How to repair Business credit. There are three main credit reporting
bureaus, Dun and Bradstreet, D&B, Experian and Equifax. FICO SBSS is also vital.
There are four main business credit scores. Dun and Bradstreet Paydex score
runs from zero to one hundred eighty or better is good with Experian's Intelliscore runs from
zero to one hundred seventy-six or better is good. The Equifax credit risk score also runs from
zero to one hundred ninety or better is good. And there's also the FICO SBSS that is the
FICO Small Business Scoring Service. A big part of repairing your business
credit means disputing errors, all of the business credit reporting agencies want
their reports to be right. So they welcome your disputes. They have
differing means of disputing be sure to check disputes nearly always mean
receipts and other proof and crystal clear communications even
clearer than you may think you need to be. Let's take a look at FICO's business
credit scores. FICO SBSS score is a measure of a small
businesses creditworthiness and is becoming very popular with
lenders. It is widely used by SBA to qualify business loans and is based on
both personal and business credit history, not just business, as main
business scores do now. Let's check out FICO data combinations.
Creditors can refine the scoring by weighing different factors. This is a
highly intelligent score as it automatically goes from one business
bureau to another. In the order or priority, the credit issuer chooses to
generate a score. So if a lender prefers Paydex as the default, the SBSS pulls
that data set. If there isn't enough data to generate a score, it then
automatically checks another business score like the Experian Inteliscore.
Or it can even move on to the Equifax commercial data.
Here's what to do if you need to dispute FICO, get your FICO SBSS score through
NAV at app.nav.com/registration?prompt=true.
Because the score comes from the other scores your recourse for disputing
it is to dispute your company scores with Experian, Paydex and Equifax. Given
that the FICO SBSS score is also based on your personal credit history, you should
also investigate and perhaps dispute your TransUnion scores that
dispute.transunion.com/dp/dispute/landingpage.jsp?Place_CTA=dispute;cta.
Since your Experian score is also based on your personal credit history.
Looking into your TransUnion report could help you there too.
Repair your business credit and go beyond disputes. Paying on time and in
full will raise your business credit scores more than anything else. Paying
early is even more helpful. Also, don't apply for too much credit at a time as
too many inquiries will lower your scores. Instead, use a business credit
builder service. Keep track of your credit.
Don't let problems slide. And don't forget to monitor your
business credit catch problems before they worsen. Know what is happening with
your credit. Make certain it is being reported and take care of any mistakes
as soon as possible. Get in the habit of checking credit reports. Dig into the
specifics and not just the scores. We can help you monitor Business credit at
Experian and D&B for only $24 a month. See creditsuite.com/monitoring.
Let's recap all three of the big
business CRA's welcome your disputes. They want their reports to be right.
Each CRA has its own scoring system and its own way of handling disputes. Raise
your scores by paying on time and keep inquiries low and monitor your business
credit to nip problems in the bud. Contact us today to learn more about how
to repair Business credit.