Should you be doing an Experian business credit check for your company? Well in this training
we're going to talk about what lenders and credit issuers are doing with Experian business credit
checks that you should know about. We're going to talk about how they're using Experian business
credit checks to determine if you should be approved or denied financing, we're going to
talk about how this Experian business credit checks are being used to determine what kind of
interest rate you should actually pay. And we're going to talk about how lenders or credit issuers
are using experian business credit checks to determine how much money you should actually be
issued in that credit card loan or actual credit line. We're going to talk about things you need to
do to improve your business credit with Experian. How Experian business credit scores work and
how to get the best score to get the most money, and I'm going to give you some of my best tips and
tactics along the way to help you quickly and easily build your business credit, with Experian
to be able to get the most money at the best terms we've got a lot to cover, so let's dive in.
Experian is by far one of the most important credit reporting agencies when it comes to
businesses, now you're obviously familiar with them in the consumer world as well TransUnion,
Equifax, Experian are the biggest players in the consumer credit space, but in the commercial credit
space Dun & Bradstreet, Equifax, and Experian are the 3 biggest. Now D&B is by far the biggest
credit reporting agency they have like over 220 million business records on file. Experian comes
in as the second biggest business credit reporting agency with about 20 million plus records on file
and Equifax is also popularly used in a lot of cases with banks when it comes to qualifying
for loans. But if it's credit lines you want if it's credit cards if it's revolving credit, well
Experian is the main one used for that purpose. So you need to know about how to do Experian
business credit checks on your company, how others are doing it as well because lenders and
credit issuers are using these Experian business credit checks to determine if you should be
approved for credit or financing, how much money you should get and the rates and terms you're
actually going to pay. So if you're doing an Experian business credit check on your company, one of the
first things you're going to see on your Experian business credit reports is a handful of credit scores.
Now the main credit scores that Experian uses include Intelliscore, and Intelliscore is the main
score the credit issuers and lenders are really looking at to determine if you should be approved
and how much you should be approved for. So Intelliscore basically looks at all the payment history
that's supplied to Experian, and it gives you a score from zero to a hundred with a hundred being the
best score now you want to have a 90 score or higher for the best score with Experian, but an 80
score or higher really reflects that you're paying your bills on average on time. Now Intelliscore about
85% comprised of your payment history, how you pay your bills. The other 15% has to do with things
like the number of employees you have the industry that you're in utilization amongst other things
like collections. So the main thing you need to do to control all your business credit scores is get
as many accounts as you can reporting to Experian and pay those as agreed. If you did that one thing
then you're going to have a good Intelliscore, now the other main score that you're going to see on
an Experian business credit report is called the financial stability risk score, and this score
literally is used to depict your likelihood of ceasing operations, going out of business
going bankrupt, closing your doors over the next 12 months. So this also takes into account your
payment history but it also looks at things like the industry that you're in the number
of employees you have and any financial data they have. It actually helps you if you have good
tax returns to supply those to Experian, Equifax and D&B that actually helps some of your scores
like this financial stability score. Now another score that you may see on your Experian report
is a blended score a blending of your commercial and consumer credit score, not very popular but
you will sometimes see that come up there's also a delinquency predictor score which is very similar
to Intelliscore but it takes into account other things like again deeper look into the industry
you're in, a deeper look into your financial data. So when we look at Intelliscore, and Intelliscore
kind of is has to do with what you've done in the past we call this a performance score. How
have you performed in the past with information that Experian has about you, when we look at the
delinquency predictor is what we call a predictive score, so it takes into account what you've done in
the past and other factors like collections that you have utilization financial data employees to
determine what might happen in the future. And then they also like the other reporting agencies
have a supplier score that's used to basically rate suppliers as well. So it's one of the main things
you're going to notice on an Experian business credit check is your credit scores and now you
know how those work and how to control it. Now the other thing outside your scores you're going to
notice on an Experian business credit check is the basic information about your business, it's
very important because credit issuers and lenders are oftentimes pulling Experian business credit
reports, and comparing your application data against what's on these credit reports just
to try to determine if the application they're seeing is legitimate or fraudulent, keep in mind
8 or 9 out of 10 applications that a bank receives are fraudulent they're fake applications.
So one of the first things that happens is lenders and credit issuers pull up your Experian
credit report they pull up your application and they just make sure the data on there is congruent.
