Customers may check credit histories to evaluate their suppliers. Be sure you know what they know.
Customers Value Dependability
A business credit history details the ups and downs of a business. It includes details on their struggles, which can be seen as late payments. The history will also show their successes through long-standing business relationships, increases in credit limits, and payments made before due dates.
Because there is so much information in a credit history, it is a valuable tool for potential lenders. They can use the credit history to evaluate the risk of a borrower, and potential customers can do the same.
When deciding who to do business with, customers will consider a variety of factors, and price will be just one factor among many. The quality of the product or service delivered, customer service, and credit history are also three important factors to customers.
Companies with low credit scores may have problems maintaining relationships with their own suppliers, and their problems could jeopardize the ability of their customers to meet production goals and delivery schedules.
Know What Potential Customers See
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. This service can allow you to focus on the most important activities in your business, and to minimize the attention needed for credit monitoring.
Business owners should also consider CreditMonitorTM as a solution that allows them to stay on top of their credit score. This service is offered by Dun & Bradstreet and allows you to access your D&B scores, and all of the ratings that are maintained on your business.
With this service, you can establish your business credit history and be able to determine the likelihood of receiving funding or contracts. This information will allow you to anticipate reactions from current partners and lenders, and you will gain insight into the factors that impact your business credit.
Data is also provided so that will know where your company stands compared with industry averages, and you will be able to use this data to help you manage growth.