assets and can finance part of your expansion from your own money. It' not simple to keep abreast of such detail, but if you are running a scarce vessel finance-wise, you will keep your business in good fiscal condition.
If your company is sound, this will of course result in a high credit rating. Were you concerned about a financial issue?