That’s because business credit scores differ from consumer credit scores in some key ways:Ĭredit Score Ranges: Personal FICO scores range between 300 to 850 business credit scores typically range between zero to 100. If you try to compare business credit to personal credit, you’re likely to get frustrated. FICO scores for small businesses are known as “FICO SBSS.” Major business credit reporting agencies Dun & Bradstreet, Experian, and Equifax produce business credit scores and reports. Business credit scores range from 0 to 100. Personal credit scores range from 300 to 850. Personal credit scores rank creditworthiness of individuals, business credit scores do the same for businesses. Others may be checking your credit- shouldn’t you? Your lenders, vendors and even your competitors may check your business credit without your knowledge. The Nav American Dream Gap report found that business owners who understood their business credit were 41% more likely to be approved for financing. Monitoring your credit can alert you to suspicious activity. Business credit fraud or identity theft is a growing problem and may result in negative information on your reports. Every time new information is reported by your lenders and vendors, your credit reports- and scores- may change. Your business credit may get mixed up with that of another business, or one of your vendors or lenders may report incorrect information. If you’re one of those who don’t know their scores, here are four great reasons to check your business credit on a regular basis: Research by Manta and Nav found that 72% of business owners don’t know their business credit scores. 4 Reasons to Check Your Business Credit Scores
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