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You are here: Home / Archives for experian business credit report

How to Open a Business Credit File with Experian

October 24, 2018 By Marco Carbajo

How to Open a Business Credit File with Experian

The other day I got asked which business credit reporting agency is most widely used by banks and credit card issuers when checking a business credit file. Without a doubt I would have to say Experian Commercial which leads me to writing today’s post. how to open a business credit file with experian

What is a business credit file? A business credit file is created by a business credit reporting agency when a credit grantor reports information associated to a company’s credit account. A business credit file is used by credit grantors during the decision-making process to determine whether or not to extend credit to a business.

Your credit file gets opened with Experian when a credit grantor reports your company’s data to Experian Commercial. In order to accomplish this, your business needs to establish a business credit account with a credit grantor that reports to Experian.

Here are three ways to get your business credit report established with Experian in 30 days:

Strategy #1

One of the fastest ways to get this done is with our business credit card funding program. Under this program you get 4-5 business credit cards that report only to Experian Commercial and in some cases Equifax Small Business. In less than 30 days you can have 4-5 revolving lines of credit listed on your Experian business credit report.
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Filed Under: Business Credit Tagged With: business credit file, experian business credit, experian business credit report, how to open a business credit file with experian, open a business credit file

Big News About Your Experian Company Credit Report

June 1, 2018 By Marco Carbajo

Experian Company Credit Report

At Experian®’s yearly Vision Conference held in May 20-23, 2018 they announced it has become a certified vendor of the Small Business Financial Exchange, Inc. (SBFE)

This is major news that will impact your Experian Company Credit Report because they will now combine SBFE’s commercial data with Experian’s commercial data.

According to Experian® it anticipates the combined data sets will result in new product launches over the next 24 months. experian company credit report

As you know Experian Commercial is one of the major business credit reporting agencies that maintains credit information on approximately 25 million active U.S. businesses.

So how does this news impact your Experian company credit report?

If your company has business credit and payment data in SBFE’s Data Warehouse it will now be combined into your Experian’s Company Credit Report. This is big news and may result in added payment experiences to your Experian company credit report that may have not been previously reporting.
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Filed Under: Business Credit Tagged With: experian business credit report, experian commercial, experian company credit report

What Does Your Experian Business Credit Report Say About Your Company?

July 2, 2014 By Marco Carbajo

Experian Business Credit Report

Have you checked your Experian Business Credit Report lately?

Does your company’s report have depth, diversity and density? experian business credit report

Did you know banks, credit card issuers, suppliers and lenders use Experian Business to prescreen and identify companies to solicit credit offers to?

In the previous post we talked about deciphering your Equifax Small Business Credit Report, in today’s post let’s dive into Experian Business.
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Filed Under: Business Credit Tagged With: experian business credit report

5 Ways to Strengthen Your Experian Business Credit Report

May 12, 2014 By Marco Carbajo

Experian Business Credit Report

In his latest article via Corporate Experian, Gary Stockton does a great job explaining how businesses should strengthen their business credit reports with Corporate Experian.  Stockton explains five ways you can be proactive in your business credit building efforts. experian business credit report

According to Stockton, “If you run a company, your business credit is akin to your reputation. Without a strong credit profile, you face the reality of being denied an account.” Nothing can be further from the truth. A company’s creditworthiness plays hand in hand with a company’s credibility.

Whether you’re a start up or existing business, it’s crucial to keep tabs on the health of your business. Here are some ways Stockton points out on how you can be proactive in strengthening your Experian business credit report and credit standing.
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Filed Under: Business Credit Tagged With: experian business credit report

What’s on Your Small Business Credit Report?

April 1, 2010 By Marco Carbajo

Small Business Credit ReportSmall Business Credit Report

 

I’m sure you have a habit of checking your personal credit scores, credit reports and credit card statements on a regular basis but how much attention do you pay to your small business credit report?

While there are several business credit bureaus that collect data let’s stick with the three main ones. Keep in mind that each file you have listed is going be different with each bureau so it’s important that you monitor your files on a regular basis.

Dun & Bradstreet Business Credit Report

This report also known as the Business Information Report or BIR is an overall profile that suppliers and lenders will use to evaluate your company and tends to be the most popular D&B report that creditors pull. The report is pretty extensive because it includes your company’s financial information, history & operations, payment history and details.

Keep in mind that the details of your company like financials are supplied by you when you set up your file so be sure to keep this information updated through eupdate so it matches the numbers you provide on credit applications. Any inconsistencies can cause your company to get declined.

Two things you should pay special attention to is the paydex score and credit limit recommendation listed in your report. A 75 or greater Dun & Bradstreet credit rating is considered a good risk but what carries more weight is the credit limit recommendation.

The conservative credit limit is for companies that prefer to minimize risk as much as possible and the aggressive limit is for creditors that will accept more risk.

Experian Business Credit Report

This report also known as the CreditScore Business Report includes you’re company’s business and credit information. It’s considered Experian’s most popular report used by creditors and specifically you want to pay attention to your business credit score.

A score of 90 or greater is excellent and it’s based on your company’s industry risk, number of trades, length of history and your debt to credit limit ratios. As I mentioned on previous posts you want to avoid selecting a high risk SIC and NAICS classification code for your company because this can have a negative impact on your scores.

Now don’t be surprised if your company is not listed with Experian because the only way to establish a small business credit report is when a supplier or lender reports your company’s payment experience to them.

Equifax Business Credit Report

This report could also be referred to as the Equifax Small Business Report and it includes a summary of your company’s financial and non-financial accounts. One of the unique differences in this file is the two credit rating scores known as the Equifax Credit Risk Score and the Equifax Business Failure Score.

Your risk score can range from 101 to 992 with the higher the number being the lower the risk. Some of the factors that contribute to this include derogatory trades, length of history, credit limit amounts and number of employees.

The failure risk score predicts the chances of your business failing over the next 12 months. This number ranges from 1,000 to 1,880 with the higher the number being the lower the risk of possible failure.

Some of the key factors that determine your score include length of time since the oldest account was opened, debt to credit limit ratios, negative payment history and number of trades.

This is another file that gets created only when a supplier or lender reports your company’s payment data. It’s said to be one of the most difficult bureaus to get listed with and this may be because many of the reporting partners are banks and lenders.

This is why I recommend establishing a reporting bank loan as soon as possible. This not only will have a positive impact on your small business credit report but it will also improve your overall bank rating.

As you can see your business credit files require the same level of attention that you give to your personal credit files. By knowing how your company’s risk level is being rated by the major business credit bureaus the greater level of confidence you will have when you apply for business financing.

Looking to build your small business credit reports? Become a member of my Business Credit Insiders Circle and gain access to a proven step-by-step business credit builders system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free business credit building audio seminar ($597 value) =>

To Your Success In Business and in Life!

Did This Blog Help You? If so, I would greatly appreciate if you like and shared this on Facebook and Twitter.

About the author

Marco CarbajoMarco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, About.com and All Business.com. His articles and blog; Business Credit Blogger.com,  have been featured in ‘Fox Small Business’,’American Express Small Business’, ‘Business Week’, ‘The Washington Post’, ‘The New York Times’, ‘The San Francisco Tribune’,‘Alltop’, and ‘Entrepreneur Connect’.

Filed Under: Business Credit Tagged With: credit rating scores, credit scores credit reports, dun & bradstreet business credit report, dun & bradstreet credit rating, equifax business credit report, experian business credit report, small business credit report

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