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Build Your Business Muscles PROTECT YOUR COMPANY’S CREDIT SCORE
Building a business can require long hours growing sales, putting out fires, and driving ideas to fruition. Checking your business credit score might not be the first thing that comes to mind, but it can make a difference in your ability to achieve those other goals. A low credit score will inflate your borrowing costs and make attracting strong business partners and vendors harder. To establish business credit, register for a Dun & Bradstreet Data University Numbering System or D-U-N-S number. Your payment history, the age of your business credit accounts, the size of your debt, and trade credit extended by suppliers all affect your score. To put your best foot forward, check your score frequently with Dun & Bradstreet, Equifax, and Experian. Ensure your business and financial information, revenue figures, and industry classification are accurate. Mixups happen more easily with business credit scores than personal ones because identifying information is indexed only to your business name and address. If your DBA is similar to another company’s, your business might be confused with theirs. Also, pay your bills on time or, preferably, before they are due. The clock runs faster on business credit than on personal loans. While consumer debt typically isn’t treated as late until 30 days after
invoicing, business debt payments are considered “late” if only one day overdue.
Your payment history determines Dun & Bradstreet’s Paydex score
and is vendors' primary information source. If you pay your bills on their due date, you will earn a Paydex score of 80 on a scale of 100. To get closer to 100, you must pay before the due date!
Also, segregate your business and personal borrowing as much as possible. When starting a business, maxing out a personal credit card is a common but ill-advised strategy. Businesses typically use far more credit than consumers and can access far more credit. Following these basic rules can help you demonstrate your trustworthiness to prospective business partners and lenders, increasing your financial flexibility and opening up new opportunities!
WHAT OUR CLIENTS ARE SAYING "We chose Case and his team to take on a case for my mother involving elder abuse and neglect. We couldn't be more pleased with his service. They were very diligent in pursuing a resolution to the
case. The settlement was much more than we had ever expected. I just want to say thank you to Case and his whole team for a fantastic job!" -Carl G.
This publication is intended to educate the general public about personal injury and elder abuse. It is not intended to be legal advice. Every case is different.
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