Key Success Element #3 – Business Credit Score
WHAT THE BUSINESS SUCCESS SCAN DOES FOR YOU
Allows you to assess your current standing across 12 critical elements that directly impact your ability to secure funding and scale.
Your business must have strong business credit scores that are separate from you personally.
In today’s economy, strong business credit scores play a major role in securing financing and determining approval amounts, interest rates, and repayment terms. Most corporate and SBA lenders now factor business credit scores directly into their underwriting decisions.
To better understand how your business credit is evaluated, it’s important to know which agencies report these scores:
Experian Business Information Services – Experian is the leader in personal credit reporting and has ventured into business credit reporting. A trade line is any company that sends payment histories into a business credit reporting agency. If you have a business credit card, equipment or vehicle lease, or a corporate account with any large supplier or retailer they are most likely reporting to Experian Business.
Equifax Business – Equifax has been in business credit reporting for a long time. They used to be called the “Small Business Financial Exchange” and only gathered credit information from member banks. While they have branched out from this practice, their major reporters are still banks. Therefore, anything your bank knows about you so does Equifax.
Dun & Bradstreet – Dun & Bradstreet is the oldest player of the business credit reporting agencies. Dun & Bradstreet reporters are primarily vendor credit lines. These are businesses that extend credit to other businesses on “Net 30” credit terms. That means if you have vendor credit lines for products or services that give you 30 days to pay, then they most likely report your payment history to Dun & Bradstreet.
FICO SBSS (Small Business Scoring System – Just like personal FICO scores have become the standard for all things consumer lending, FICO SBSS scores have become the standard for all things business cash lending. Banks, credit Unions, the SBA, large fintech lenders, leasing companies are now using FICO SBSS in their approval process. The FICO SBSS score is not used as the standalone approval gauge as are FICO scores for personal lending but rather it is used as a method of declining applications along with factoring into the offer of amount, rate and term.
After you take the business success assessment, we walk you through first checking your business credit scores and then building strong business credit scores that can help your business obtain larger amounts of financing and on better terms.
Run the Scan
Complete our Business Success Scan to evaluate your funding readiness and identify critical compliance gaps.
Review Results
Receive a clear breakdown of compliance gaps and funding barriers impacting your approval potential.
Take Action
Follow our structured roadmap that leads to a higher business credit score, more funding, longer repayment periods, and lower rates.