What Are the Important Parts of a Free Business Credit Report?

Published on: 08 May 2018 Last Updated on: 09 August 2019

Did you know that small businesses make up 99% of employer firms in the U.S.? Small businesses are an important part of the economy.

Everyone knows it’s important to have a good personal credit rating. But, did you know that it’s also important for your business to have good credit?

If you own a small business, read on to learn how you can get a free business credit report and why it’s important.

Why is Good Credit Important?

If you’ve ever applied for a home or auto loan, you know that good personal credit is important. If you don’t have credit, it’s difficult to get a loan.

No credit doesn’t always mean you have bad credit. It means you haven’t established a credit record.

If you’ve handled credit poorly, then you have bad credit, and you might not get be able to get a loan.

Lenders check your credit score to ensure your ability to pay back your loan. It’s critical to build and maintain a good business credit rating.

How to Build Credit :

Not everyone carries a credit card, but it helps to have one if you want to build your credit score.

Too often, college-age kids get one or more credit cards and find themselves in debt and are unable to pay it back.

It’s important not to overuse a credit card.

Credit cards charge high interest on the money they loan. It’s okay to buy things with a credit card, but make sure you pay the entire loan off monthly as much as possible.

If you don’t pay the entire loan monthly, the interest you pay adds a significant amount of money to the cost of your purchase.

Unfortunately, if you don’t use a credit card, it’s harder to build credit.

In addition to paying your entire credit card balance on a regular basis, be sure and pay all your other bills on time as well.

Late charges aren’t the only problem you’ll have if you pay your bills late. Late fees also hit your credit report and lower your score.

There are other ways to help build your credit as well.

Getting a Free Business Credit Report :

It’s important to know how to check your free business credit report and to understand what it contains.

According to the law, it’s possible to get your personal credit report for free on an annual basis.

The law doesn’t say a business credit report has to be free on an annual basis. But, it’s possible to get a free business credit report. Here are a few ways:

CreditSignal :

Dun & Bradstreet offers a free business credit report at CreditSignal.com. This is a great place to get your business credit report because it also has a learning center.

It’s an easy service to use, and it comes with a mobile app that’ll alert you to changes in your Dun & Bradstreet credit score. The service gives you fundamental information about your score.

To get the full service, you’ll need to get the paid subscription.

Try Nav :

Nav.com is another service where you can find your personal and business credit scores for free.

While CreditSignal only tells you about your Dun & Bradstreet score, Nav offers information regarding your Dun & Bradstreet and Experian score.

Free Trial Demos :

You can also get a free business credit score if you want to sign up for a free trial from companies such as Credit.net, CreditSafe.com or Scorely.com. Remember that once the free trial is over, you’ll be charged for a subscription.

What Does It All Mean?

Now that you have your free business credit report, what does it all mean?

When checking your personal FICO score, look for a number between 300 and 850. The higher the score, the better your credit rating.

Don’t panic when you check your business credit score and the number is under 100! Unlike the FICO, business scores range from zero to 100.

Business credit reports are confusing because they’re not all calculated the same way.

The Big Three :

There are three major companies where you can check your business credit. These are Dun & Bradstreet, Experian, and Equifax.

Dun & Bradstreet calculates your credit score based on information from partner companies or payment info reported to directly to them. They use a Paydex score that ranges from zero to 100.

You’ll need to file through the Dun & Bradstreet website to obtain a DUNS number before you can get your score. Your report will show you creditworthiness, payment history and trends, and public filings.

Experian offers a business credit score between zero and 100, as well as a financial stability risk rating. You’ll also see a credit summary and payment trend summary. The payment trends are thorough, including monthly and quarterly trends.

If your company has any judgments are liens filed against it, these will also show on the Experian summary.

Equifax also uses the zero to 100 score. But, you’ll also see a business credit risk score that ranges from 101 to 992. This score determines the likelihood that your company will fall behind on payments.

With all three of the large credit bureaus, the credit summary is easy to read and self-explanatory.

It’s important to pay close attention to everything in the report so that you can correct any incorrect items that could hurt your credit.

Obtaining a Loan :

One of the most important reasons to maintain good business credit is so you can obtain a small business loan. Whenever you open a line of credit, such as a credit card, there’s a hard hit to your credit report.

This means that applying for any sort of loan is actually bad for your credit score!

This is one more reason to make sure you maintain good credit, in case you’re in need of a loan to purchase necessary company equipment.

It’s sometimes possible to obtain a small business loan without a hard hit to your credit. Read more now to learn about one of these loans.

Learn More About Business and Finance :

Business can be complicated, but don’t let the details scare you. Work on building and maintaining good credit to help with your personal and business finances.

