Individuals know the importance of their credit score. It determines whether or not they can buy a house, or a car, or get a loan! Their credit score is checked wherever they look, from applying for a job, to applying for a store card, to getting a mortgage. As such, people (or most of them anyway) try to improve their credit wherever possible.
But in a Business, all too often credit falls under the radar. Businesses don't realize that their credit can have a monumental impact, and many don't understand that businesses get credit rated too! Similar to personal credit, your business credit score determines how much of a risk you are. If you are a low risk, it is much easier to find funding for your business. But if your credit score is low, you might find it incredibly difficult to get any sort of loan to grow your business. In fact, you may find it hard to even go about the normal everyday financial workings of your business, such as ordering supplies and using a business credit card.
Because of this, I advise all businesses to keep a close watch on their business credit! Reporting is done through Experian, Equifax, and Dun and Bradstreet, and reports can be obtained from these companies. In fact, I have launced a new business credit program through National Credit Fixers, that can help a business fix its bad credit, or even help kickstart a credit history for a new business!
Vernon CT 06066