Business loan declined? Your business credit might be in need of repair.
If your business credit loan was denied, there are a few steps you can take to repair your business credit. If you are in a rush to restore your business credit, the best thing you can do is hire a business credit repair expert. Business loan rejection can be discouraging, but professional business credit experts can help. They can quickly obtain and review your business credit history to identify the necessary steps you can take to work to fix your business credit score.
If you have the time and want to repair your business credit on your own, follow these 5 steps to get started.
Begin with These 5 Steps to Repair Your Business Credit
Review your credit history
Get a copy of your business credit reports from Dun & Bradstreet, Experian, and Equifax.
Identify Each Creditor in the Reports
The credit bureaus do not identify the name of each creditor and only provide general information, like dates and balances. But you can use your accounting records to match up the business payment history with your vendors and compare it to the information provided in the business credit report and identify each creditor/vendor listed.
Look for Negative Remarks Made Against Your Business Credit
Negative information on a business credit report are comments that show delinquent account, slow pay, account in collections, etc. Verify if any negative remarks are accurate or if there is an error in the reported information from your vendor(s).
Fix Your Business Credit History
If your business credit report shows open balances or charges, pay any open balances and/or settle and pay the collections/charges. If you feel there is an error, call the vendor or creditor to get verification on the balances that appear, as well as the basis for any negative remarks. Whether there was a reporting error or your business missed making some payments, repair your business credit by getting accurate details on the reported negative credit history.
Keep Your Business Credit in Good Standing
Moving forward, make sure to pay all bills on time. Regularly monitor your business credit to avoid any setbacks in the future.
Ultimately, if you are looking to repair your business credit, it is best for you to reach out to a professional business credit repair company. These business credit specialists will have the best knowledge on what are the fastest actions that will positively affect your business credit.
If you need help with your business credit, whether for a new or established business, North Shore Advisory’s credit repair experts are here to help! Tracy Becker, founder and president of North Shore Advisory. North Shore specializes in business credit repair, building business credit as well as business credit monitoring.