Posted on Wednesday, 17th February 2010 by jkibler
Business credit report Read this quickly learn how to save money and grief by checking the credit report scores of businesses and vendors before you extend them credit.
Many people understand that individuals have credit reports and are assigned credit scores in the form of a credit report number which can range anywhere from 300 to 850.
Businesses also are assigned credit ratings. The numbers are assigned to business range on a scale from 0 to 100 and are a sign of how reputable businesses when it comes to dealing with their creditors.
Anybody who’s dealing with any business has the right to check a business credit rating and you can do so as long as you have the right information.
1. Go online and find a website and the best way to do this is go to a good search engine and type in business credit rating and you will get some websites to provide you with the business rating of the business that you are interested in doing business with.
2. But on some of these sites you can even search for a business and select one from a list if you’re not who you want to do business with.
3. The cost of the service depends on how extensive you want to report to be.
4. If you’re going to extend a business credit ask for their FIN or EIN number which is helpful when you want to check the business credit rating. If a business owner does not want to give you the proper information you need in order to check their business credit rating that is probably not a business that you want to extend credit to.
5. Many businesses especially in the construction area can have a bad reputation for playing their vendors and suppliers. It makes good sense to check their credit rating and the business rating before extending them credit. Even then do not allow them to run up a bill that is so huge that is hurting your business.
6. I personally know of businesses that have gone out of business because the contractors who owed them money didn’t pay them.
7. Make sure that the business you are extending credit to have a credit rating of 75 or higher. If the credit rating is lower than 75 make them put up collateral in order to receive credit from you, just to protect yourself.
Jimmy says businesses are just like people. Some pay their bills and some don’t. Don’t get caught doing business with a business that does not pay their bills.
Whoa Jimmy?
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Business credit report is very important when you extend credit to a business and if you have any suggestions in this area please share with our readers in the comments.
Tags: credit report
Posted in Credit Services | Comments (3)
February 18th, 2010 at 11:51 am
[...] business credit report 7 easy steps to keep from loosing money [...]
March 11th, 2010 at 6:51 pm
[...] business credit report 7 easy steps to keep from loosing money [...]
March 12th, 2010 at 6:02 pm
[...] business credit report 7 easy steps to keep from loosing money [...]