| If you run a small business there are 1000 things | | | | credit report is accurate and up-to-date. |
| to take care of everyday. While you focus on | | | | Inaccurate and outdated information may create |
| generating income, keeping expenses down, | | | | exactly the wrong impression about your |
| managing your employees, and getting that | | | | business. And it does not have to. |
| marketing plan in shape, thinking about your | | | | 3. Sign up for a monitoring program that alerts |
| business credit rating may get pushed to the back | | | | you when a change has been made to your |
| burner. | | | | credit report. Unexpected changes could mean a |
| Ignoring your business' credit score could turn out | | | | fraudulent use of your business credit information. |
| to be a fatal mistake. You work hard to maintain | | | | Alerts also include notifications on inquiries gained |
| a good image to your customers. You should be | | | | and new trade lines. You can also protect your |
| just as concerned about how your credit report | | | | business from nonpaying customers, partners and |
| looks to potential lenders and business partners | | | | suppliers by checking their business credit report |
| because that is what they are going to look at | | | | before you do business with them. |
| first. The public does not have access to your | | | | 4. Separate your personal and business credit |
| personal credit score unless you give somebody | | | | lines. When you started out in business personal |
| permission to see it by applying for a loan or | | | | guarantees and using your personal credit were |
| other form of credit. Your business credit score is | | | | unavoidable but as you grow larger you can |
| a different story, however. There may be a | | | | establish purely business credit lines. If you are big |
| potential business partner out there right now, or | | | | enough to do that now then that should be |
| even a potential buyer for your business, looking | | | | priority number one. This separation can work |
| at your business credit report and score and | | | | both ways. If the business runs into trouble you |
| making a decision about what they will do next | | | | do not want it adversely affecting your personal |
| based on what they see. | | | | credit score, and vice versa, you do not want |
| You can learn how to manage your commercial | | | | personal credit issues affecting the ability of your |
| credit and integrate that activity into your daily | | | | business to buy inventory and supplies on good |
| routine. Here are some tips to get you started. | | | | credit terms. |
| 1. You must know what is in your business credit | | | | 5. Your business credit report is part of the image |
| report at all times. You must also understand how | | | | and reputation of your business. You will help your |
| to read it. Your report will be used by others to | | | | business grow by taking an active role in |
| make important decisions about your company, | | | | managing your credit report and score. Ask your |
| like how much money a lender would loan you, | | | | lenders, suppliers, and creditors if they are |
| how much credit suppliers will extend to you and | | | | reporting your good payment history to the credit |
| what interest rates they may charge. | | | | bureaus. You should also get points for doing |
| 2. Make sure that the business information in your | | | | things right. |