5 Steps to the Business Credit Score You WantHere are several steps you can employto fix your business credit history and toimprove the financial prospects of yourenterprise!
5 Steps to the Business Credit Score You WantOrder the latest copies of your business credit file.Before filing an application for a business loan or a credit cardaccount, we advise you to request first for the latest copies ofyour business reports from the firms which track your credittransactions. This will not just help you determine what yourcurrent rating is. It will also help you gauge how likely yourapplication for business financing will receive approval.
So, as early as today, youshould contact the majorbusiness credit bureaus andask for the latest copies ofthe credit reports of yourenterprise.
5 Steps to the Business Credit Score You WantExamine the documents for errors.Once you receive the copies of your business reports, what youshould do next is to validate the accuracy of the entries found inthem. To do this, you should carefully scrutinize the individualtransactions and take out business financial records that will helpverify each one of them. For instance, you can take out yourmonthly billing statements or your transaction logs and comparethem with the accounts listed in your credit files.
Watch out for outdated accounts, incorrectpayment transaction dates and details,fraudulent or unauthorized credit cardcharges, and even tax liens and charge-offsthat are past the statutes of limitations in yourstate.After all, such errors can inflict sever damageto the credit history of your enterprise andcompromise its chances of qualifying for asuitable business loan, later on.
5 Steps to the Business Credit Score You WantDispute inconsistencies and outdated accounts.Should you encounter any of the inaccuracies mentioned above,we advise you to immediately write a credit dispute letter. Make alist of all the errors you’ve discovered in your business creditreport. Identify the course of action you expect the employees ofthe business credit tracker to perform on them. You can use thewords delete, remove, update, modify, change or alter when writingspecific instructions in your letter of credit dispute.
IMPORTANT!Mail the letter together with documents thatwill support your claim.By doing so, the employees of the creditreporting agency will have files they can referto when investigating your credit dispute.Should they discover that your claim is valid,soon you will receive an updated copy of yourbusiness credit report, which you caneventually use when applying for a businessline of credit.
5 Steps to the Business Credit Score You WantRemind your business credit card issuer and lender to submittimely reports of your credit and payment transactions to businesscredit tracking firms.In some cases, it might be your business lender or credit cardissuer who is at fault for the incorrect items in your credit files.Hence, it would be best to send the firms letters reminding them oftheir responsibility to provide timely reports to the credit reportingagencies. By doing so, you can avoid having more problems.
5 Steps to the Business Credit Score You WantManage your existing business lines of credit in the best waypossible.To receive a better business credit rating, you should also payclose attention to how you manage your existing business loansand credit cards. Make it a habit to submit timely and completepayments to your lenders and card issuers.And use just a reasonable percentage ofyour credit limit. This way, you canmaintain a solid business credit profile,and in time you will reap the benefitsassociated with having an excellentbusiness credit standing.
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