Your business credit profile is like your business “resume.” It contains critical information that other businesses use when deciding whether to do business with you and on what terms.
Like a personal resume for obtaining employment, it’s important that the information in your profile is accurate, complete, and timely. No one knows your business better than you. You might have a thriving and profitable company, but when doing business with others, often what matters more is what is documented in the credit report they receive on you. Most companies want a complete and unbiased view of who you are (and how risky it might be to work with you). These credit scores and reports give companies a fast, objective measurement of your credit risk.
You should think about your business credit profile in terms of the following:
- What is in your credit profile? What is it telling other companies about you?
- How do your current business credit scores affect the interest you pay on your existing loans? Did you get the best terms?
- Have your scores improved enough to consider refinancing, or extending your credit lines?
- Do new suppliers extend you favorable credit terms or ask you to pay cash on delivery? Are your competitors getting better terms for the same items?
- Have you lost a deal because your competitor had better credit?
Know the answers to these questions so that your business credit profile is working to your advantage, not costing you money.
Content provided by D&B, the leading provider of business information for credit, marketing, and purchasing decisions worldwide.