Looking for more great articles on business and finance? Take a look at our many resources here.

Read Also :

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Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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6 Things You Should Know Before Starting A Business

As an entrepreneur, you should not expect the world to be straightforward rather it’s full of ups and downs. There are hurdles and the magnitude depends on how you approach them – if you are smart and experienced you can handle the issues carefully and skilfully. Many a time the experiences come after being in the process and it could take time. To save you from that here are six bits of advice that will help in your new entrepreneurship. Have a Business Plan: How will your business serve a specific purpose and what sort of market opportunity it presents! What are the alternative strategies and action plans, what are your exit plans – whether you want to sell the business after a certain time or achievement? The marketing policy, advertising plan, market forecasts – all these factors should be planned well before you start your business and all these in a single portfolio would consist of your smart business plan. Don’t underestimate it even if you are not forced to the formal paperwork for securing a loan or funding. Never Live in the Past: Remember customer demand and the marketplace are not static entities rather they shift constantly. So, your business plan has to be prospect oriented, adaptable and lively. What you have to do today is not what you had done last year. So, don’t get stuck in the past. Research and follow the market landscape, its flux, maneuver your strategies and approaches based on the current demand. This is true for any new business as well as for the old entrepreneurs too. Never Hire Your Friends: You may tend to form quick relationships and are very good at making new friends. Socially, that is very appreciative, however, that could become the main drawback for your business to fail too. Trust in people is good but there has to be very strict regulation to uphold that trust. Hiring friends or making the employee a close friend would mean a reluctance towards that particular serviceman and that could hamper the service. If the employee is not doing fine for your start-up, you have to put the feeling aside and look for someone who is better suited. Never Jump In Without The Planning: Planning is a must at the beginning as well as for every new step and initiative you will be taking to expand or explore different options for your business. In the middle of ever-growing new ideas, you can’t just lose control due to the enthusiasm and excitement, and jump into something. You can’t lose the focus and at the same time moving forward is not easy. Every new initiative must be well assessed for how it fits your goals and objectives, what are the impediments involved and what the outcomes are. You must be a strong planner. Don’t Trap Yourself in Discounts: In order to win the market, new start-up companies may fall under pressure to heavily discount their products and services. It’s true that customer attraction is vital for any new business, however such low prices that can’t be sustained in the long run might eventually result in the opposite. Remember, high-level discounts are not the only way to attract customers, also you can smartly raise some prices for certain products and services without breaking apart with the buyers. Focus on raising the value of the products to the customer in the long run rather than just making large discounts. Never Feel Shy to Fail: It is inevitably true that human endeavors are error-prone and you are also a human too. So, mistakes and failures are not impossible. If you are there to be successful, you have to experience the pit of failures too. If you fear to be failed, you might be pushing away your success on the other hand. Entrepreneurship is exciting, but your readiness to accommodate any failure will strongly minimize the damages. You may have had some faults and leaks in your previous plan, and as soon as you fail - you notice that and mark it with a red dot. Stress or panic can’t be the result of the failure, rather you have to go for your restart with the amendments. So, sooner you fail, better you discover your path to success. Conclusion: If you are planning to form an LLC, you need to know how to get LLC. In some US states, the process can be difficult if you are not well-informed of the procedures. Getting a tax ID is another important thing for your business. The good news is that you can apply for EIN these days online. So, keep the above-mentioned tips in mind when you start a new business. Read More: Protecting Your Business From Retail Theft. The Business Networking Benefits of Co-working Spaces.

