Question

How can a small business check their credit?

Answer 1

A business credit is just like a personal credit.

There are credit reporting agencies like Dun & Bradstreet, Equifax Business and Experian Business which track credit scores. Checking their reports will be costing you. If a business wants to apply for a loan, it is worth checking the credit scores.

Dun & Bradstreet uses a PAYDEX score, which measures a business’s payment history on a 1-to-100 scale. A score of 1–49 indicates a high risk of late payment, 50–79 indicates moderate risk, and 80–100 represents low risk.

To view our credit file, the business will require a CreditBuilder Plus product, Signing up for CreditBuilder Plus comes with a D-U-N-S Number, which is how Dun & Bradstreet will track your credit history.

For a Equifax credit report, we need to login to it's website , and order a single report for $99.95.

To order for a Experian credit score, we can purchase the report for $39.95. Similar to the other scores, the Experian business credit score is on a 1–100 scale designed to predict poor payment behaviour.

A score of 1–10 means you are considered a high risk to lenders, a score of 11–25 means you’re medium to high, a score of 26–50 means you’re medium, a score of 51–75 means you’re low to medium, and a score of 76–100 means you’re a low risk to lenders.