What The Business Success Scan Does For You
Let's You See Your Current Status On 12 Critical Points That Are Key To Your Business Success
Your business must have strong business credit scores that are separate from you personally.
It is a fact that, in today's economy, your business needs all the help it can get to obtain the financing you need to grow and succeed. Business credit scores now play a major role in business financing and have become the determining factor in how much your business gets approved for, what interest rate you pay, and what length of payment term you receive. Most large corporate and SBA lenders have factored business credit scores into their underwriting guidelines.
Now that we have determined the need for business credit scores, let's take a look at who reports those scores;
Experian Business Information Services - Experian is the leader in personal credit reporting and has ventured into business credit reporting. A trade line is any company that sends payment histories into a business credit reporting agency. If you have a business credit card, equipment or vehicle lease, or a corporate account with any large supplier or retailer they are most likely reporting to Experian Business.
Equifax Business - Equifax has been in business credit reporting for a long time. They used to be called the "Small Business Financial Exchange" and only gathered credit information from member banks. While they have branched out from this practice, their major reporters are still banks. Therefore, anything your bank knows about you so does Equifax.
Dun & Bradstreet - Dun & Bradstreet is the oldest player of the business credit reporting agencies. Dun & Bradstreet reporters are primarily vendor credit lines. These are businesses that extend credit to other businesses on "Net 30" credit terms. That means if you have vendor credit lines for products or services that give you 30 days to pay, then they most likely report your payment history to Dun & Bradstreet.
FICO SBSS (Small Business Scoring System - Just like personal FICO scores have become the standard for all things consumer lending, FICO SBSS scores have become the standard for all things business cash lending. Banks, credit Unions, the SBA, large fintech lenders, leasing companies are now using FICO SBSS in their approval process. The FICO SBSS score is not used as the standalone approval gauge as are FICO scores for personal lending but rather it is used as a method of declining applications along with factoring into the offer of amount, rate and term.
After you take the business success assessment, we walk you through first checking your business credit scores and then building strong business credit scores that can help your business obtain larger amounts of financing and on better terms.