How to Check Business Credit

Would you like to run business credit checks on your business or maybe somebody else’s business or know how to check business credit?

Well in this training I’m going to show you the things which you will need for business credit checks. We’re going to talk about where you go to actually check business credit for your business and other businesses.

What these business credit checks will net for you, what kind of information you can even get from business credit checks? I’ll give you a hint it’s a lot of information and what you can actually do with the information from these business credit checks to make better decisions about your customers and other businesses you might choose to do business with.

And others are using business credit checks about your business to make all kinds of determinations about you like how much money you should be given, the rates and terms that you may pay, and even how much money you may get.

Along the way, I’m going to sprinkle on some of my best tips and tactics to help get you access to the cheapest business credit checks and the most affordable way to get business credit reports for your company and other companies.

And if you stick around to the end I’m going to get you access to free business credit checks for your own company where you can actually check your own credit with dun and Bradstreet Equifax any spring at no cost so we’ve got a lot to cover let’s dive in…..

1. Obtaining Business Credit Reports

Okay so, when we talk about running business credit checks we’re primarily talking about obtaining business credit reports for your business or somebody else’s business.

So, why would you want to do a business credit check, why would you want to get these business credit reports? Well, let’s talk about what’s on business credit reports.

There are basically three bureaus Dun & Bradstreet, Equifax, and Experian. Those are the three largest commercial reporting agencies in the business space a lot of information is on these business credit reports.

First of all, we look at a handful of different scores that each credit bureau is actually offering and these scores depict all different types of things including the risk of somebody lending you money or you lending money to somebody else.

The first thing on these business credit checks that you find on these reports is multiple scores some scores like the payday score from Dun & Bradstreet, just predict how likely it is that you’ll continue to pay bills on time in the future. Others take into account a financial stress score which shows the likelihood that your business may fail completely in the upcoming 12 months.

Some are predictive scores that predict what may happen in the future, some are performance scores that are strictly based on how you’ve performed in the past.

So, one of the first reasons people do business credit checks is to see these business credit scores which are basically mathematical representations of how reliable your or somebody else’s risk is when it comes to actually extending credit.

If you want to extend credit to a customer if you want somebody to extend credit to you like a credit card issue or a bank that offers a loan or credit line these business credit scores are very important for determining the real risk and you lending somebody else money or somebody else lending you money as well.

2. What Information is On Your Business Credit Reports?

Now the other reason that people do business credit checks is to see what the information that’s actually on your business credit reports and a lot of information is actually on these credit reports.

So, we start with summary information, your business name, the industry that you’re in, and the actual location of your business. They also have the industry code or the classification code of your industry it’s called the NAICS code. So, if you don’t know your NAICS go you can go to NAICS code or any naics.com and actually figure out what your code is supposed to be because that will show up on your business credit reports as well.

There are also summary data on how you pay your bills, it’ll show your scores on your business credit reports but it also shows an average of how you actually pay your bills we call this DBT or days beyond terms. So, your business credit reports will have information on eDBT overall average over the last 90 months to show how likely it is that you’re actually going to pay your bills, that shows in the past how you’ve paid your bills and whether you’re paying on times or you’re paying 1 30 – 60 – 90 days beyond terms.

These business credit reports also have your actual trade line data. Now trade lines or payment experiences the reporting of an account to the business credit reporting agencies. So, these payment experiences will for example show what type of account it is and what industry like office supplies. It actually doesn’t show the actual source so you won’t see office depot on your business credit port, you’ll actually just see the actual industry such as office supplies on the actual credit report. It’ll show the amount of money you’ve recently used very differently than consumer credit.

Consumer credit we’re used to seeing credit limits you won’t see those on your commercial credit reports but you will see the actual recent amount of credit that you’ve used so it’s very important when you get credit to continuously keep on using that credit to keep that information updated on your business credit report. How you’ve paid, your DBT your days beyond terms on that individual account, how you paid 30 days 60 days 90 days 120 days late on time all that information will be there.

