Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Business Credit Reports and other Credit Report topics.
Trying to build a successful business is contingent upon a number of things. One of those happens to be your business credit report. Creditors and vendors want to make sure that if they extend a line of credit or supplies to you that it is a solid investment. They want to get their money back.
By keeping track of your business credit score and report you know exactly what prospective lenders and business partners will see about you and the company. Success is not about making money right off the bat and nothing else. You have to build toward that. And the way you do it is by establishing a strong business credit history and showing that you present little or no risk to anyone who requests a copy of your credit report.
The report could determine how much credit a lender is willing to extend you and what your interest rates will be. These factors will in turn dictate how profitable your business can be under the terms lenders are comfortable working with you under.
At the very least, you should request your business's annual credit report and keep the reports on record so you can see year-to-year growth.