Business Credit Monitoring 101

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Business Credit Monitoring 101

Published By Janet Gershen-Siegel at December 3, 2017

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Monitoring business credit starts with requesting your small business’s credit reports. Do you know the way to conveniently request and review your company credit reports?

Your best option as a small business owner is to remain on top of your business credit reports from PAYDEX, Equifax, and Experian. There are three big credit reporting bureaus for small business and you really need to evaluate all three of them frequently as they use marginally different measurements and so moving the needle for one can move the needle for both of the others, though perhaps not as much. Do not allow your business credit scores slide, as you must catch any mistakes as soon as you can, as well as spot anything which is dragging your scores downward and then take corrective action. You can get your reports conveniently and stay right on top of all three scores by following a few straightforward steps.

PAYDEX

Dun & Bradstreet’s PAYDEX score of your business can wind up being one of the primary reasons that your company obtains credit in any way. D & B furnishes Credit Signal, which is a means to monitor your credit score by having the reports come immediately to you, for a cost. You may discover the expense is well worth it in order to avoid the nuisances that can originate from letting this score slip, and to not need to produce and handle the organizing and reminders you might need to stay up to date with if you don’t use it.

Don’t wish to utilize Credit Signal? Don’t worry, as you can acquire your PAYDEX report via D & B and, if necessary, you can connect with their Customer Service department (this department exists as a part of Dun & Bradstreet itself). Additionally, in order to review your PAYDEX report, check out what D & B provides, which is a sample report and also some higher level suggestions in exactly how to interpret it.

Equifax

Equifax, one of the big credit reporting firms, supplies a risk monitoring service which is more convenient as it allows for reports to come directly to you. If you don’t want to pay for ongoing reports, you can as an alternative order your small business’s Equifax report. In addition, if you have to question your business’s Equifax report, you can do so by following the directions on their site. You can learn how to go over your Equifax report by checking out a specimen of their reports.

Experian

Experian, another big credit reporting company, also provides a method for receiving reports sent to you for a cost. Thus you can keep track of your Experian business credit score and the setup is effortless. Having said that, if you would rather not get continuing reports (and purchase them), then you can order a separate Experian report for your firm on their web site. Also, if there are any problems or errors, you can dispute any problems on your business’s Experian report if you follow the instructions on their web site. Learn about reading through your Experian report by evaluating a sampling Experian business credit report.

Sometimes, it pays to hand over a few dollars to ensure that you get your company credit reports regularly. It’s a lot more convenient than have to always remember to do this and you’ll probably peruse these reports more carefully, as they come with a cost. Stay on target and use the resources these credit reporting bureaus offer, and make your life easier. After all; you’ve already got enough on your plate.

Due to the recent data breach, there are all the more reasons to inspect your small business and personal credit reports, and be vigilant about any errors you find.

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