Guide to How a Pipeline Maintenance Company Operates

Transporting liquid and gaseous substances over several kilometers has been made easy and possible by the use of pipelines. They provide a quick, safe, and effective method for conveying substances like gas, crude oil, chemicals, water, raw materials across state lines. They are also cost-effective. Imagine having to drive any of these substances from a place like Texas to New York. While this is possible, it is expensive, dangerous, and will take days to arrive at its destination. Transporting these through pipelines helps to avoid all these. Pipelines as their name suggests are lines of pipes that are equipped with various kinds of devices like valves, pumps, etc. They are used for conveying chemical substances over long, medium, and even short distances. This is from the point of production to where these substances are needed. Pipelines are made of materials such as metals like aluminum, steel, or cast iron. They may also be made of concrete, plastics, or clay. They come in a variety of sizes and are designed to be sectional. These sections are then bolted or welded together. Although some pipelines are visible, most are typically buried underground and concealed from public view. This is oftentimes to ensure their safety and that of the environment. You may read more about pipeline transport here. Pipeline Maintenance The way they are designed means that they can withstand most weather conditions and have a long lifespan. Despite this, it is crucial to always inspect and carry out constant repairs and preventative maintenance work on them. This will ensure their integrity, reliability, and safety. It makes them safe for the environment and issues arriving from damages or failure can be avoided. Regular maintenance also helps to comply with government regulations and avoid unnecessary downtimes which may lead to further issues. This means that any damage must be repaired immediately. Regular monitoring and maintenance will help to discover any damages early and prevent them from becoming full-blown. While manufacturing and laying them, pipelines are checked for imperfections and they are cleared before they can be used. However, as with everything, they will go through degradation and begin to diminish gradually. They can also become corroded. Thankfully, there are various processes available to correct these flaws and to reduce degradation. Also, when it is damaged, there are processes to carry out repairs. This is important because damages to these lines can bring about potential risks especially when the substances they convey are combustible. Furthermore, it can affect the operations of the company, their bottom line, and the clients they serve. Therefore, it is expedient that companies that own and manage pipelines take preemptive steps to forestall any of these. They do not have to do this by themselves as it could require a lot of resources. There are pipeline maintenance and repair companies who are experienced in doing this. They also have the resources and know-how when it comes to handling pipeline repairs. Tips on Maintaining A Pipeline As mentioned earlier, maintaining pipelines involves ensuring their integrity and that of all their components. This is not a one-time thing but should be done regularly. It is also important that the process be as thorough as possible. All of these involve carefully inspecting, detecting leaks, and ensuring that the internal parts of the pipeline are clean. To this end, here are some of the ways to protect your pipeline. 1. Right of Way Clearing One crucial aspect of maintaining a pipeline is clearing the right of way. The pipes need a clear path to travel so that they operate optimally. Right-of-way clearing involves removing trees and roots so that the area surrounding the infrastructure is free from any threat. This is also important so that the pipeline can be accessible especially during an emergency. 2. Investing in Corrosion Protection Corrosion is one of the greatest enemies of pipelines and for this reason, it only makes sense to invest in its prevention. There are about 5 ways to do this. They include: Cleaning and protection. This involves pigging and using chemicals. It also includes clearing the area that is surrounding the facility. Cathodic protection Using Corrosion inhibitors Abrasive blasting Using coatings and linings 3. Hydrostatic Testing Before you begin to use a pipeline, it is recommended that you perform hydrostatic testing. This helps to ascertain its strength. This test is also useful for measuring the strength of pipelines while in use. Hydrostatic testing is a method where pipes to be used for a project are connected. These pipes are then filled with water at high pressure than is normal. This helps to reveal how well the pipes will perform when they are used heavily. 4. Keeping Accurate Records It is also key that you keep accurate records each time you maintain your pipeline infrastructure. Doing so allows others to know the accurate history of the line. Part of keeping these records is taking images of the pipeline. All of these will help in showing clearly the conditions of your infrastructure from installation. It also lets you see how fast it is corroding. Procedures Used in Pipeline Maintenance Pipeline repair companies have a range of procedures or methods to carry out their maintenance. They are often experienced and are able to provide you with emergency services at any time. Some of the common methods they use include: Hot taping Line stopping Freeze stops Leak repairs Pressure grouting, etc. You can check out rjstacey.com – Pipeline Repair service to learn more about maintaining your pipeline. Conclusion Maintaining a pipeline starts from the planning stage and continues throughout its life span which can be as long as possible. It involves regularly monitoring the structure and carrying out preventive works on it. Also, when there is any form of damage, it means responding quickly to resolve this. Experiencing downtime because of a damaged pipeline can cost a lot of money. Allowing unsafe conditions too is risky and can be debilitating to your operations in many respects. You should therefore take steps to prevent this. Start by calling in maintenance experts to help you evaluate your facility and prevent a shutdown. Read Also: Highlighting the Benefits of Horizontal Directional Drilling

