Having a good business credit score is one of the most essential aspects to building a successful business. Keeping on top of your business credit score can improve your chances of getting trade credit and financing.Get your free Tillful score
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A company’s credit score can determine whether it can get financing—including bank loans, cash advances, lines of credit, and credit cards—to enable vital business activities such as payroll, equipment upgrades, and business expansion.
Business owners who check their company’s credit score details regularly are more likely to have a better understanding of their business’s finances. Tillful’s free business credit score gives you an overview of the factors affecting your company’s credit options and overall financial stability. If you’re a small business owner, you understand the need for funding options when it comes to lenders. Our free business credit app not only allows you to check company credit score details in real-time but also matches you with credit options best suited to your business’ needs. Our wide selection of lending partners is tailored to the details of your business credit check, giving you ample opportunity to connect with potential funders who are rooting for your growth.
Business credit scores range from zero to 100, with most lenders requiring a minimum business credit score of 75. The Small Business Administration (SBA), potential lenders, and your suppliers rely heavily on your business credit score when extending lines of credit and determining payment terms. Having a strong and healthy business credit score can help you in obtaining financing and on more favorable terms.
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Your business credit score is a key factor lenders use to determine how likely you are to pay back credit. Business credit scores help:
Your business credit report and score can determine how much financing you are able to secure.
Some insurance providers evaluate a business owner’s credit as well as the business’s credit to determine rates on commercial insurance.
Vendors and suppliers may look at a business’s credit reports or scores to decide how long to give the business before payment is due for goods and services.
Access to credit is directly affected by business credit scores, and three credit reporting agencies — Dun & Bradstreet, Experian, and Equifax — are responsible for most traditional credit reporting.
The Dun & Bradstreet PAYDEX score is a 1-100 rating based on a company’s payment history, with higher ratings going to companies that pay bills early. In addition to PAYDEX, D&B offers multiple other metrics to evaluate a company’s financial health as part of their business credit reports.
Experian’s Intelliscore Plus uses a 1-100 rating derived from the number and status of a company’s commercial accounts as well as how long they’ve had a file in Experian’s database. A financial stability risk rating is included with the credit score in Experian’s basic credit reports.
Different credit scoring models calculate credit scores differently, based on a variety of factors. For example, Experian Intelliscore Plus is calculated using factors such as the following:
If you’re a small company owner in the US, the simple act of finding a way to keep track of your business credit score is an excellent place to start. Here are a few key recommendations to improve your business credit score:
The use of the traditional business credit scores is so commonplace that many people don’t stop to question how effectively they identify a company’s true credit risk. While traditional business credit reports contain valuable information, they suffer from several shortcomings, including:
Incorrect information: Details of some business-to-business transactions, known as trade references, get reported to the credit agencies, but those reports can contain errors that become part of a company’s credit file. traditional business credit scores
Incomplete data: The big credit agencies only receive trade references from a small list of companies, meaning that most B2B activity never gets recorded in their database. For small businesses, the result is often that their documented credit history appears far less robust than it actually is.
Out-of-date information: Fast-moving business environments can quickly render information obsolete, yet credit reports still draw on past data to determine real-time credit risk. The rapid change in the economic climate as a result of COVID-19 demonstrates just how easy it is for old data to fail to apply to present conditions.
The Tillful Business Credit Score is based on real-time transaction data from bank and credit card accounts. We apply our machine learning based credit model to find patterns from cash flow data in order to accurately assess business credit scores. In addition to traditional factors, such as payment history, these cash flow patterns could include:
The use of the traditional business credit scores is so commonplace that many people don’t stop to question how effectively they identify a company’s true credit risk. While traditional business credit reports contain valuable information, they suffer from several shortcomings. Here’s how a Tillful Score can help:
Know what lenders look for: While every lender is a little different, our credit model can help you determine whether you will qualify for a credit product before you apply.
Know what is behind your number: We share the top factors that impact your score. You can focus your efforts where it counts and tape immediate steps to improve your credit profile.
Build strong credit and financial health: With our alternative credit scoring resource, you get unfettered access to your credit score any time, along with email notifications when your score changes.
Sign up to take control of your business’s financial health today.Get Your Free Score