How to Review Your Business Credit Report?​

How to Review Your Business Credit Report?

What is Business Credit Report A business credit report contains information about your company’s business structure, its financial performance, and financial history. A slight change in your CIR can impact your company credit score positively or negatively.

Below are the main components that need attention while reading your business credit report.

How to Read Your Business Credit Report Your business information Check payment history and public records Anticipate suspected fraud

Your Business Information The report lists your company’s name, address, contact details, and information concerning annual sales, industry codes like SIC or NAICS, your company’s subsidiaries, etc. It also contains your financial information concerning financial performance and credit history. If you see any errors or discrepancies in your report, you can lay your concerns with a credit information bureau such as CreditQ.

Check Payment History and Public Records You must read your payment history thoroughly. You must check if your account information is correct, alongside paying attention to tax liens, vendor payments, existing dues, etc. If you’ve delayed payment, your business credit report will reflect it, and your lenders and suppliers may leave a negative review about your business.

Anticipate Suspected Fraud To enjoy borrowing power, you must direct your business on the right path. While reading your report, if you find a mismatch in financial figures, you can report it to the credit information bureaus. If you think you’ve been trapped in a suspected fraud, you can report business credit defaulters on the CreditQ platform. The specialists then begin procedure of settling payment with your business credit defaulters.

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