How to Get a Business Credit Report
Understanding consumer credit scores can be quite complex, and if you happen to be a business owner or are aspiring to become one, you'll need to unravel another layer of information. Just as individuals are assigned credit scores based on their personal creditworthiness, businesses also possess a credit score that reflects their overall credit health.
The purpose of business credit scores aligns with that of personal credit scores.
When applying for a business credit card or a small business loan, the financial institution you approach will rely on your business credit score to assess the creditworthiness of your enterprise as well as to determine the interest rate and terms of the loan.
Similar to personal credit scores, higher business credit scores are highly advantageous when it comes to securing the most favorable rates and terms. However, while personal credit scores typically range from 300 to 850, business credit scores typically span from one to 100.
Equifax
Equifax allows you to request a single business credit report through their website, although pricing details can be obtained through customer service inquiries. These reports offer comprehensive information, including a company profile, a credit summary, public records details, Equifax business risk scores, alternate business names, and more.
Note: Please be aware that prices and packages may change over time, so it's advisable to visit the respective websites of these providers for the most up-to-date information.
How to check your business credit score
Exploring your business credit score has become increasingly convenient with the help of various third-party companies offering online access to business credit reports. Each provider allows you to view a version of your business credit score, with some offering multiple packages that provide access to additional credit features and information.
To assess your starting point and work towards building your business credit score, consider the following paid options:
Dun & Bradstreet
Dun & Bradstreet offers a range of services designed to monitor and manage your business credit score. Their top-tier D&B CreditMonitor plan costs $39 per month, while they also provide a CreditSignal Plus plan for $15 per month and a basic CreditSignal plan for free.
These plans enable you to view and track your Dun & Bradstreet business credit scores over time, with added benefits such as dark web monitoring, industry benchmarking, and notifications regarding potentially damaging business events.
Signing up for an account and getting started with Dun & Bradstreet is straightforward thanks to their user-friendly online platform. Overall, this company is ideal for those seeking to monitor changes in their business credit profile and stay updated on their business credit score.
Experian
Experian is another provider that offers the option to view your business credit score or monitor your business credit profile for a fee. For a one-time charge of $39.95, you can access your business credit score and obtain an overview of your business profile. This plan, known as a CreditScore Report, suits individuals who simply wish to view their business credit score without ongoing monitoring.
Alternatively, you can opt for the more comprehensive business credit score monitoring plan, priced at $49.95 per month. This plan includes information on credit inquiries and detailed tradeline data. Experian also offers an annual plan, available for $189 per year, providing unlimited business credit score access, credit alerts, ongoing tracking, and more.
Are there any free options for checking a business's credit score?
Are there any free alternatives for checking a business's credit score?
While some free business credit scoring services exist, it's important to note that these reports often offer limited information. Nevertheless, they can serve as a helpful starting point.
Here are a few options for checking your business credit score without charge:
Dun & Bradstreet CreditSignal:
As mentioned earlier, this complimentary service from Dun & Bradstreet grants you access to your business credit score and sends notifications when your business credit profile is accessed. You can also sign up for free email alerts that inform you of any changes to your credit score. It's worth noting that most of the benefits provided by this free program are available for a period of 14 days, after which they suggest considering one of their paid options.
Nav:
Nav also provides a free option that allows you to access your Dun & Bradstreet, Experian, and Equifax business credit reports and scores. This service offers a summary of your business credit reports, credit-building tools, and even your personal credit score from Experian.
Tillful:
Tillful is a mobile app that offers complimentary monitoring of your business credit score while providing a centralized view of all your business accounts. The app itself is free to use and enables you to monitor your credit, track your expenses, and gain an overall understanding of your financial situation in one convenient location.
Please bear in mind that the availability and features of free services may change over time, so it is advisable to visit the respective platforms for the most up-to-date information.
Which details are required to check your business credit score?
In order to access your business credit score through Nav or the D&B CreditSignal program, you will be asked to provide specific information. This typically includes your business name, ZIP code, and email address.
Additionally, to verify your identity, you will need to provide your home address, date of birth, phone number, and Social Security number.
Moreover, there is a possibility that you may be required to answer security questions based on your loan history, work history, or previous addresses you have resided in.
These questions serve as an added layer of authentication to ensure the security and accuracy of the credit score information being accessed.
Which choice is most suitable for you?
If you simply desire a general understanding of your business credit health, one of the available free options should suffice. However, it's important to keep in mind that the information provided in a free business credit report may not be as comprehensive as what you would receive with a paid business credit monitoring plan.
If your objective is ongoing monitoring of your business credit profile, opting for a monthly paid plan from reputable companies such as Experian or Dun & Bradstreet might be a more appropriate decision.
Regardless of the route you choose, it is crucial to take proactive steps to manage your business credit. While your business credit score may not appear significant at present, having a strong business profile becomes essential when applying for a business credit card, securing a business loan, or establishing relationships with vendors who offer credit terms.
Your best course of action is to obtain an understanding of your business credit score and commence monitoring it early on—before the need for it arises. By doing so, you can stay ahead of any potential issues and make informed decisions to strengthen your business's credit standing.