5 major reasons to monitor your business credit reports
As a business owner, it’s essential that you take a proactive approach and monitor your business credit profiles on a regular basis. The accuracy of the data reported about your business shows your company’s ability to meet its financial obligations with vendors, suppliers, lenders and other businesses. And similar to personal credit reports, the accuracy of the data being reported is crucial.
Here are the five key reasons to monitor your business credit reports:
- Ensure your company’s credit reports are complete and accurate.
- Stay notified of any changes to your reports that could impact your business.
- Identify any issues or areas in your reports that can be improved upon.
- Be aware of who is inquiring about your business.
- Prevent identity theft by monitoring inquiries into your reports.
It’s important to realize that established business credit reports and scores are invaluable assets to your company. Like all assets, it’s necessary to take certain steps to protect and manage them, starting with ordering a copy of your credit reports and reviewing them. Business credit agencies such as Dun and Bradstreet allow you to view your credit reports and update your company information online.
Did you know your business credit reports impact:
- The amount of credit issued to your business
- The terms of repayment
- The interest rate
- Insurance premiums