How to monitor your business credit with D&B Experian, and Equifax

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How to monitor your business credit with D&B Experian, and Equifax

Published By Janet Gershen-Siegel at August 27, 2017

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Monitoring your business credit is one of the smartest things you can do. Why? Because you will never know if there are any errors in your reports unless you do some monitoring. Furthermore, if there is suspected fraud, you can sometimes spot it on your business credit report even if your bank or any other lender or credit provider didn’t. Credit monitoring also means you can see how some of your activities, such as on time payments, can positively affect your credit scores. Better credit scores always mean you have more and better credit options. It quite literally pays to raise your small business’s credit scores at all three of the big business credit reporting bureaus.

But you may be wondering where to check a business credit score. Not to worry! Here are all the details.

Dun & Bradstreet

A business credit report from Dun and Bradstreet will be strictly focused on business credit. These reports delve into your small business’s interactions with suppliers and vendors. Many potential suppliers will go through the Dun & Bradstreet report on your business before they will offer you credit terms. As a result, it is crucial for you to keep the D&B report of your business updated and accurate.

Dun & Bradstreet prepares five reports, but it is the 100-point PAYDEX® score which is the most popular among them. D&B takes a look into business-to-business data as submitted by suppliers. They also look at the historical payment history of your business, industry data, and public records. These are all used in order to create your business profile at Dun & Bradstreet.
D&B’s credit monitoring service is called CreditSignal.

Experian

Similar to Dun & Bradstreet and Equifax, Experian collects information available in various public records along with information from credit card companies, collection agencies, and many other databases.

Experian will consider your small business’s total credit transactions made, your company’s payment habits, any outstanding balances, any current liens details, all available credit for use, and any bankruptcies or judgments for evaluating the credit of your business.

Experian’s credit monitoring service is called Business Credit Advantage.

Equifax

America’s largest small business lenders generate credit data which in turn makes up the Small Business Finance Exchange, or the SBFE. Equifax reports by using this data to reflect the way owners of small businesses make their various loan payments. These include credit card payments. Due to the fact that this data directly reflects how small and large business lenders interact, several banks make will use of an Equifax report when it comes to evaluating the creditworthiness of your small business.

Equifax’s credit monitoring service is called Business Risk Monitor.

Keeping on top of your credit scores may seem like yet  another chore for you, the small business owner. And if you are a one-person operation, it can be daunting to handle yet another task. But credit monitoring will pay literal dividends in both the short and long runs.

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