What information is included in a business credit report?
Just like people, businesses have credit reports. If you own a business, your business credit report and business credit score can have a big impact on your company's success because it can determine the amount of credit suppliers are willing to approve you for and the interest rates you’ll pay.
Checking your Experian business credit report frequently can help you stay on top of your business accounts and manage your credit information. Here’s what you can expect to see on your Experian Business credit report.
Your company's identifying information, such as the business name, address and phone number, and Experian Business Identification Number (BIN).
Your company’s background information, including other names the business has used, parent company information, date of incorporation, years in business, business type, and SIC code.
Your business credit score. Your business credit report will include your business credit score, which has a scale of 1 to 100. The higher the score, the better. It will also include a list of the key risk factors affecting your score. Knowing the factors that are affecting your business credit score will help you improve it
Credit Summary. This section is a snapshot of your payment trends across all accounts, including your Current Days Beyond Terms (DBT), your Current Total Account Balance, Median Credit Amount Extended, number of tradelines, and the number of UCC filings. This section will also show whether there are any bankruptcies, liens, or judgments on your business report.
Payment Trend Summary. This section will show the percentage of on-time payments by month, percentage of on-time payments by quarter, as well as monthly and quarterly DBT payment trends.
Inquiries. This section will show who has accessed your business credit report.
Account information. Each of your accounts will show payment history, including the number of missed payments. It will also show the current balance owed, the original balance, and the terms of the account. Your business account history remains on the credit report for 36 months.
Bank, government, and leasing data: This information also remains on a business credit report for up to 36 months.
Public record information. Your business credit report will show any bankruptcies, liens, or judgments in your business’ name. Public record information remains on a business credit report for six years and nine months.
Collections. Collection filings are listed separately on a business credit report, and public records will remain on the report for six years and nine months.
Uniform Commercial Code (UCC) filings: A UCC filing indicates that your business has used some of its assets as collateral to secure a debt. They remain on a business credit report for five years.
We hope that these 11 items help you to understand your business credit reports better. Was any of this information new? Let us know!
Just like people, businesses have credit reports. If you own a business, your business credit report and business credit score can have a big impact on your company's success because it can determine the amount of credit suppliers are willing to approve you for and the interest rates you’ll pay.
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