What Are The Ten Steps To Improve Your Business Credit Rating
Once business registration is done, you are now ready to offer your products/services to the world and make profits. But then you need to ensure that from the beginning, your business should fly high and stay there. To ensure this, you need an excellent business credit score. This will also help enhance business reputation, and goodwill and develop trust among the public. It is equally important to safeguard your organization’s financial assets.
Related Post: Why Would You Want Your Credit Rating to Be as High as Possible?
How to Improve Business Credit Rating
1. Know the fundamentals:
This is the very first step that you need to be aware of to develop an excellent credit score for your business. The latter helps measure your creditworthiness. This is generally used by lenders to determine your repaying ability in case you take a business loan or use your corporate credit card. Typically, business credit score ranges between 0–100. There are three major business credit bureaus namely, Dun & Bradstreet, Equifax, and Experian. They have come up with their own criteria to measure business credit scores.
2. Obtain DUNS Number:
Dun & Bradstreet is among the top business credit bureaus\ that have a greater say in business credit scores. It is also recognized globally. Use it to make government contract bids. You will be provided with 9 digit number. This agency uses it to create business credit profiles. Moreover, it tracks vendor and lending relationships, sets snapshots of your business creditworthiness, and monitors financial assets and business stability.
3. Separate finances:
Business registration and incorporation means you will need to create finances that is separate from personal accounts. Whether you are a small proprietor or owner,…(more)