Ideas For An Excellent Product Packaging

An average supermarket in the United States has about 40,000 different items for consumers to choose from. How does one consumer choose a product from the number of choices? Every industry relies on manufacturers, consumers, and distributors, but how do they grab the attention of potential buyers? Product Packaging. An industry in itself, proper packaging has the power to attract consumers. If you want to build a strong brand, consider optimizing your product packaging with a unique design and sustainable solutions. What makes an excellent Product packaging design? 1. Simplicity and clarity: When you walk into a supermarket, just go through products and take a glance at them. Do you identify the product or the brand by simply looking at it? The best example of quality packaging will be a clear and simple but highly distinctive packaging design. You will be amazed to learn that most consumers will decide to buy a product or not within a few seconds only. There will be numerous product listings with no specific brand name and you will also look at products that look great from the outside but they are unable to explain what is inside the box. Most importantly, packaging design should not confuse consumers. It should always deliver on clarity. There are some categories that allow a little bit of mystery but if the consumer fails to identify the product in terms of usage, content, or brand identity, it needs to be revamped. Be clear about what you are selling. Do not complicate it in any manner. 2. Be honest: A lot of brands try to depict the product in the most perfect way one can imagine. The packaging shows something about the product which is not real at all. When you try to depict a product ten times better than it actually is, you end up misleading the consumer and eventually disappointing him. This only leads to poor sales performance and builds a very bad brand image. Honesty plays a crucial role here. A lot of consumers like simplicity, they want to know what is the product is about and how it will serve them. You can do face lifting to a small extent but not where the product is something totally different. You need to show the product in the finest manner possible and ensure you show all honesty in it. Remember that the consumers need to be treated in an appropriate manner at all times. 3. Be authentic: Character and originality need to be at the core of great brands and excellent packaging designs. There are numerous products in the market and every product is competing for the attention of the consumer. If you want to set yourself apart, you will have to be very authentic. Product packaging is a matter of creativity and it is not possible to create a fake impression based on the design only to sell the product. People have a number of brands to choose from, they have different appeals and looks to try. You need to remain authentic in your product design in order to ensure that your product design is memorable. Do not get on with a genetic-looking design. Look for strong visual standards and an uncommon style to appeal to the consumers. If you notice that most brands have a contemporary product design, opt for something retro. Be creative and always look for different options for your product. With more customers looking for eco-friendly options, Brad Zaikov from Jansy (https://www.jansypkg.com/) says that businesses that use biodegradable packaging will attract more customers. 4. Consider shelf impact: If you look at a product from the view of a consumer, you will notice that no product is ever seen alone. It is also not seen in exceptional detail. All the products are organized in columns and rows and there are numerous patterns and designs you see. Until a particular design or pattern catches your eye, you are not going to take a better look of the product. The appeal of a product when it is placed on a shelf is known as shelf impact and it will make a huge difference to the sales of a product. You need to check shelf impact and explore the designs. Do this by copying the placement of the design on a shelf and then surrounding it with different products. It will sell better if it looks good. 5. Keep space for extensibility: The idea of product packaging should leave space for the introduction of a new product or a new brand. There should be a possibility to make easy variations to the product without it losing its appeal. The initial design concept should not heavily rely on one product or one color. You might expand in the future or introduce a new product and you need to leave space in product designing for the same. Create a visual design that will allow for easy alterations in the visual of the packaging or will allow for easy addition or removal of information. 6. Practicality: Last but not least, practice is important when designing the packaging of a product. It not only deals with the label but deals with the shape, functionality, and size of the product you are selling. To get higher sales, the product needs to be more practical. A lot of business owners tend to overlook the aspect of practicality in packaging design because they think consumers are simply going to pick the product off the shelf without any thought. Unfortunately, this does not happen and consumers are looking for innovation. Practicality merged with innovation can solve a number of packaging design challenges. Product packaging is as important as product manufacturing. If you have an excellent and highly functional product to sell but if you do not spend enough time and effort on its packaging, you might never be able to reach out to the consumers. Packaging is your last opportunity to convince the consumer to purchase the product. Read Also: How To Pack Clothing Properly For Shipping Simple Packaging: Your Guide To Branded Design Make Sure Your Product Hits The Market As Soon As Possible 6 Shameless Examples Of Product Placement In Movies We’d Like To Forget

What Are the Important Parts of a Free Business Credit Report?

Why is Good Credit Important?

How to Build Credit :

Getting a Free Business Credit Report :

CreditSignal :

Try Nav :

Free Trial Demos :

What Does It All Mean?

The Big Three :

Obtaining a Loan :

Learn More About Business and Finance :

The Importance of Writing Business Reports in College

Advantages and Disadvantages of Coupon Codes in Your Business

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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6 Things You Should Know Before Starting A Business

Guide to How a Pipeline Maintenance Company Operates

Ideas For An Excellent Product Packaging

What Are the Important Parts of a Free Business Credit Report?

Why is Good Credit Important?

How to Build Credit :

Getting a Free Business Credit Report :

CreditSignal :

Try Nav :

Free Trial Demos :

What Does It All Mean?

The Big Three :

Obtaining a Loan :

Learn More About Business and Finance :

Share this Article

The Importance of Writing Business Reports in College

Advantages and Disadvantages of Coupon Codes in Your Business

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related