Like a consumer credit score used to determine your creditworthiness, your company has a small business score that summarizes its financial stability. Banks and other lenders often use these numbers to qualify businesses for loans and other financial products. There isn’t one universal business scoring method, but four different systems used in different situations. Because […]
A business credit score is similar to a personal credit score in that it reflects the financial history of a business. Your business credit score rates the quality of your business’ financial dealings, including credit, bill-paying history, debt-to-credit ratio, defaults or bankruptcies, creditworthiness and more.
A high business credit score may help you land lower rates for insurance, and it can also help create a positive impression for other companies that are considering doing business with you.
ChexSystems is a check verification service and consumer credit reporting agency that provides details about consumer deposit accounts to banking institutions.
With all the balls you’ve got in the air, it can be easy for your business credit to slip down your priority list.
According to the Federal Reserve Bank of New York, more than 50 percent of small business owners who apply for loans fail to obtain them, and it’s usually because of poor business and personal credit scores (or recipients that have been mismatched with lenders).