What to Look for In a Business Credit Repair / Building Company
They’re called business credit restoration “specialists” or “experts” for a reason and you should turn to them before trying to solve your credit issues solo. Many business owners only turn to business credit repair services when they have become desperate for a solution; maybe they were denied a business loan, their revolving credit limit was decreased, they were denied a government bid, or are having trouble landing that appointment with a major account. Whatever it is, many companies seek out help after the damage is already done and they are now being faced with the repercussions.
The process usually works like this: you’ll be asked to provide copies of your reports, there will be an initial consultation, where every detail of the business credit reports will be analyzed; information about their method, strategy, and timeline will be provided during this conversation. You should be set up with an account manager who will be your direct contact person – any company you work with should be transparent in nature, honest, and communicate with your team.
5 Tips for Hiring a Business Credit Repair Company
- Do your homework. Look for a credit repair company that has a team of FICO Certified Professional credit negotiators who specialize in both personal and business credit repair, building, and monitoring, they have an in-depth understanding of the business credit reporting agencies.
- Ask about the process and their fees. Transparency is key for any business relationship, but especially when dealing with the sensitive nature of credit repair. Any good company will be upfront about their fees and any costs associated with the process. They should be able to explain the entire process with you so that you know what to expect before investing time or money.
- Be wary of big promises. Credit repair is not the type of service where guarantees should be handed out. The business credit expert should be able to provide you with an estimated timeline for completion but should never make promises or be pushy in their approach. Never trust a business credit repair firm or bureau that claims ONLY they can fix your business credit.
- Make sure they do their homework. Business credit profiles are complex and unique to the company. You want the firm that you hire to dig deep into your credit reports and provide knowledgeable feedback before taking on the account.
- Watch out for impersonators: Business and personal credit are completely different breeds. Make sure you work with a company who has extended experience in fixing business credit. There are some personal credit repair companies who will take on clients thinking that they can repair business credit with the same techniques as personal credit repair. This is entirely untrue and can cause more damage than good to your credit.
We use intelligence, laws, experience, and a hands-on approach to repair, build, manage, or monitor all three profiles. Each business credit report consists of a variety of scores and indexes that only the most seasoned professionals know how to fix, change, correct, and delete. If you do not have copies of your business credit profiles, we can purchase them for you.
Even if your business credit is not affecting you today, that does not mean it should be pushed off until tomorrow. Most businesses have a plan for eventual expansion and will need a strong and established business credit profile on their side to gain access to loans, leases, lines of credit, new partnerships/accounts, and government bids. Pushing your business credit down on your ‘to-do list’ is only going to further frustration when it comes time for growth.
Each business credit reports includes scores and indexes that are used to assess and predict a business’s financial standing and payment habits.
North Shore Advisory has 30 years of experience working to fix, correct, as well as monitor business credit profiles from all three of the major credit bureaus. Learn more about our credit repair program!