Tillful.com Reveals Why You Should Obtain Your Business Credit Report

A business's credit score is a measure of a business's creditworthiness, financial standing and risk level. Each company credit report considers elements such as timely bill payments, and the amount of credit and debt available. Here's a list of reasons why you should obtain your business credit report online.

Fast Loan Approval

Businesses often need to take out loans to help with building capital or in times of monetary loss. In many cases, time is money. By staying on top of your business credit report the more likely you are to get approved for the money you need quickly.

Attracting Business Investors

Businesses grow with the help of loans and profit, but also with the help of partners and investors. A good company credit report shows potential investors that you are someone worth investing in and that your business has high potential for growth and profitability.

Additionally, partners will want to work with someone with a strong history of credit, since this means it?ll be easier to get more capital and grow even more in the future.

Extra time for disputes

Statistics reveal that over 1 in 5 individuals have a mistake in their credit report that could affect their score. By monitoring your credit, you can dispute any anomalies with the credit bureau and have them removed from your report. The last thing you want is to file for a dispute when you should be applying for business funding. Remember, these things are time-consuming, so you should catch them early.

Know Where You Stand Financially

Before applying for credit with a supplier, a mortgage on an office building or a lease on a company car, you should know where you stand financially. While financing is a great way to grow a business, or cover pricey upfront costs, these things should also fit into your company?s long-term budget, regardless of your credit score. The last thing you want is to get trapped under a pile of past-due payments because you were in the dark about your financial situation.

Recognize Identity Theft Early

Similar to errors in your credit report, identity theft could destroy your credit profile. Setting alerts or simply checking your report frequently will help you become more aware of any attempts to steal your identity or use your details to open a line of credit.

By actively monitoring your credit, you can prevent a security breach from becoming something much more damaging. If you resolve to work on your credit profile, business credit monitoring is vital. These days it is as simple as setting up security alerts and getting notifications of possible breaches directly to your phone or email.

Conclusion

If you intend to grow a lucrative business, you'll need a creditworthy business report. By monitoring and improving your credit you will show potential lenders, investors and partners and even your customers that you are a trustworthy company to do business with. This will directly relate to your business?s growth and success in the future.

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