When it comes to your business, do you know the score?
It’s no secret – a good credit rating is invaluable to the financial well-being of your business. A business credit profile in good standing gives you financial flexibility and leverage. A bad profile – or an error on your profile – can cause numerous headaches.
Your credit profile is used by financial institutions to make important decisions about your company, such as whether you’ll be granted a loan or line of credit, the cost of insurance premiums or the rate of interest you’ll be charged. Keeping your credit in good order will help prevent surprising and potentially devastating negative responses.
Monitor your credit regularly to protect your business from identity theft and fraud – both of which can severely impact your credit, cash flow and even your reputation. The earlier you discover any unusual transactions, the easier it is to stop fraudulent activity.
Likewise, if there are errors or outdated information on your credit report, you can request corrections quickly be made.
Learn the factors that affect your credit score – positively and negatively – and learn how to manage your credit report to keep your business in good financial shape. How best to do that?
Requesting regular business credit reports and subscribing to tracking, monitoring and alerts will help you remain fiscally fit and will give you the opportunity to see who’s inquiring about your business. Make sure you know the score when it comes to your livelihood.