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How do I Determine my Business Credit?

Starting a business can be an exciting (and sometimes daunting) adventure, full of opportunities and potential risks. One of the key components for any successful business is having a good credit rating, as it will determine the amount of money you can borrow, the interest rates you pay, and the level of service you receive from lenders and creditors. 

Melanie Laurent
Financing Specialist & On-Staff Writer
Starting a business can be an exciting (and sometimes daunting) adventure, full of opportunities and potential risks.

One of the key components for any successful business is having a good credit rating, as it will determine the amount of money you can borrow, the interest rates you pay, and the level of service you receive from lenders and creditors. Having a good credit rating is vital for any business - whether you’re a new business just starting out, or an established business looking to expand. In this blog, we’ll discuss how to determine your business credit and the steps you can take to build a strong credit score. 

What is Business Credit? 

Business credit is different from personal credit. It’s a score that lenders and creditors use to determine your trustworthiness as a borrower and to assess the risk of lending to you. It’s based on your business’ financial history, payment habits, and credit utilization. 

Your business credit score is determined by a number of factors, including your payment history, the number of credit accounts you have, and the age of your accounts. It’s important to note that business credit is separate from personal credit, so even if you have a good personal credit score, it doesn’t necessarily mean your business will have a good credit score as well. Learn to improve your business credit score here.

How Do I Determine My Business Credit? 

The first step to determining your business credit is to get a copy of your business credit report. You can obtain a free business credit report from the major business credit bureaus, such as Experian, Dun & Bradstreet, and Equifax. These reports will provide you with detailed information about your credit history, including the types of credit accounts you have, the amount of credit you’ve used, and your payment history. 

Once you have your business credit report, you can use it to determine your credit score. The credit score is calculated based on the information in your credit report, and it’s typically a three-digit number ranging from 300 to 850. The higher the score, the better your credit rating is. 

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How Can I Improve My Business Credit?

Once you’ve determined your business credit score, you can start taking steps to improve it. The first step is to make sure your credit report is accurate and up-to-date. If there are any errors on your report, you should contact the credit bureau and dispute them. 

You should also focus on improving your payment history. Make sure you pay your bills on time and in full each month, as late payments can have a negative impact on your credit score. Additionally, you should keep your credit utilization ratio low - the amount of credit you use compared to the total amount of credit you have available should be less than 30%. 

Lastly, you should consider opening more credit accounts. Opening new accounts can increase your total available credit, which can help improve your credit score. However, it’s important to remember to use these accounts responsibly. 

Determining and improving your business credit is an important part of running a successful business. Having a good credit rating can open up new opportunities for your business and make it easier to access the financing you need to grow. By getting a copy of your business credit report, understanding your credit score, and taking steps to improve it, you can ensure your business is on the right track.

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