Improving Your Business Credit Ratings In 6 Steps

If you aren’t already aware, separate credit records likely exist for you and your business. If you want to establish any kind of business credit separate from your personal credit, then you will need to take some steps to ensure it happens. Here are six things that you can do to help give your business credit ratings a boost.

1. Take Advantage of the Credit Builder Program

Dun & Bradstreet, a major business credit company, offers its Credit Builder program that will help to ensure you are getting things reported on your business credit report that may not usually be reported. This includes your transactions with vendors and other small businesses.

2. Get Business Credit Accounts

Just as you would with your personal credit, your business credit ratings can be boosted by applying for credit. This includes loans and credit cards. These lenders will report to the credit bureaus and help you to increase your ratings.

3. Register With the Credit Agencies

You should register with at least one of the top business credit agencies. These include Dun & Bradstreet, Experian Business and Equifax Business. You need to register to get a copy of your score and to submit your financial report from the current year.

4. Watch Your Report

You should check your credit report on occasion. Make sure to stay on top of things so you can spot errors quickly. It can be very difficult to get changes made, so make sure that you keep good records and can provide proof to back up any claim.

5. Maintain Payments

Once you have credit lines, you have to make your payments on time. Late payments or not paying will strike a huge blow to your credit rating. You have to make sure you get those payments in when they are due.

6. Keep Business and Personal Separate

You should always keep your business and personal finances separate. Mixing them can lead to confusion and issues with establishing business credit.

Doing these six things will help to make sure that you are doing everything possible to establish and monitor your business credit ratings. It is important that you take this seriously and make sure that you are working towards building your business credit on a daily basis. You should make sure that every transaction you get involved in will be something that will help your credit. In the end, you can actually create an excellent rating that will make it much easier to get credit in the future.


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