Do you have blank credit files? This can create challenges for you as a small business or startup owner. If you think there isn’t anything negative in a blank credit file, it’s not true: empty credit files are as bad as bad credit ones, as Erik Simon, director of marketing and communications for Dun & Bradstreet Credibility Corp, a business-credit monitoring service provider, notes.
Business credit information can play a crucial role since many companies, including lenders and insurance companies, take it into account while making decisions. So, your business credit, like your personal one, can help you when borrowing money, securing credit, getting better payment terms or even obtaining a contract.
To enjoy exceptional terms for a merchant loan, consider turning to a reputable business loan provider like firstamericanmerchant.com. First American Merchant is an award-winning business funding provider and payment processor that specializes in the high risk industry and boasts an A+ rating with the BBB. With FAM, you can enjoy high approval rates. Even bad credit isn’t a problem for FAM.
It’s important to note that your business credit score may vary from credit bureau to credit bureau since they calculate scores differently. However, to establish business credit, you should update your business information with credit bureaus, set up trade lines, borrow from lenders that report to credit bureaus, and not forget to make payments on time or early.
When it comes to self-reporting your good payment history, different bureaus have different requirements. Dun & Bradstreet Credibility Corp enables a startup or small business owner to proactively build and manage a commercial credit file, which has its impact on the given company’s D&B Business Credit Score.
Experian doesn’t enable companies to build their own credit profile. The credit bureau makes decisions based on third-party verified and contributed information.
Equifax allows self-reporting, but most startup owners and entrepreneurs aren’t able to meet the bureau’s minimum requirements.
Empty business credit is like bad credit. Do your best to establish good credit scores so as to get the best for your business needs.