Many business owners find out they have a business credit file when they apply for a loan or are bidding on a contract and are told their D&B scores and ratings aren’t where they need to be to qualify. In some cases, they are just turned down for the loan or passed over for the contract and they never learn why.
So what is business credit and how can it affect your business?
When a representative from another company pulls your business credit report they are usually trying to answer the following questions:
- Is this business credible?
- How quickly does this company pay its bills?
- How likely is it that this business might default on a loan?
- How large of a project can this business handle?
Funding or Loans –
How can business credit help your company?
Many traditional lenders will use your Dun & Bradstreet scores and ratings to help make decisions about whether or not to grant your loan and at what terms. Learn more >
Contracts – Whether you’re a supplier, manufacturer, or own a construction firm, a company you’ve wanted to work with has probably pulled your business credit report to help determine whether or not your business will be a reliable partner. Learn more >
Risk – If you’re on the other side of the fence and looking for vendors, you might want to consider pulling a company’s business credit report. The D&B scores and ratings on the report will help you ascertain, if you want to work with that particular company or not. Learn more >
Most federal, state, and local government contracting opportunities require your business to have a D&B D-U-N-S® Number
, which can be found in your D&B business credit file.