How To Obtain Credit Reports for Small Business
It is very important that small businesses know where they stand as far as their credit is concerned. Some people may not think that it is very important that small businesses receive their credit reports, but this is not true. Small businesses depend on their credit score to obtain loans, new business, and more. Lenders, venders, and clients want to know that the small business is successful and has great credit before making a decision to do business with them. It is vital that small businesses receive their credit reports every year just as consumers do. It is possible that some inaccuracies will appear on a business’ credit report that may prevent clients and lenders from doing business with a small business.
Small Business Credit Reports
Getting a credit report for a small business is much easier than most people imagine. Any of the three credit agencies offer credit reports for small businesses (TransUnion, Experian, and Equifax). In addition, business owners can also obtain their reports from Dun & Bradstreet, which is another business credit reporting agency. Business owners must be prepared to pay a fee for their business credit report. There are other agencies available, but these are the leading agencies that provide small business credit reports.
You can go to the websites or contact them by telephone to receive your business annual credit report. Here is the contact information for each of the agencies (as of 2011):
email@example.com – email
firstname.lastname@example.org – email
- Dun & Bradstreet
email@example.com – email
Why Is the Information on Small Business Credit Reports So Important?
- Lenders use this information to decide if they should lend credit. Many small businesses depend on loans to expand their businesses. Lenders want to see that their potential customers have a good record of accomplishment with credit and clients. They depend on the information of the small business credit report to determine creditworthiness.
- Inaccuracies can cause problems. No one wants to conduct business with a company that has a bad reputation, an unsuccessful business, or bad credit. If small businesses do not check their credit reports, they may not receive the business that they desire. Just like consumers, small businesses can have inaccuracies on their credit reports. Without checking, it is impossible to determine if all information is correct. This mistake can possibly cost small business owners a great deal of business.
- They provide clients and lenders with an in depth view of the small business. Clients may want to know a little information about the small business that they are considering doing business with now. They can look at the activity of a small business since the business was established. It is important that the information is as accurate as possible. Small business owners must check their credit reports often to make sure that the most up to date information is contained in their credit reports.
Small businesses must do everything in their power to maintain their good name and the excellent credit of their business. Obtaining a credit report for a small business is easy and very important to the success of the business.