To begin, check your business (and personal) credit. Unlike with personal credit reports, there isn’t a legal requirement for the bureaus to give you free access to your business credit reports. All three of the major business credit bureaus — Dun & Bradstreet, Equifax and Experian — will give you a full copy of your business credit report for a fee, and you can get free access to your Experian and Dun & Bradstreet reports through Nav, a company that helps business owners build and manage their credit.
Similar to consumer credit scores, competing agencies create and sell different business credit scores. FICO®, Dun & Bradstreet®, Experian® and Equifax® all generate their own business credit scores. Some lenders and vendors may also turn to specialty business credit reports when evaluating your business.
Business credit scores range from 0 to 100. Most small business lenders like to see a business credit score above 75, but local lenders may consider lower scores for small businesses or startups.
Facebook Story: Business credit scores range from 0 to 100. Most small business lenders like to see a business credit score above 75, but local lenders may consider lower scores for small businesses or startups.
Schedule a consult with the attorneys at Main Street Law for additional guidance.