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Business ​VIEWS Blog

Learn about our valued Membership. SCCCC is your source for relevant and timely industry insights and news - at your fingertips!
SCCCC Members: Submit your business blog via email to ckuhn@scccc.com

5 Major Reasons to Monitor Your Business Credit Reports

6/2/2019

2 Comments

 
The accuracy of the data being reported about your business shows your company’s ability to meet its financial obligations with vendors, suppliers, lenders and other businesses.

Similar to personal credit reports and scores; business credit reports are constantly changing because of a variety of data. This ongoing change is based on a variety of factors such as the number of reported transactions, outstanding balances and payment activity to name a few.
The accuracy of the data being reported about your business is crucial. It shows your company’s ability to meet its financial obligations with vendors, suppliers, lenders and other businesses.

Your business credit report impacts the following decisions:
  • The amount of credit issued to your business
  • What the terms of repayment will be 
  • The interest rates you will pay
  • What your insurance premiums will be

It’s important to realize an established business credit report and score is an invaluable asset for your company. Like all assets it’s necessary to take certain steps to protect and manage them. 

The first step is to order a copy of your company’s credit reports and review the information being reported about your business. Business credit agencies such as Dun and Bradstreet allow you to view your business credit report and update your company information all online via iUpdate.

To order your reports from each of the major business credit agencies you will need to purchase one of their profile report products. While there are a variety of reports you can order it’s important to obtain a full company report in order to review all the information that is being reported about your business.

Here are five key reasons to monitor your business credit report:

1) Ensure your company’s credit report is complete and accurate
2) Stay notified on any changes to your report that could impact your business
3) Identity any issues or areas in your report that can be improved upon
4) Be aware of who is inquiring about your business (inquiries)
5) Prevent identity theft by monitoring inquiries into your report

If you identify any inaccurate information on your company reports you will need to take the proper steps to initiate a dispute. Any type of inaccurate information will require that you contact the business credit reporting agency and initiate an investigation.

Other protective measures you can take include having spending limits and control measures on business credit cards issued to employees. By having certain control measures in place, you can reduce the risk for credit card abuse and avoid a potential loss.

As a business owner, it’s essential that you take a proactive approach and monitor your business credit profiles on a regular basis.  You’ve worked hard at establishing a creditworthy report, it’s important to work equally hard at protecting and managing it. With the proper steps and protective measures in place you can easily avoid potential threats to the business.
 
Small Business Administration – SBA Contributor
About the author: Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, About.com and All Business.com. His articles and blog; Business Credit Blogger.com, have been featured in 'Fox Small Business','American Express Small Business', 'Business Week', 'The Washington Post', 'The New York Times', 'The San Francisco Tribune',‘Alltop’, and ‘Entrepreneur Connect’.
2 Comments
Best Credit Monitoring Service link
8/1/2022 01:40:57 pm

Thank you, great post.

Reply
Genieknows Credit link
9/13/2022 09:44:52 pm

I know In order to choose the right credit card, it is important to be aware of the different types of credit cards available and what each one offers.

There are three main types of credit cards- charge cards, debit cards, and cash back cards.

But I am confused what should I choose can anyone help me for it ??

Reply



Leave a Reply.

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  • About Us
    • BOARD OF DIRECTORS >
      • MEET OUR LEADERSHIP
      • Chairman's Welcome
    • STAFF >
      • Your Chamber Team
      • President's Welcome
    • COMMITTEES & GROUPS >
      • ABOUT
      • SCC Young Business Leaders
      • COMMITTEES >
        • Communications Committee
        • Community and Government Relations Committee
        • Membership Committee
        • SCC Young Business Leaders
        • Ambassadors Committee
      • Referral Groups >
        • SCCCC G.R.O.W.
        • SCCCC BizNet
        • SCCCC CONNECTIONS
    • History
    • Contact
  • Business Directory
  • MEMBERSHIP
    • Why Not Join?
    • Member Benefits >
      • Offers
      • Coupons
      • JOB BOARD
      • Affinity Programs
    • Membership Application
  • Events & Programs
    • Annual Chairman's Gala
    • Inspirational Breakfast
    • Scholarship Golf Tournament
    • Annual Fall Luncheon
    • NETWORK AT NOON! LUNCHEON
    • Professional Development & Education
    • Chamber Calendar
    • Community Calendar
  • IN THE NEWS
    • SCCCC IN THE NEWS
    • Member News
    • Southern Chester County CONNECTIONS
    • The Reporter
  • Your Chamber At Work
    • ADVOCACY >
      • ABOUT
      • Mushroom/AG Labor Crisis Task Force
    • Education & Scholarship Foundation >
      • Pennsylvania Free Enterprise Week
    • Route 1 Economic Development Initiative >
      • About Us
      • Why Here?
      • Steering Committee & Members
      • Site Selection Opportunities
      • Contact
    • Chester County Digital Alliance
    • Workforce Development & Training
  • CIRCLE OF CHAMPIONS
    • ABOUT
    • Diamond Circle Partner >
      • Constellation Energy
    • Platinum Circle Partner >
      • Longwood Gardens
    • Gold Circle Partners >
      • Ironlinx
      • Kendal-Crosslands
      • Qnectus
      • The Tri-M Group
      • WSFS Bank
    • SILVER CIRCLE PARTNERS
    • Bronze Circle Partners
  • Business Views Blog
  • Member Portal
  • JOB BOARD