How to Check Your Business Credit Report Today

Ann Marie Smith

Jul 19, 2021

Are you trying to review your credit score so you can ask a supplier for terms or apply for a loan? If so, you need to order a business credit report for your company.

At accredit, you do not need to sign up for a subscription service. You can compare the different options for business credit reports, view samples, and download them instantly with no waiting. Just register for a free account, enter your business information and pull your business credit report immediately.

Why Check Your Business Credit Report?

You need to know what your business credit report looks like before you talk to lenders or ask for credit with vendors or suppliers. If there is a blemish on your business credit report, you have the opportunity to fix it ahead of time or have a ready answer when you are asked about it. You can also find and fix any errors as soon as possible.

Doing Business with Suppliers and Vendors

Your business credit history affects your relationship with vendors and suppliers. When you ask them to extend credit to you, they will look at your business credit score to assess your creditworthiness. A good business credit score will help you get credit and negotiate better rates and terms.

Applying for a Loan

Your business credit history is also important if you need financing for your business. Lenders will research how you handled credit in the past before deciding to loan you money. If you have a poor credit history, lenders will see you as a high risk. Lenders typically set rates and terms for funding based on the prime interest rate and add additional points based on a risk assessment. The higher the risk, the more points that are added to your loan.

What Will a Business Credit Report Show About My Business?

There are three major credit reporting bureaus: Experian, Dun and Bradstreet, and Equifax. Each credit reporting agency looks at slightly different information in evaluating your business, but they all provide an overall business credit score.

Depending on which business credit report you choose, you will see basic information about your business along with an analysis and forecast. For example, a business credit report uses the information it gathers to predict:

  • The likelihood you will pay your bills on time
  • The likelihood you will become delinquent on bills
  • The risk that you will go out of business within the next 12 months

Your business credit report may also include information that indicates financial stress, such as:

  • Any liens, judgments, or bankruptcies
  • High credit balances or utilization
  • Late payments (Days Beyond Terms)
  • Fraud alerts
  • Suits
  • Collections actions

Information about your tradelines, including current status, may also be included. Some business credit reports may suggest a recommended credit limit based on how you have handled credit in the past.

How Business Credit Reports Are Used

Business credit reports are used in a variety of ways by lenders, suppliers, and others. Here are some of the financial decisions your credit score can impact:

  • How much credit suppliers will extend
  • How much funding a bank or lender will provide
  • The interest rate you will pay
  • The terms and conditions for repayment
  • Fees for late payments
  • The cost of your insurance premiums

Over the past year, many businesses have seen significant shifts in their financial health. A recent survey by American Express and PYMENTS.com showed that nearly 15% of B2B receivables are overdue. Another survey showed that 13% of invoices are overdue by 90 days or more.

Even if you have a long-standing relationship with a supplier, they most likely check your business credit report frequently to make sure your financial situation has not changed. When you check your business credit report, you will know what they are seeing about your business.

How To Check Your Business Credit Report

There are differences between the various types of business credit reports. As you learn how to check business credit, you should consider pulling reports from each of the three main reporting bureaus to get a comprehensive picture of how others are viewing your financial health.

Besides buying a business credit report on your business, you should also be pulling business credit reports on your customers and suppliers. Before extending credit, you need to be sure your customer is financially stable. Before issuing a purchase order, you want to make sure your vendor’s credit allows them to buy the materials they need to fill your order.

Do you want to compare business credit reports from Equifax, Experian, and Dun and Bradstreet, view sample reports, and download them instantly? Visit accredit to buy self-serve business credit reports today.