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 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
mean receipts and other proof and crystal clear communications even
clearer than you may think you need to be. Let's look at Experian Business
credit scoring. Intelliscore is the second most popular score after Paydex.
Their most recent score system is Intelliscore plus. Intelliscore plus
takes into account hundreds of variables to offer a score between zero and one hundred. It
predicts a business's risk of going seriously delinquent or over ninety-one days
late, or having a major financial issue like bankruptcy in the next 12 months.
What goes into Experian Intelliscore plus over 800 aggregates or factors
affect credit scores. Experian first reviews business data segments like
Firmographics, Public Records, collections and trade information. Then
places each business and one of three different models. It offers a blended
owner model with both commercial data and the owner's consumer information.
Since this score includes consumer data, it is one of the only scores someone
needs your permission to pull. 76 to 100 is low risk 11 to 75 is medium risk in
varying degrees, and 1-10 is high risk. What's Experian blended scoring all
about? When trouble hits a business, blended scores drop an average of 30 percent
over the four quarters leading up to the bad event. But consumer scores of an
owner show no statistically significant decline over the same period. The score
evaluates personal information on the owner as it relates to the business
performance. Let's look at an Experian Intelliscore
breakdown. It has five different components historical behavior and age
industry size are each worth for 5 to 10 percent, credit utilization and
derogatory items. Each count for 10 to 15 percent. Payments and balances
are worth 50 to 60 percent. Intelliscore is based on the number of
trade experiences, outstanding balances, payment habits, credit utilization trends
overtime. Public record recency frequency and dollar amount. And
demographics like years on file. SIC codes and business size.
What goes into disputing Experian? Get your companies Experian report at
businesscreditfacts.com/pdp.aspx?pg=SearchForm. You can
dispute in accuracy's on your small businesses Experian report by following
the directions here experian.com/small-business/business-credit-information.jsp.
Or dispute online at experian.com/disputes/main.html.
What goes into disputing Experian by other means? You can e-mail
businessdisputes@experian.com or rfr@experian.com or write to Experian
Commercial Relations RFR PO Box 5001 Costa Mesa, California
92628-5001. And to get the status of your dispute,
call 888-211-0728 and select option 5. Take a
look at an Experian sample beginning with the starting score.
Let's look at more of an Experian sample starting score.
And more of an Experian sample starting score.
And even more of an Experian sample starting score.
Let's look at our Experian sample from six months later.
And here's more of our Experian sample from six months later.
And more of our Experian sample from six months later.
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
inquiry's low and monitor your business credit to nip problems in the bud.
Contact us today to learn more about how to repair Business credit.