Business Credit Reporting

Why doesn’t my company have a business credit report?

This is one of the most common questions I get asked on a regular basis so what better way to address it then on today’s blog post.

Now whether you’re a startup or existing business, I’m sure you’ll agree that having a company credit file is the key to maximizing your funding potential. The fact is, with no established business credit reports; banks and other lenders will base a large part of their lending decision on your personal credit.

So let’s go over how business credit reporting works and how the business credit agencies (Dun & Bradstreet, Experian Business, Equifax Small Business, Paynet, etc.) collect and report information on businesses and why there may be nothing reporting on yours. It’s important to remember, these agencies are in the business of collecting data on individual businesses and selling that data in a compiled format known as a business credit report.
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Online Small Business Funding

Just two years ago, in 2014, online lenders earned 7 times more than they did a mere four years earlier. Further, these

technologically-based lenders offered their clients over $12 billion in credit. However, this industry is doing more than just growing – it is rapidly changing in ways that seek to make lending easier, faster, more diverse and more affordable for small business owners.

More Data Integration

Data is the cornerstone of online lending, and, arguably, it’s the reason these lenders can offer business loans with greater frequency than traditional banks. However, the amount of data that online lenders can leverage is growing by the day. Using an automated process that is backed by complicated algorithms, lenders look at a range of information related to applicants. This information includes anything and everything, from PayPal deposits to average daily bank balances to reviews on social media sites or comments on Etsy.
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