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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10 Waste Management Tips For Every Business

A lot of businesses are aware that they need to take care of their waste, but it can be difficult to get started. Here are 10 tips for managing your business' waste. 1. Start With A Strategy A strategy is a plan for the future. It's the process of defining what you want to achieve and how you'll go about it. For example, if your business is a retail store, you might want to increase sales by 10% over the next year. Then, you'd create an action plan that includes how many new products or services you'll offer and what marketing techniques will be used to attract more customers. You can't just decide on a goal without having some idea of how you're going to get there (and whether or not it's even feasible). When developing your waste management strategy, it's important to consider: Your budget and resources The current state of waste management at your company Potential opportunities and challenges 2. Educate Your Employees About Waste Management Make sure you dispose of your waste correctly. If you are unsure of how to do this, or if you want to find out which method is best for your business, speak with an expert on waste management services on how to; Educate your employees. Teach them how to recycle and dispose of waste properly. Make them aware of what not to put in the garbage, such as old batteries and electronics. 3. Reduce Paper Waste You already know how wasteful paper can be. Use it for something important and the rest of your documents can go the way of digital storage. If you have documents that need to be printed, switch to recycled paper to reduce costs and waste. Then, think about using email instead of printing out emails with attachments or sending faxes to clients. There are also more efficient ways to store your documents than storing them on paper—scanning important files into a cloud-based system is an excellent alternative that will cut down on clutter and save you money! 4. Do A Waste Audit A waste audit can be a great way to get your business on the right track when it comes to reducing and recycling. It's a simple process, but it must be done regularly. You will need to identify what types of waste are being generated by your business, how much of each type is being produced, and where they are going after they have been discarded. The goal should be to understand what types of materials are being thrown away so that you can work with employees or partners to find ways around them (or eliminate them). Outsourcing waste management services is also a great way to save time and money. You can outsource the waste management of your business to a professional company that has experience in this area, or you can hire a colleague who has experience with waste management and ask them if they are willing to help you out. 5. Compromise On Cleaning Products For Waste Management You will find that it is not necessary to use toxic chemicals and harsh cleaning products. Instead, you can opt for environmentally-friendly alternatives that are just as effective in maintaining the cleanliness of your business. For example, if you need a surface cleaner or disinfectant that will keep your office equipment free of germs and bacteria, look for an option that does not contain chlorine bleach (which has been linked to cancer and other health problems). Instead, choose something like "green" cleaners that have been specifically designed to be more environmentally friendly without sacrificing effectiveness. 6. Get Creative With Containers As you are trying to figure out how to dispose of your business’s waste, it is important to keep in mind that the most important thing is not what kind of container you use, but rather how easy it will be for your employees to carry around your business’s waste. If you have a lot of waste and it is going to be hard for employees to carry around containers full of garbage, then there are many more eco-friendly options available for businesses like yours than if there was just one kind of container at hand. Another thing worth considering when choosing which type of receptacle or bin will work best for storing all that trash is whether or not reusable materials would work better than disposable ones. For example: If possible (and legal), consider using traditional wooden crates instead of plastic ones because they are reusable and biodegradable! This can also help save money since these types 7. Rethink Your Water System In addition to recycling and reusing, you can also start thinking about your water system. The average American household uses 300 gallons of water per day. That’s a lot! Fortunately, there are several ways you can reduce your water use and help the environment in the process: More efficient use of fixtures. These include solid-surface counters, low-flow showerheads, and faucet aerators. Install rainwater harvesting systems on roofs of commercial buildings or at home (if possible). Rainwater is collected for future use as drinking water, lawn irrigation, or toilet flushing. Use greywater systems in homes where it is allowed by law; these systems recycle wastewater from sinks and showers for irrigation purposes. Get a meter installed on your building's existing plumbing system so you know how much water you're using on an ongoing basis. 8. Recycle Your Electronics Recycle your electronics. Electronic waste is a growing problem, and not only because it contains toxic materials that can harm our environment. The oil and other materials used to make electronic devices are becoming increasingly scarce, which means that recycling electronics is good for the planet. You should always recycle old cell phones or computers at an e-waste recycling center—if you throw them away, they could end up in landfills where they will take years to decompose and release harmful chemicals into the earth's soil and water supply. 9. Consider Food Waste Food waste is a major problem for all businesses, particularly the hospitality and food service industry. Estimates show that the average hotel loses 18% of its room nights due to guests not showing up; this means they're paying for rooms they aren't using—and that's on top of the cost of cleaning and preparing those rooms (which can range from $10–$100 per night). According to an expert in waste oil disposal in Liverpool, buffet restaurants often lose between 30% and 50% of their prepared food due to spoilage or over-ordering. Your company may also be losing money by taking care of its garbage cans improperly: if staff members don't line them with bags or otherwise protect them from water damage, you could end up having to buy new ones every few weeks at a cost that would add up quickly over time! 10. Beware Of Hazardous Waste Hazardous waste is a particular kind of waste that has special disposal requirements. It’s important to know what hazardous waste is and how to identify it because if you don’t dispose of your hazardous waste properly with toxic waste collection services, it can be costly and even dangerous for the environment. Hazardous wastes are those that meet any of these descriptions: Corrosives: substances that burn or destroy living tissue on contact with skin or eyes, like sulfuric acid (pH 1) and sodium hydroxide (pH 14) Ignitable: easily ignited by heat, flame, sparks, or another source at room temperature; includes liquids with flashpoints below 60° F/16° C and solids such as coal dust in air-contaminated dust with ignition temperatures below 130° F/54° C Conclusion - Waste Management Tips So, there you have it! A few simple steps can make a big difference to your business. We know that waste management is not always at the top of everyone’s priority list when they run their business, but it should be. The good news is that our tips will not only help with your waste but also save you money in other areas too! Read Also: Basic Small Business Tips for Noobs Who Want to Start a Venture How A Business Loan Helps Business People In 2023 How To Market A Small Business In A Big City