So you want to make sure your business name your address your business phone number is all
accurate. You want to make sure that the NAICS code or your industry code on those commercial
credit reports is accurate as well. Look if your address is wrong that will oftentimes happen is
Experian will create a secondary credit profile for you, they'll think it's a whole new business so
making sure that your name and address is correct is very important as long as amongst this other data
as well those show corporate linkage other businesses you may be associated with they'll have
the owner's information oftentimes on there as well and you'll also, see in the summary section
information about financial data that they may have, including the revenue and profits if you've submitted
your tax returns plus they'll have an overview summary of of how you're managing your bills, are
you paying your bills on time are you late. They call this DBT or Days Beyond Terms and if you're paying
a day 30 days 60 days beyond terms, that will control your scores and be on your commercial
credit reports as well. So those are some of the basic details that lenders and credit issuers are
looking at that you should look at as well when you're doing an Experian business credit check. And
another thing that lenders and credit issuers are looking at when they do an Experian business credit
and probably the most important thing is to determine the likelihood that you're going to repay
them. This is what lenders and credit issuers always care about most. So primarily they're looking
at your overall business credit report to determine, if you should be approved or denied for credit
financing based on the likelihood that you'll repay them. They're looking at those business credit
scores to determine the actual interest rates and terms you should pay, and they're looking at
Experian recommendation of credit to determine how much money you should be issued, yes
Experian, Dun & Bradstreet, Equifax they all have a recommendation of credit on the credit reports
telling lenders and credit issuers how much they think you should actually be issued. So if you want
to get higher credit card approvals higher approvals when it comes to credit lines and loans you really
need to focus on getting that recommendation or credit as high as possible. How do you do that, well
one of the hacks that we found in helping 50,000 business owners through this business credit
building process is to add as many accounts to your Experian business credit reports as possible.
It's harder said than done 97% of trade vendors don't report the credit that they give you
to a business credit reporting agency. Which means 97% of vendors who will issue you credit
don't report that credit to Experian, Equifax. So you need to make sure that you're getting credit
with credit issuers that do report and get as many of the report to Experian as you possibly
can. Obviously, you need to make sure you pay those bills on time or early to give you good scores
the good scores helps you get good rates and by adding more and more and more accounts or what
we call payment experiences that report to Experian that's going to help raise that
recommendation of credit and help you get higher approval. So you need to make sure you're using the
credit you're issued as well. Experian business credit reports have a section in each trade line that
shows the recent amount of credit you're using. So it's not enough that you get approved for a
$10,000 credit line it's it's means more if you're actually using that credit line
to grow your business. The more credit issuers and lenders see that you're using the credit
you're given the higher the future approvals will be, so you want to make sure that you look at your
overall business credit report does it reflect that you're a low risk. Look at those credit
scores make sure the credit scores are as high as possible reflecting that you're a lower risk
as possible that's going to help you get the best terms and make sure you're adding as many
accounts to Experian and paying those as agreed that is going to be a very important factor for
helping you get approved for the high approvals, that you really want to earn. So now you know what
to look for on your Experian business credit reports and what to actually change control or improve to
get the most money in the best terms. How do you get your Experian business credit reports. Well
first of all you can go to experian.com directly if you go to Experian they have a section of the
website for business scores, you can easily sign up for business credit monitoring it can cost you as
much though as $50 to even $200 for your credit report. So if you want the cheapest way then
you can go to creditsuite.com/monitoring and get your business credit reports
for only $24 with D&B, Equifax, and Experian 250 bucks for the credit bureaus, but you can get it
for only 24 bucks at creditsuite.com/monitoring you can also get them for free if you
actually, get with us for a free business credit consultation. On a consultation call with us we'll
do a fundability assessment to figure out what you need to fix with fundability and make yourself
more lendable, we'll also get your business credit reports with D&B, Equifax, Experian for
free no cost to you, go over those with you and give you tips and tactics to build and improve
your business credit. And we'll do a funding assessment we'll tell you all the loans and
credit lines you can qualify for right now there's three ways to get that consultation you can get it
by calling us at 877-600-2487 that's 877-600-2487 you can email us info@creditsuite.com or you
can schedule online at creditsuite.com/consult that's creditsuite.com/consult.
So get with us today to get your D&B, Equifax, Experian business reports at no cost
and if you got value from this training make sure you like and subscribe and keep your eye out on
our next training where we talk about more cool ways, to get money to start and grow your business.