How Much Does It Cost To Review Your Business Credit Reports?
Do you remember the old days, when we had to buy our credit reports unless we were turned down for credit? In case you don’t, it wasn't that long ago that the FACT Act went into effect giving consumers one free copy of their credit reports each year from each national consumer reporting agency.
Now, of course, free credit reports are old news, and there is even talk of free credit scores becoming available as part of the financial regulatory reform legislation.
When it comes to your business credit reports, however, it's a different story. To get your business credit reports you are likely going to have to pay for them. Here's a rundown of what it will cost (as of today, July 6, 2010) to get a single comprehensive credit report about your company from each of the major commercial credit reporting agencies:
Cortera: You can buy their CPR report for $5, though a basic report is available for free. Cotera’s products are listed here.
D&B: Comprehensive Insight Plus Report is the report D&B says is its most complete. It costs $149.00 for a six-month subscription. Other reports are available for as low as $39.99. View D&B Credit Report Offers Here
Equifax: An Equifax Business Credit Report plus 2 scores - the Credit Risk Score and Business Failure Risk Score - costs $49.95. Find out more about Equifax business credit reports here.
Experian Small Business: The Profile Plus report costs $49.95 while a basic BizVerify report is available for $8. Compare Experian Small Business reports here.
Additional services, such as credit monitoring, can be purchased from each company at an additional cost.
I do feel strongly that any business owners who is serious about growing and succeeding should build business credit and monitor their reports at least once a year. And given that small business identity theft can be an even greater threat than consumer identity theft, this may be one of those “ounce of protection” expenditures that can be worthwhile.
