Consumer credit scores can be tricky to figure out, but you’ll need to assimilate another layer of information if you’re a business owner or hoping to become one. Just as you are assigned a credit score based on your individual creditworthiness, businesses also have a credit score to indicate their overall credit health.
Business credit scores are used for the same purposes as personal credit scores. If you are applying for a business credit card or want to work with a provider that provides credit, that business will use your business credit score to determine your business creditworthiness as well as your interest rate and loan terms.
Like personal credit scores, higher business credit scores are always better when it comes to getting the best rates and terms for a business loan. However, while personal credit scores typically range between 300 and 850, business credit scores typically vary on a scale of 1 to 100.
How to Check Your Business Credit Score
If you’re wondering how to check business credit, there are several third-party companies that allow you to access a business credit report online. Each provider lets you see a version of your business credit score, and some offer multiple packages that give you access to more features and credit information.
If you are looking to increase your business credit score and are wondering, “How do I check my business credit report?” Â»You can consider the following paid options:
Dun & Bradstreet
Dun & Bradstreet offers several services to help you monitor and manage your business credit score. While you can pay $ 149 per month for a Credit Builder Plus plan that helps you build your business credit score over time, their D&B CreditMonitor plan will only cost you $ 39 per month. Not only does this plan allow you to view and monitor your Dun & Bradstreet business credit scores over time, but you will also receive alerts of changes to your credit profile, as well as new inquiries about your business. business.
With its online platform, Dun & Bradstreet makes it easy to create an account and get started. Overall, this business is best for someone who wants to see their business credit score and monitor how their business credit profile changes over time.
Experian is another provider that allows you to view your business credit score or monitor your business credit profile for a fee. For a one-time fee of $ 39.95, you can view your business credit score and get an overview of your business profile. This plan, called a credit score report, is a good option if you just want to see your business credit score but don’t necessarily want to monitor its movements over time.
You can also pay $ 49.95 per month for a more comprehensive business credit score monitoring plan that includes information on credit applications and detailed data on business lines. An annual plan with unlimited access to the business credit score, credit alerts, ongoing monitoring and more can also be purchased for $ 189 per year.
Equifax allows you to order a single trade credit report for $ 99.95, but you can also order a set of five trade credit reports for the reduced rate of $ 399.95. These reports contain comprehensive information including a company profile, credit summary, public record details, Equifax business risk scores, other business names and more. Equifax’s business reports also include a Single Business Failure Score, which attempts to predict the likelihood of a business failing due to “formal or informal bankruptcy” over the next 12 months.
Equifax is currently suspending its online offers, but you should soon be able to order your business credit report through them.
Are there any free options to check a business credit score?
If you want to get an overview of your business credit score and have access to important credit monitoring tools, then there are a few free options to consider. Keep in mind that free business credit reports tend to be lighter in content, but they can be a good place to start.
Free options for checking your business credit score include:
- Dun & Bradstreet CreditSignal: This free service from Dun & Bradstreet allows you to access your business credit score and receive notifications when someone accesses your business credit profile. You can also sign up for free email alerts that let you know when a change occurs in your credit score. Note that most of the benefits of this free program only last for 14 days, when they suggest upgrading to one of their paid options.
- Navigation: Nav also offers a free option that allows you to access your Dun & Bradstreet, Experian and Equifax credit reports and trade scores. This service includes a summary of your business credit reports, credit creation tools, and even your personal Experian credit score.
- Tillful: Tillful is a mobile app that lets you monitor your business credit score for free while accessing all of your business accounts in one place. The app itself is also free and you can use it to monitor your credit, spending, and overall financial situation all in one place.
What information will you need to check your score?
To access your business credit score with Nav or the D&B CreditSignal program, you will need to provide information such as your business name, postal code and email address. You will also need to verify your identity by providing your home address, date of birth, phone number, and social security number.
In addition, you may also need to answer some security questions based on your loan history, work history, or any previous skills you may have had.
Which option to choose?
If you especially want to get a general idea of ââyour business credit health, then one of the free options available to you may work just fine. Just be prepared to provide lots of personal information, including your social security number, in order to create a free account. Also, keep in mind that the information you get from a free business credit report is unlikely to be as complete as what you find with paid business credit monitoring plans.
If you want ongoing monitoring of your business credit profile, a paid monthly plan from a company like Experian or Dun & Bradstreet may make more sense.
Just make sure you do Something when it comes to keeping your trade credit under control. Your business credit score may seem unimportant right now, but you’ll need a strong business profile if you want to apply for a business credit card, take out a business loan, or work with credit granting providers. Your best bet is to get a feel for your business credit score and take steps to monitor it early on, before you need it.