Your business credit report needs to be as accurate as possible, it should reflect how strong, viable and competitive the company is. But, the unregulated nature of business credit reporting means that no matter how diligent you are about timely payments, negative information can still appear. These leave business owners with the responsibility of finding and fixing business credit errors. Finding where the errors are on your business credit can take a bit of detective work.
Fast guide to finding and fixing business credit errors:
- Start with the basics: Look on each report to see if your company information is accurate. The bureaus pull most of their information from public records and creditors, since there are no laws forcing them report correct information, the data is might be wrong or outdated.
- Review what accounts are reporting: If scores are established, try and identify what creditors are reporting. With business credit, the bureaus are not required to disclose the creditors name. Usually vendors are identified by codes on credit reports – this means more detective work.
- Don’t overlook small errors: Your company credit scores are tabulated using creditor data, industry statistics, and public record information. Make sure all the reporting data is consistent – sometimes EIN’s have a wrong digit or companies with a similar name get mixed up with yours. There are so many small factors that can mean major disaster to your credit!
Reviewing your business credit profiles is daunting, they pale in comparison to personal credit reports. Dun & Bradstreet alone has 7 different scores/indexes on each report and that is just ONE bureau. Depending what industry, you work in there may be up to 9 credit bureaus that you need to worry about. It’s easy to say that you can fix your own business credit, but when faced with the reality, it is no wonder why so many business owners seek help from credit experts.