What You Need to Know About Business Credit Repair Services
In today’s world credit is increasingly important, if not vital, to financial freedom and success. Having poor credit scores and negative information on credit profiles, will limit the number of lenders, creditors, and companies who will work with you. Most business owners will lean on personal liability or high-interest financing during the first few years of operations, under the assumption that as the business grows so will their company’s creditworthiness. That financial destination can be difficult to reach if you need business credit repair services.
The first step in business credit repair is admitting that you need help. We speak with business owners all the time who pushed their business credit to the sidelines for years. If you are considering taking the leap investing in business credit repair, find an experienced company who understands the laws and regulations behind business credit reporting.
Three steps in business credit repair services:
- Retain a detailed copy of each credit profile: The credit repair company will ask for all three business credit reports and scores. You will need a copy of the Dun & Bradstreet, Experian, and Equifax reports. If the company does not ask for your reports, you should view that as a red flag – the credit repair industry is saturated with business credit repair scams.
- A full analysis of each profile: The business credit bureaus report financial data independently. Since they do not share information and lenders can pull from any bureau, it’s vital to provide each profile for the analysis.
- A complimentary consultation: This is where the credit repair company will review every detail of the profiles with you, explain where the damage is, what they can do to repair the profiles, and offer an approximate timeline for restoration. If hired following the consultation, the firm will diligently start repairing, rebuilding, and re-establishing your credit.
Poor business credit regulatory standards combined with the differences in reporting practices between consumer and business credit can lead to confusion and frustration. Seeking outside help and investing in business credit repair services is intended to improve credit score indexes, ratings, and minimize the amount of stress on the business owner.