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5 Very Important Business Credit Tools for Business Owners

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Very Important Business Credit Tools

The credit climate for businesses has changed drastically since the financial system crash of 2008. Today, most banks, business credit card issuers, and major lenders are conducting business credit checks and sharing data with the business credit reporting agencies. very important business credit tools

Even FICO® has its own credit scoring model for lenders to assess the risk of small business credit applicants known as the FICO® Small Business Scoring Service (SBSS).  This means that you as a business owner must pay serious attention to establishing the creditworthiness of your business.

Here are five essential business credit tools that all small business owners should have readily available in their arsenal of financial tools.
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How to Monitor Your Business Credit Report with D&B®

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Monitor Your Business Credit Report

It’s essential for small business owners to keep a close eye on their business credit reports. The fact is a business credit report impacts your company’s financial and funding ability. It affects financing costs, credit terms, interest rates, insurance premiums, credit limits, and much more. monitor your business credit report

Did you know business credit reports and scores are constantly changing? They change because of a variety of factors, including the number of reported transactions, outstanding balances and whether you pay invoices on time. One of the advantages of having ongoing access to your company credit file is to know your current credit standing. This is especially useful to know before you apply for additional credit.
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Get Small Business Credit: 10 Factors Impacting Your Ability

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Get Small Business Credit

Do you know what type of credit and funding your company may qualify for today?get small business credit

I’m sure we can agree that there’s nothing more frustrating for a small business owner than not having access to the funds needed to grow a business.

Unfortunately, the most common mistake business owners make is applying for credit without knowing which factors play a role for each type of funding option.

Here are the top ten elements that impact the most popular forms of credit and financing for businesses today.

1) Personal FICO® Scores – It’s remarkable how strong FICO® scores (720+) streamline the credit granting process. The fact is with strong FICO® Scores you have more funding options available. For example, unsecured business credit lines, business loans & SBA loans all factor in personal credit scores as part of their underwriting requirements.  Now if you have low scores you can always utilize a business credit partner to secure the funding you need.
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How to Get Cash for Your Outstanding Invoices Now

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Cash for Outstanding Invoices

Are you tired of waiting 30, 60 or 90 days for your invoices to get paid?

What would it mean for your business if you could clear invoices at the push of a button to keep your cash flow steady? cash for outstanding invoices

Now I’m not talking about factoring which is selling your accounts receivables to a third party at a discount. In today’s post we are going to cover the easiest and most effective solution to getting advanced payments for outstanding invoices without factoring.

According to Dun & Bradstreet 90% of small business failures are due to cash flow problems with 60% of those being profitable at the time; they just ran out of cash. The fact is 64% of small businesses have invoices that had gone unpaid for at least 60 days.

If you are experiencing this challenge you’re not alone. Even big brands are the worst offenders. Wal-Mart takes on average 86 days to pay an invoice and McDonalds takes 64 days.
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Inside Business Credit Agency Paynet: What You Should Know

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Business Credit Agency

Did you know there are other business credit reporting agencies other than the Big Three that may provide reports to lenders about your company? business credit agency

You may have heard me repeatedly talk about the three major business credit reporting agencies: Dun & Bradstreet, Experian Business, and Equifax Small Business. However,  not only are there other credit agencies, there are also specialty reporting agencies that focus on certain industries as well. In fact, there are over 900 credit reporting agencies in the U.S. alone.

In today’s post we’ll cover the business credit reporting agency known as PayNet® which was founded back in 1999 and is based in Skokie, Illinois. PayNet® maintains a proprietary database of small business loans, leases, and lines of credit.  This reporting agency supplies business credit reports and scores to banks and commercial finance institutions.
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