When a lender wants to know more about your ability to pay back loans on time, they’ll tap your personal credit score. However, what about when a lender wants to know more about a business’s ability to pay back loans on time? A business credit report can help you learn more about a business’s ability to manage credit.
There are many reasons you might want to learn more about the reliability of a business’s lending and payment history. If you’re interested in this information, you may need to gather a business credit report. If you’re interested in a business credit report, however, you need to make sure you know what a business credit report is and how to use one.
Essentially, a business credit report is the same as a personal credit report, just for a business. When a bank pulls up your credit report to decide whether or not to give you a mortgage, they’re able to look at your lending history and your payment reliability, as well as a credit score that gives them an idea of your overall payment abilities. The same can happen with a business, and it’s called a business credit report.
When you have a business credit report in front of you, there are a few important things to pay attention to. It can be a bit different from a personal credit report, but you’ll still see many of the same elements:
One thing to notice is that while a personal credit score can range from 300-850, a business credit score ranges from 0-100. You may need to talk to your company’s attorney to learn what credit score you should be looking for with your specific situation.
A business credit report can be immensely helpful in many different situations, some of which you may not have thought about yourself. Here are a few types of businesses that might end up using a business credit report to help them with their overall business:
These are all vastly different uses for a business credit report, but it’s not even the complete range of options that a business credit report can provide you with. If you see a possible use for a business credit report in your own business, you should look into options for using them.
Enformion allows you to gather all sorts of information on a business. Along with a business credit report, you can use Enformion to do deep diving on many of the elements of a business, like its assets and other important information. If you’re looking to learn more about a business, no matter what type of information you want, Enformion is a great place to start.