Statuses whether it’s in a collection or a non-collection status are all that is on your commercial credit reports as well. Now your commercial credit reports will also show inquiries they won’t show who inquired into your business credit reports but they will show how many people actually did inquire into your business during a given month even though that information will not adversely affect your business credit score.

We also have public records on business credit reports so we see judgments, we see bankruptcies for the business, and we even see lawsuits again something we’re not used to with consumer credit we don’t see lawsuits where we may be suing somebody getting sued. But that does show on your actual business credit report so all that public record information is there as well.

You will also find revenue or income figures if you have provided those so you actually have a choice whether you provide your income data to business credit reporting agencies like dun and Bradstreet. It’ll even help some of your scores if you do so the number of employees, your revenue, your profits all of that information will show on your commercial credit reports as well.

Another thing to keep in mind is commercial credit reports are publicly accessible so your consumer credit report somebody needs your permission to pull your consumer credit nobody needs your permission to pull your business credit report. Anybody that wants to can get your business credit reports to look at all of this data about your business, look at all those scores about your business, and make all kinds of decisions about you like how much money should be lent and the rates and terms you should be paid or how much you’d be approved or denied.

And also keep in mind you can do exactly the same thing for your customers as well, you can easily access their business credit reports and scores to make all kinds of decisions about them as well.

3. How to Check Business Credit?

How do you do a business credit check?

Well, there are many ways to check business credit. First of all, if you want to get the credit reports directly from the credit bureaus you could easily do so. As a matter of fact, you can go to site creditsuite.com/reports, that’s creditsuite.com/reports and there’s a quick link there for you to be able to connect with Equifax, Dun & Bradstreet, and Experian directly to get their business credit reports or you can just do a simple google search we just made it easy for you.

Experian commercial credit reports, Equifax business credit reports or you can also do dun and Bradstreet business credit reports and find where they will sell you access to business credit reports for you or somebody else. They’re typically for your business about 250 bucks a month for credit monitoring from the three reporting agencies.

But I’m gonna save you ninety percent right now if you go to creditsuite.com/monitoring that’s creditsuite.com/monitoring you can get Dun & Bradstreet, Equifax, and Experian business credit reports and scores for only 24 bucks that’s right 24 bucks it saves you 90 from the credit bureaus.

The credit bureau’s full reports will give you more scores and a little bit more data but for almost all cases you can get your business credit boards for only 24 bucks saving you a ton of money. Now when you’re out down to Bradstreet Equifax and experience website if you want to order credit reports for other businesses you can do so in bulk there.

So, you want to go to creditsuite.com for monitoring so you can actually monitor your own business credit and get your own business credit reports but if you want to get business credit reports on other companies go to Dun & Bradstreet, Equifax, and or Experian look directly on their site buy bundles of reports and with that, you have the ability to pull credit reports on multiple businesses.

So, you could do business credit checks on as many businesses as you want to or you can go to creditsuite.com forward start monitoring save a bundle and do business credit reports uh monitoring on your business.

Watch this video to know how you can increase your business credit score.

The Takeaway!

This was all about the business credit score. Make sure to maintain a good business credit score to make your business grow more, and keep a check on your business credit file every month. A good business credit score can open up many opportunities and can help you literally grow your business from 0 to 1. You can also refer to someone else business credit report may be your competitor and have fair competition ahead and can grow a lot and become a better business-oriented person.

If you want to know how to build business credit then check this amazing article How to Build Business Credit

Some of the Most Asked Questions

Some of the most asked questions about business credit are below:-

Q1. Is there any way to check a business credit score?

Yes, it can be checked by getting reports from Dun & Bradstreet, Equifax, and Experian. There are some more websites that provide all these three bureaus in one platform and that too for fewer fees like credit suit and many more.

Q2. How to Calculate Business Credit?

Calculating the business credit score it should be done by the following components, payment history, age of credit history, and many more factors are included. However there will be no free business credit report, they will charge you.

Q3. What are Business Credit Scores?

A business Credit score is actually the capability to borrow money or get a business loan.

Q4. What is a good business credit score?

It can be between 670 to 739. You can expect this range to be a good business credit score to get a good business loan for further growing your business.

Last Updated on February 15, 2024 by ritukhare