{"id":3257,"date":"2018-10-21T17:42:37","date_gmt":"2018-10-21T14:42:37","guid":{"rendered":"https:\/\/www.lending-express.com\/blog\/?p=3257"},"modified":"2019-02-06T11:37:13","modified_gmt":"2019-02-06T09:37:13","slug":"5-benefits-of-monitoring-your-business-credit-score","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/5-benefits-of-monitoring-your-business-credit-score\/","title":{"rendered":"5 Benefits of Monitoring Your Business Credit Score"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Resolving and improving your business credit is a common goal of many businesses, after all, the bigger goal is to succeed and generate revenue and for this, some funding is needed &#8211; so the adage goes, \u2018you need money to make money\u2019. But to get your hands on decent financing you\u2019ll need to prove yourself a worthy business to lend to, and that\u2019s where increasing your business credit becomes a mighty weapon. <\/span><\/p>\n<p><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Here we\u2019ll go over how to check your business credit score, something very useful especially seeing as around 72% of businesses in a <\/span><a href=\"https:\/\/www.nav.com\/resource\/small-business-credit-statistics\/\"><span style=\"font-weight: 400;\">survey <\/span><\/a><span style=\"font-weight: 400;\">found that they didn\u2019t know how to find information on their business credit score and a whopping 45% didn\u2019t even know they had one! We\u2019ll then get to the juicy bits and help you to understand the five ultimate benefits of business credit and business credit monitoring\u2026. <\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">How to check business credit<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">First off, you need to know how to check business credit. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">If you haven\u2019t already, you\u2019ll need to register your small business\u2019 <\/span><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/apply-for-an-employer-identification-number-ein-online\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Employer Identification Number (EIN)<\/span><\/a><span style=\"font-weight: 400;\"> with Equifax, Experian, or Dun &amp; Bradstreet (a business data and analytics company). It\u2019s totally free and you can easily apply online, by fax or by mail. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Your (EIN) is a nine-digit number that identifies your small business when you file taxes, open bank accounts, get loans and various other business activities. It\u2019s used in a similar way to your SSN for your personal credit, allowing the credit reporting bureaus and Internal Revenue Service (IRS) to get your score. <\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Equifax and Experian will handily generate a business credit report automatically but Dun &amp; Bradstreet sometimes requires you to file for a unique Data Universal Numbering System (DUNS) number in order to get ahold of it (which is free). <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>Review:<\/b><span style=\"font-weight: 400;\"> Now you\u2019ve registered, you\u2019ll be able to get your business credit score and business credit report from one of the three credit bureaus. Make sure you also know <\/span><a href=\"https:\/\/www.become.co\/blog\/how-often-you-should-check-your-credit-score\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">how often you should check your credit score<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">Why you should monitor your business credit score:<\/span><\/h2>\n<p><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">When it comes to your financial life, your credit score is vital. Just as a passport allows you the ability to cross international borders dependent on the country it originates from and where you\u2019ve been, your credit score will act similarly. It\u2019s your ticket if you like, to gaining financial aid depending on where it\u2019s been. The two will follow you throughout your life, recording your whereabouts and the situations you\u2019ve been in, for better or for worse. <\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Many believe that their credit score only really matters when it comes to gaining approval for a credit card or a loan, but there\u2019s much more to it than that. Here, we\u2019ll take you through some top benefits<\/span><span style=\"font-weight: 400;\"> of business credit monitoring (psst. we\u2019ve saved the most important points till last).<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-3262 size-large\" title=\"business credit score\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/10\/iStock-982062078-1024x682.jpg\" alt=\"\" width=\"640\" height=\"426\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/10\/iStock-982062078.jpg 1024w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/10\/iStock-982062078-300x200.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/10\/iStock-982062078-768x512.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2018\/10\/iStock-982062078-405x270.jpg 405w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">1. More time for disputes<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Credit bureaus aren\u2019t perfect, they sometimes make mistakes. When checking through your credit report, be sure to keep your eyes peeled for incorrect information. You\u2019d be surprised at the astounding numbers of errors that can be found, making you look even more risky to potential lenders. Statistics show that more than <\/span><a href=\"https:\/\/www.cnbc.com\/2017\/09\/27\/the-real-problem-with-credit-reports-is-the-astounding-number-of-errors-equifax-commentary.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">one in five consumers have an error<\/span><\/a><span style=\"font-weight: 400;\"> floating around somewhere in their credit report that can impact their overall score and wreak havoc if not nipped in the bud. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">If you keep watch of your credit, you can file for a dispute with the credit bureau to get those mistakes wiped off your report &#8211; you don\u2019t want to be filing for a dispute when you need to apply for funding, these things take time, so it\u2019s best to catch them early. <\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">2. Catch identity theft<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Identity theft is very real and can easily ruin your credit report. By regularly monitoring your business credit, you\u2019ll become more aware if someone attempts to steal your identity or has tried to use your information to open credit.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">3. Protect your business\u2019s identity<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Your business credit is out there for the world to see. Out-dated or even false information can greatly affect your score and image and give the wrong impression. All of this could ultimately lead to decisions that negatively impact your business and reputation. The best way to avoid this ugly scenario is to make sure that you continue to keep track of your report, identify mistakes and correct them immediately. \u00a0<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">4. Know your score when applying for finance<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">When you apply for financing, you\u2019ll need to know your score so that you know exactly where you stand so that you know what kind of rates to expect when moving forwards. When knowing your business credit, you\u2019ll know better when to apply for financing. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><a href=\"https:\/\/www.become.co\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Become <\/span><\/a><span style=\"font-weight: 400;\">can\u2019t help you monitor your credit, but it can give you plenty of advice on its unique dashboard to give advice on how to improve your credit. Each business owner will receive a personal profile and dashboard when applying for an <\/span><a href=\"https:\/\/www.become.co\/unsecured-business-loans\/\"><span style=\"font-weight: 400;\">unsecured business loan<\/span><\/a><span style=\"font-weight: 400;\">. Become will help match you with the best financing option for your business and help to increase your score to get you even better options the next time around. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Which brings us nicely onto&#8230;<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">5. Build up your business credit score<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The very first step in building up your business credit score and improving it is becoming aware of the factors that drive it. This is something you can find out when applying for funding with Become. Even if you don\u2019t qualify, you will be able to learn how to improve it. <\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">By better managing these factors you\u2019ll be able to positively affect your credit score and open up more funding opportunities and of course, allowing your business to grow. <\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h6><b><i>Discl<\/i><\/b><b><i>aimer: The information contained in this article is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The author accepts no responsibility for any consequences whatsoever arising from the use of such information.<\/i><\/b><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Resolving and improving your business credit is a common goal of many businesses, after all, the bigger goal is to succeed and generate revenue and for this, some funding is needed &#8211; so the adage goes, \u2018you need money to make money\u2019. But to get your hands on decent financing you\u2019ll need to prove yourself [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3264,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,114,1,12],"tags":[],"class_list":["post-3257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aus-resources","category-small-business-wisdom","category-uncategorized","category-us-resources"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5 Benefits of Monitoring Your Business Credit Score - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/5-benefits-of-monitoring-your-business-credit-score\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Benefits of Monitoring Your Business Credit Score - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"Resolving and improving your business credit is a common goal of many businesses, after all, the bigger goal is to succeed and generate revenue and for this, some funding is needed &#8211; so the adage goes, \u2018you need money to make money\u2019. 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