How your small business meets its financial obligations will have an impact on your business credit score.
Business Credit Scores Can Influence Business Growth
A business credit score will be a factor considered by potential lenders, as they decide whether or not to extend credit to your business. Vendors will often review this information to set credit limits, and determine the credit terms that they will offer your business. Potential customers may also access this information to assess the reliability of your business, since a strong credit score is usually an indicator of a strong company. Further, a weak score could be a signal that problems are possible for a company.
Lenders and others will often consider a credit score when they make an initial decision on your credit application. They will usually consider a number of other factors in their decision, but your credit score and a quick review of your credit file could be an initial factor that carries a great deal of weight in the screening process.
Get Started on the Right Path
Dun & Bradstreet can help new business owners establish a credit file with a service called DUNSFile™ that provides expedited processing for a D&B D-U-N-S® number, which will be required in almost all credit transactions. With this service, you will be able to start documenting your business credit in your D&B® credit file within five days, and ready your business for review by potential lenders and vendors.
After establishing a credit file, it is important to stay informed about changes to that file. CreditSignal® from Dun & Bradstreet could help business owners learn about changes in their credit file. This service is the only product on the market that provides companies with free access to changes in their D&B® credit scores and ratings. These services can allow you to focus on the most important activities in your business, and minimize the attention needed for business credit monitoring.