5 Steps Improve Business Credit Score
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The 5 steps to improving a business credit score are: 1. Order copies of your business credit reports from the major credit bureaus to check for any errors. 2. Examine the reports closely and compare them to your financial records to identify any outdated, incorrect, or fraudulent information. 3. Dispute any inconsistencies or outdated information by sending a letter detailing the errors and supporting documentation. 4. Remind credit card issuers and lenders of their responsibility to submit timely and accurate payment reports. 5. Manage existing credit responsibly by making timely payments and using a reasonable percentage of credit limits.
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5 Steps Improve Business Credit Score
- 1. 5 Steps to the Business Credit Score You Want Here are several steps you can employ to fix your business credit history and to improve the financial prospects of your enterprise!
- 2. 5 Steps to the Business Credit Score You Want Order the latest copies of your business credit file. Before filing an application for a business loan or a credit card account, we advise you to request first for the latest copies of your business reports from the firms which track your credit transactions. This will not just help you determine what your current rating is. It will also help you gauge how likely your application for business financing will receive approval.
- 3. So, as early as today, you should contact the major business credit bureaus and ask for the latest copies of the credit reports of your enterprise.
- 4. 5 Steps to the Business Credit Score You Want Examine the documents for errors. Once you receive the copies of your business reports, what you should do next is to validate the accuracy of the entries found in them. To do this, you should carefully scrutinize the individual transactions and take out business financial records that will help verify each one of them. For instance, you can take out your monthly billing statements or your transaction logs and compare them with the accounts listed in your credit files.
- 5. Watch out for outdated accounts, incorrect payment transaction dates and details, fraudulent or unauthorized credit card charges, and even tax liens and charge-offs that are past the statutes of limitations in your state. After all, such errors can inflict sever damage to the credit history of your enterprise and compromise its chances of qualifying for a suitable business loan, later on.
- 6. 5 Steps to the Business Credit Score You Want Dispute inconsistencies and outdated accounts. Should you encounter any of the inaccuracies mentioned above, we advise you to immediately write a credit dispute letter. Make a list of all the errors you’ve discovered in your business credit report. Identify the course of action you expect the employees of the business credit tracker to perform on them. You can use the words delete, remove, update, modify, change or alter when writing specific instructions in your letter of credit dispute.
- 7. IMPORTANT! Mail the letter together with documents that will support your claim. By doing so, the employees of the credit reporting agency will have files they can refer to when investigating your credit dispute. Should they discover that your claim is valid, soon you will receive an updated copy of your business credit report, which you can eventually use when applying for a business line of credit.
- 8. 5 Steps to the Business Credit Score You Want Remind your business credit card issuer and lender to submit timely reports of your credit and payment transactions to business credit tracking firms. In some cases, it might be your business lender or credit card issuer who is at fault for the incorrect items in your credit files. Hence, it would be best to send the firms letters reminding them of their responsibility to provide timely reports to the credit reporting agencies. By doing so, you can avoid having more problems.
- 9. 5 Steps to the Business Credit Score You Want Manage your existing business lines of credit in the best way possible. To receive a better business credit rating, you should also pay close attention to how you manage your existing business loans and credit cards. Make it a habit to submit timely and complete payments to your lenders and card issuers. And use just a reasonable percentage of your credit limit. This way, you can maintain a solid business credit profile, and in time you will reap the benefits associated with having an excellent business credit standing.
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