If you don’t, you could be the only one who doesn’t. Business credit rating scores are not private information. They are easily accessible by anyone, because they are valuable information when deciding whether or not to do business with you, purchase products or services from you—and of course, if you are loan worthy.
While most new business owners immediately think of credit ratings when they need money, some are not aware that the impact is so broad. Not knowing where you stand with your business credit rating can ruin your business.
The good news is, that it is just as easy for you to get your score as it is for others. There’s no hassle at all, and you can do it as often as you like. You should, in fact, do it every few months. Because business’ often need credit, vendor accounts and loans to keep moving in a fluid way, their credit scores can fluctuate quickly.
Reading Your Business Credit Rating
The numbers are far different when looking at a business credit report. Instead of a vast point system that goes from mid 300s to the 800s, a business credit report will show a range from 0 to 100. It’s simpler and easier to understand for most viewers. Anything above 70 is a very good score. Anything below 70 should be worked on.
Where to Get Your Business Credit Score
The most well-known credit reporting agency for businesses is Dun & Bradstreet. Along with credit reporting, they offer many benefits to business owners to help them with their scores. Just like with your personal credit, you should not limit your viewing to one single company, however. The numbers can vary slightly from one reporting agency to the other, and since the range is much tighter, little variations can be devastating.
Dun & Bradstreet (also known as D&B) is just one of many reporting agencies, but the top three include it and Experian Small Business and Equifax Business. Keep in mind that the last two are the business divisions. Do not try to get your business credit rating through their individual credit reporting agencies.
Business Credit Reports