Top 3 Things That Can Improve Your Business Credit
Do you know your business credit score and how it is affecting your business? Your business credit is critical and plays a significant role in your future growth potential. If your goal is to grow, take the time to review the top 3 things you can do to improve the health of your business credit.
- Making prompt payments. Most credit agencies say making your payments on time is one of the biggest factors in improving your business credit score. If you can handle it, consider paying your bills ahead of time to improve your score even more.
- Reduce credit utilization. Utilization is the amount of credit used compared to the quantity of credit you have available. Every business should try to keep their utilization number as low as possible. We suggest making more than one payment per month, instead of waiting until you've reached your credit limit before paying it off.
- Pull your business credit and scan for errors. Many companies never pull their credit, and this is a colossal mistake. Items could be lurking on your business credit report that are not yours and, in the end, making you look bad. Protect your credit by regularly monitoring what's on your report. Review your business credit report quarterly and notify creditors and all 3 credit agencies if you see any discrepancies immediately.
Not sure what to do next? Start by managing and correcting your Business Credit Report if needed. It's easy, get your report here.