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How Fast Can You Improve Your Company Credit Rating and History?

A poor credit rating can make your business look like a risky investment. That makes it harder for you to find business partners, convince investors to give your company money, and secure funds through small business loans.

If you have a bad credit history, no one wants to even come near your business. It doesn’t take many poor decisions and bad luck for your company’s credit rating to slip noticeably.

That’s why you need to understand how fast you can improve your company’s credit rating and history by making smart decisions.

How Long Do Negative Marks Stay on Your Company Credit Report?

Some of the information on your credit report is going to stay there for quite some time. There isn’t much you can do about that, unless those credit dings are erroneous. If your company files for bankruptcy, that will stay on your report for ten years. Tax liens stay on for seven years. Paying a bill late will also stay on your record for seven years.

Having bad items on your credit report, however, doesn’t necessarily mean that your credit score will suffer for seven or ten years.

You Can’t Change the Past, so Focus on Now to Boost Your Company Credit Rating

Wringing your hands will give you nothing but blisters. If you have a history of bad credit, then you can only get active and focus on what you do now. Doing that won’t make those credit dings fall off your history any sooner, but it can help your score improve rather quickly.

Start with some simple things. Create an office system that ensures you pay every bill on time. Try setting a reminder on your computer’s calendar. Better yet, pay the bills as soon as they come in. Sticking them under a pile of papers will not make them cheaper. If you pay them now, though, you don’t have to worry about being late. Furthermore, late bill payments account for about 35 percent of your business’s credit score. Pay them on time, and you can see quick recovery.

Focus on Credit Reduction to Improve Your Company Credit Rating

You can also improve your credit score by reducing the total amount that you owe other companies. If your business has a lot of credit card debt, contact the credit card company and ask them about getting a lower interest rate. This will help you stay on top of your payments while you reduce your overall debt burden faster. Many credit card companies will do this, especially when they’re worried their clients might default.

Lowering the amount of debt that you owe will also have a rapid improvement on your credit score. Credit monitoring companies pay close attention to your debt ratio. If you’re close to maxing out your company’s credit card, then your credit score will take a big hit.

If, however, you only use a small percentage of your credit card allowance, the credit monitoring services will bump your score up. Remember, though, that credit card debt is one of the worst kinds of debt. It is a huge red flag. The less you have, the better off you are.

Be Responsible With Money and Payments

Once you have turned around your company’s irresponsible ways, you have to prove it to the credit monitoring services. The longer you make payments on time, the faster your score will go up. A single mistake, however, can set you back, so you have to stay committed to reducing your debts and paying every single bill on time.

There are companies out there that will say they can eliminate negative marks from your credit history. Don’t believe them. Only time and commitment will help. It’s a long process, but it’s the fastest way you can improve your company’s credit rating and history.

 

Author:

Matt Thompson has written for numerous online and print publications. He has spent time as an editor for a media research company that supplies marketing materials to some of the country's most influential corporations.