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What Effects a Business Credit Score?
Like personal credit scoring, business credit scores provide a quick view of risk potential based on where the score falls on the scale. The higher the score, the lower the risk. Unlike personal credit scoring, business credit scores use a scale that ranges from 0 to 100.
There are several things that can affect your company's business credit score.
- Any derogatory public records on the business Credit, such as collections, late payments, liens, judgments or bankruptcies
- The status of liens, judgments, or bankruptcies such as the frequency and the dollar amounts.
- The increased of slow payments. (The earlier you pay the better it reflects on the report).
- Number of business credit inquiries by the Business or business owner, this also includes applications that are submitted.
- The number of trade experiences, balances outstanding, payment habits, credit use and trends over time.
- Years in business
Maryann Venable - With over a decade of experience in assisting individuals in managing their debt and rebuilding their credit rating…Maryanne is an expert in the field. Without having a good business credit profile it will be a difficult path to success without having access to working capital and funding. When buying a franchise your credit rating is a crucial part of the qualification process.
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