DECEMBER 22, 2022
Business Credit Reports & How to do Company Credit Checks
When it comes to credit reports, business owners check the company info & financial data found in their business credit profile for accuracy. Unlike a personal credit report that requires your permission to view, a business credit report and the comprehensive business data found within are accessible to anyone willing to pay for it.
Credit Reports
By checking your own business credit reports from the top business credit reporting agencies before applying for credit, you can quickly determine your chances of approval.
Dun & Bradstreet
Experian Small Business
Equifax Business
Creditsafe
This is the biggest and most complete commercial reporting agency. A Dun & Bradstreet business credit report is thoroughly researched and can give you all alone a precise idea about any company either startup or established, no matter the size of the business.
Thus, your first concern as a new business should be establishing a business credit file with D&B and then working on adding points to your business credit score. To do so you must create your account manually. D&B credit reports make the object of various service packages that you can purchase as a small business. The main products are CreditSignal and Credit Signal Plus.
CreditSignal
This CreditSignal package includes 14-day free access to D&B scores and reports. During this trial period, you will also get free alerts for report inquiries.
CreditSignal
This CreditSignal package includes 14-day free access to D&B scores and reports. During this trial period, you will also get free alerts for report inquiries.
Advantages
Along with Dun & Bradstreet credit reports, D&B subscriptions provide access to your business payment history and credit ratings. The Failure Score can show the current credit and financial obligations of any business. The $15 monthly cost for CreditSignal Plus is less expensive compared to some other business credit reporting agencies. You can also check the credit reports of other companies that you are interested in working with.
Experian business credit reports are third-party verified and unbiased. unlike personal credit scores,
Experian Small Business credit reports focus on a company’s financial situation and history. Their reporting service is known as Experian Business Credit Advantage. Experian comes to the aid in resolving fraudulent business activities and gives you access to a fraud support specialist.
With your Experian account, you get three months of credit trends, the full monitoring of your business financial activity, updates by mail for each change in your credit report, and access to their identity monitoring technology, the CyberAgent. Experian monitors all the main business credit factors like trade payments, leasing, tax lien, UCC, and judgment fillings. You will also receive access to other tools, such as the Score Improvement Tips, and Experian Financial Stress Rating.
Advantages
Their full service is accessible for a yearly fee of $189, meaning around $15 monthly. All data is updated in real-time. The subscription includes third-party check-ups, access to public records, and data public fillings.
The Business Credit Monitor service from Equifax deals with the risk assessment for small businesses. They provide access to unlimited business credit reports and real-time notifications about the situation within the industry of your interest. There are numerous alert options like New Inquiry Alerts, Bankruptcy Alert, Derogatory Alerts, and Equifax Drop Score Alerts.
Advantages
Equifax business credit reports help you monitor and manage the company’s finances through scores, reports, and other specialized tools. There is an analysis of various data with major importance for your financial activities, account balances, debt level, income, and spending habits. They create a clear business financial profile that can help you make an accurate business plan.
The business credit reports drafted by CreditSafe are very suitable tools for improving a company’s business decision-making process. They give you access to credit limit recommendations, to US and international credit scores. A Credit Safe report, can also include inquiry trends, spending trends, payment trends, analysis of DBT (days beyond term), core business data, net 30 accounts and financial statements, compliance indicators, and legal filling history.
Advantages
They have a free trial period when you receive up to five credit reports, but only for US companies.
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Have A Question?
To the right you'll find answers to the most frequently asked questions we get. Feel free to reach out to us if you have more questions and we'll be happy to answer them.
How do I get Business Credit that's not linked to my SSN?
Just like how consumer credit is linked to your SSN, your business credit is linked to your EIN. This means when applying for business credit, it's usually not required to include your SSN.
Once you properly establish your business entity and Credibility Foundation, you start off building your business credit profile with smaller vendor accounts. As your business pays those retailers you will then qualify for revolving store credit cards, and then cash credit you can use anywhere, just like a normal personal credit card.
Keep in mind that because of federal regulation you will still need to supply a SSN for identity verification purposes. Also providing a personal guarantee can open up even more financing options.
How long will it take me to build Business Credit?
You can qualify for real usable vendor credit immediately. You’ll then start to qualify for store credit within 60-90 days that doesn’t require a personal credit check or personal guarantee.
Within 6 months you should have access to $50,000 in real usable credit, including Visa and MasterCard accounts.
You can then continue to build $100,000-$250,000 or higher in business credit within a year to two.
Is this complicated? Can I really do this?
Every step of the process includes simple education videos and direct resource links so that your business credit building journey is a 'no-brainer'. In the rare occasions that you need help, you have our business credit advisers and finance officers to help!
So as long as you're committed to follow our instructions and are serious about the success of your business, then yes, you really can do this -- even if you're technically challenged.
With that being said, it's important to understand that we do NOT build your business credit FOR you. We help you through simple step-by-step instructions and education. Essentially, follow our instructions and get results.
Can I build my Business Credit on my own?
It's true that between all of our free guides, articles, videos and seminars, you have enough knowledge to go get business credit all on your own. It's also true that we don't hold anything back in our sharing of knowledge because at the core of our company, we want to help as many business owners (and those aspiring-to-be) as possible to have an equal opportunity to succeed and thrive.
With that being said, there still are services you will have to pay for such as 411 listings, business credit monitoring, and a business credit builder so that you're reporting to the right agencies (costing over $3000), not to mention, you'll still have to go out and find vendors and lenders. There are also lots of limitations going this way.
The difference with us is that we have already established countless partnerships and affiliations, which allows us to fully leverage the power of our entire company and client-base for each individual client. Essentially, you get to leverage our company for your benefit. And due to our established credibility in the business credit and financing industry, it's easy for us to expand and constantly add even more funding sources and options, which YOU benefit from. That’s how we have the largest supply of vendors and credit issuers than anywhere else.
In short, if you were to try and get business credit and financing on your own or somewhere else, you'll pay MUCH more than what we ask, and it would take a lot longer. We have this entire process dialed in so that you can get the most amount of funds, in the shortest amount of time, and at the lowest rates possible.
We support and empower small businesses with building business credit & flexible financing solutions with world-class service.
By unlocking capital for these underserved micro-entrepreneurs, we enable economic growth within overlooked American communities.
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