There are many ways to obtain your credit report including common providers like Equifax, Experian and Dun & Bradstreet. For personal credit reports, you can also look to sites like Credit Karma. Check around and find the right option for you.
Checking your credit rating will help you prepare for future funding and get a head start on the lending process.
Pull a credit report for both your business and yourself, and do this on a regular basis. Sometimes these reports can have incorrect information, and it’s important to be aware of mistakes so you can fix them.
What’s on the credit report?
Your credit score is largely based on public data and information that vendors and other lenders have reported. Each credit bureau has its own rating system, with some common examples below:
• Dun & Bradstreet: Paydex Score of 0-100 (good score is rating of 80+)
• Experian: Credit Ranking Intelliscore of 0-100 (good score is rating of 76+)
• Equifax: Business Payment Index of 0-100 (good score is rating of 90+)
You may also discover a multitude of items within your credit report that show signs of identity theft, which has become a modern reality. If someone is using your identity, there are going to be breadcrumbs and trails. Don’t be overly worried, but be aware that it is a possibility.
As for frequency, pull your reports yearly. It doesn’t cost much to obtain your own credit report — some may even be free — and the time it takes will be well worth the investment to make sure the information is accurate.
It’s a common misconception that requesting your own credit report could damage your credit rating. If you’re just obtaining the report and just looking at results, this will not have a negative impact. However, if too many banks or lenders request your report at the same time, that may have a negative impact, since it could signal that you’re shopping less strategically for financing.
What’s a D-U-N-S Number, and why should I request one?
It is worthwhile to request a D-U-N-S Number with Dun & Bradstreet. This is a unique nine-digit identification number for each physical location of your business. The D-U-N-S Number allows you to proactively add your most current information to Dun & Bradstreet’s records. It is used by lenders to predict if you are a reliable and financially stable company, and is an easier method for them to find your credit information.
Checking your credit rating will help you prepare for future funding and get a head start on the lending process.
For more information, visit www. liquidcapitalcorp.com or call (281) 957-9902.
Important points for checking your credit score:
• Pull your credit score yearly. Some reports are free, but pulling your score won’t cost very much. Checking your score for inaccuracies is important so that you can be made aware of potential identity theft.
• Requesting your own report will not damage your credit rating.
• Checking your credit rating helps you prepare for future funding and get a head start on the lending process.