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Business Credit Report

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.

What Is a Business Credit Report?

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.

How Do I Interpret 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:

  • Lending history
  • Reliability of payments
  • Bankruptcies
  • Liens and holds
  • A business credit score

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.

Who Might Use a Business Credit Report?

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:

  • Lenders looking to extend credit to a business.
  • Conglomerations looking to purchase an existing business.
  • Investors looking to decide whether a business is a good investment.
  • Businesses seeing what other companies will learn from their business credit report.
  • Investigators looking for incongruencies with the official business credit report and self-reports.

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.

What Can Enformion Do to Help Me With a Business Credit Report?

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.