When it comes to doing a commercial credit check on a customer or supplier, there are several different types of business credit reports that you can choose.
The three business credit bureaus offer multiple reports, such as:
- Score Summaries
Experian, Dun & Bradstreet, and Equifax each have their own version of a credit score. The credit score will provide a high-level analysis of how companies pay their bills and the likelihood they will remain in business.
- Complete Details Reports
Experian, Dun & Bradstreet, and Equifax also produce more detailed reports that dig deeper into the factors used to create the scores. Factors include things such as financial reports, tradeline details, credit balances, credit limits, and derogatory events, suits, or judgments.
When you are looking for business credit check services, you can spend your time visiting different business credit check services to try to compare them or you can go to myaccredit.com and compare all of the available commercial credit check reports in one place.
With accredit, you can see a comparison of the reports from each of the business credit check services and view samples to make sure you choose the right business credit report. Another benefit of working with accredit is that you can pull a commercial credit check instantly and, unlike some other business credit check services, you are not required to sign up for an expensive subscription plan or monitoring service. You can pull as many business credit reports as you want with no ongoing commitment.
To help you determine which commercial credit check is right for your business, you may want to download our free Executive Report, How to Select the Right Business Credit Report.
The Benefits of Business Credit Check Services
Selecting the right business credit report will help you better understand who you are doing business with and ensure they are financially stable. The information you get can help you determine if a prospective customer or supplier pays its bill on time or whether they are putting your business at risk.
High-risk customers can result in operational headaches and financial losses that hurt your cash flow.
Just as banks and lenders use a commercial credit check before deciding to lend money to a business, you can use business credit scores to make decisions about extending credit to your customers. Depending on a customer’s financial health and how promptly they pay their bills, you may want to limit the amount of credit you offer or create more favorable terms to accommodate for risk.
If you grant credit to buyers, you need to make sure they have a solid track record of paying their bills and are not demonstrating signs of financial stress. Similarly, before you issue a big purchase order or make a commitment with a supplier, you want to make sure they are financially healthy too. If they are delinquent in paying their bills, they may have cash flow problems that could prevent them from fulfilling your orders promptly.
In either scenario, their money troubles can easily become yours.
When you cannot count on people paying what they owe you or supplying you with the goods they promised to deliver, it can make it difficult to keep your business running smoothly and plan for the future.
Get Peace of Mind with a Commercial Credit Check
Business credit check services give you a quick and easy way to get an independent evaluation of the people you are doing business with to give the peace of mind you need. When you know a business is financially strong and pays their bills on time, it gives you the confidence to extend credit and know you will be paid.
A business credit report can help you:
- Grow your customer base with confidence
- Better negotiate credit limits and terms
- Protect your business customer defaults or delinquencies
- Help you forecast your cash flow
A commercial credit check can also provide you with an earlier warning to spot potential trouble for your customers or suppliers. For example, if you see there are liens, judgments, or bankruptcies filed against them, you want to know as soon as possible. If they are delinquent in paying their bills, you want to know that before you give them credit or renew credit terms.
accredit offers business owners the choice of basic score summaries and in-depth business credit reports to check business credit and research new and existing clients and suppliers.
You have worked hard to grow your business to where it is today and cannot afford to put it at risk. Visit myaccredit.com to select business credit reports to perform a commercial credit check on a customer.