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Business Credit Question and Answers


Business credit is financial pictures of your business's creditworthiness. It shows if your business is ready to receive financial credit based on how your business risk is financially. Your business credit score is the indicator on your business ability to timely repay its debts. This is often what lenders, suppliers, and other vendors look at when working with you and your business

Building business credit can help you:-
1. Get easier and faster business financing.
2. Get better financial terms and conditions with your creditors and suppliers
3. Separate you and your personal credit and your business credit

It is very important to understand your business credit profile. The two primary business credit bureaus are Dun & Bradstreet and Equifax. Here is where you have the opportunity to view your businesses current profiles.

Your personal credit score and your business credit score are both reported differently and two different histories.
Your personal credit score is a reflection of how you meet your personal credit obligations. How timely do you make your mortgage payment, a car payment, or pay on the balance of your personal credit cards.
Your business credit profile is a reflection of how you meet your business credit obligations.

Your personal credit score and reports are safeguarded by consumer protection act .You must authorize a credit inquiry before another party can check your personal credit.
The consumer protection act does not cover business as such anyone can check your business credit report once they pay the fees to Dun & Bradstreet and Equifax.

How long you are in business does not impact your credit profile but over a year or two will give it time to build a comfortable start to gage your credit history. The longer your credit history the more information there is in your credit profile especially if you have a very good track record to analyze your creditworthiness.

It is very important to make sure your profile is kept correctly as such you should check it on monthly basis. It is easier to pick up any mistakes.

A score of 0 indicates there is a bankruptcy on file.

No. Due to the potential for fraud, Equifax does not create credit reports at the request of customers.

One of the biggest misconceptions or misunderstandings is about personal credit score and its relationship to the business credit. Personal credit score is really a reflection of how a borrower meets his or her personal credit obligations and may not necessarily be the best way to determine business creditworthiness. That does not mean maintaining a strong personal credit score is not important. For most small business owners, the need to maintain a strong personal credit score is not likely to go away, but building a good business credit profile is critical as your business grows.

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