Review your business credit history.
In light of recent economic circumstances, it's getting more difficult to obtain credit. Remember, business credit scores are determined by a different numbering system than personal credit scores. Facts on business credit transactions are collected by the business credit reporting agencies to produce your business credit report using your business name, address and federal tax ID number. If your small business hasn't yet acquired a solid credit rating, conventional lenders such as commercial banks may be unwilling to extend credit to you. Here are some steps that you can take to improve your business credit rating:
Getting a handle on your current credit profile is the best way to improve business credit. Continually monitoring your business credit rating can save you money. With Experian's subscription plan, you'll get unlimited, anytime access to our easy-to-read reports. We will send you email alerts when your credit score changes. You will be well on your way to improving your business credit rating.