Building Business Credit – The Number One Rule
Wednesday, December 16th, 2009
There is a number one rule in building business credit and that is to pay your bills on time. This shows other businesses, particularly investors and suppliers that the process of business is being carried out the way it should be. But even more importantly it allows banks and financial institutions to see for themselves whether or not the business is operating under good financial parameters.
When a bank or other lending institution receives a request for a business loan one of the first things they do is check the business credit score with either Experian Business, Equifax Business or Dun and Bradstreet. The reports a creditor can buy from these companies will immediately identify any outstanding business liabilities as well as showing how well a company has been doing to pay their bills and keep their suppliers happy. (more…)