6 Useful Tips To Improve Workplace Safety

The workplace is one of the most important places in our lives. It is where we make money, build relationships and meet new people. For us to be able to do all these things, we must have a safe environment to work in. The safety of employees should be paramount but sadly this isn't always the case as many businesses are not taking the necessary precautions when it comes to workplace safety. Below are some tips on how you can improve your workplace's safety standards. Safety Audit Conducting a safety audit is a great way to identify potential hazards and ensure that everyone in the workplace is safe. The first step in conducting a safety audit is to take stock of everything you can think of from your office building’s structure to the equipment in the kitchen, everything should be scrutinized for any risks or dangers. Keep an eye out for anything that could cause bodily harm if it were to be tripped over or otherwise mishandled. Next, it’s time for some hands-on testing! Look at every surface that might have sharp edges or jagged corners; make sure every tool has its own place where it won't get lost or forgotten about; look at staircases and make sure they're clear of clutter (or better yet, eliminate them entirely). You may even want to go around with different people who work in different parts of the building so that no one area gets overlooked—it's important not only that all employees are aware of their own responsibilities but also those around them as well! When you’ve finished checking all areas thoroughly, write down what needs improvement on pieces of paper—you’ll need these later when presenting your findings back to everyone involved so they know exactly what needs changing before someone gets hurt again due to negligence. If you are still confused, try to go for employer of record, which is a prominent outsourcing process for your business process. Safety Issues Report If you want to improve workplace safety, you need to make it easy for your employees to report problems. You don't have to be a jerk about it—just make sure they feel comfortable reporting whatever issues are on their minds so that you can take appropriate action. Don't punish people who report safety issues. It's not as simple as saying "don't ever punish someone for reporting a safety issue." Sometimes, if an employee has done something wrong and is being honest about the problem, he or she may need to be disciplined. But if an employee reports an unsafe situation because he or she feels strongly about doing the right thing in terms of workplace safety, then that person should not be punished for doing so (especially if there was no harm done). Make it anonymous—but not too much more than anonymous. In other words: allow for some anonymity (so people don't feel afraid), but also encourage them by making sure everyone knows who reported what issue and why so that everyone at least has some idea of where improvements are needed (and thus can work together on making those improvements) Safety Culture A safety culture is a set of norms and values that promote safety in the workplace. It's more than just good policies, it's how people think about and manage their own behavior. Safety culture is based on shared values, not just written rules and procedures. You can develop a positive safety culture by: Promoting a sense of ownership among employees—giving them opportunities to suggest ways to improve workplace safety and rewarding those who do so with the recognition Making sure all employees understand the importance of their role in keeping themselves safe as well as others Camera Spotter Installation Camera spotters are a great way to improve safety in your workplace. These cameras are designed to be installed in many different places, including around the perimeter of your site, underneath traffic lights and stop signs, and even on top of buildings. Camera spotters can be used for many purposes: they can help monitor people as they walk down hallways or drive through parking lots; they can help monitor traffic by recording speeding vehicles; and they can alert security when pedestrians or vehicles enter restricted areas. The camera spotter you install should be able to detect motion at long distances so that it will pick up any activity within its field of view. This way no one will ever sneak around unnoticed—you'll always know when something dangerous is happening! Drug Testing Policy It's important to have an Australian drug testing policy in place to ensure that your employees are not using drugs or alcohol at work. It can help prevent accidents and injuries, increase productivity, and improve employee morale. A drug testing policy is an important part of maintaining a safe workplace. It helps protect the health and safety of everyone who works there by setting expectations for how the company will respond when someone tests positive for drug or alcohol use. Each state has its laws governing workplace drug testing policies—which substances are allowed to be tested for (alcohol alone? alcohol with drugs?), what type of tests can be used (urine tests? hair follicle samples?), how much-advance notice employees must receive before being tested, etc. Some states even require employers who regularly employ more than five people within their jurisdiction to implement a written drug-free program that includes components such as: Work Licence Update Having a work licence lawyer working on licence updates is important. Your work licence is a legal document that allows you to work in Australia and is required for every person who wants to work in Australia, including those who are Australian citizens or permanent residents. If you are an overseas worker and have a current subclass 457 visa or a subclass 186 Regional Sponsored Migration Scheme visa, then you will need to apply for a new subclass 400 Temporary Work (Skilled) visa if your current visa expires within 12 months of the expiry date on your old subclass 457/186 visa.You need to renew your work licence every 3 years after its issue date (or 2 years after its issue date if it was issued by way of an automated process). Conclusion This is just the tip of the iceberg. There are many things that you can do to ensure your workplace is safe and healthy. At the end of the day, it’s all about prioritizing safety and making sure that everyone in your company feels comfortable at work. Read Also: Should You Be Friends With Your Co-Workers? What To Do About Discrimination In The Workplace Tips To Conduct Active Shooter In The Workplace Training

Save Time with Workforce Management for Staff Rostering.

As a manager or HR professional, you know how challenging it can be to roster and schedule staff across different locations and groups. Creating shift patterns shifts, like ad-hoc and both availability as well as non-availability shifts for your employees, can take up a lot of time and resources. However, with the help of workforce management solutions, you can streamline this process and save yourself a lot of hassle. In this informative guide, we'll explore the various factors you need to consider while rostering, as well as scheduling staff and how a workforce management solution can be considered a big help. Considerations To Be Made While Optimizing Electronic Rostering Type of shifts One of the initial things you should consider when using Electronic Rostering is the kind of shift pattern one desires to use. Do you wish your staff to operate for regular hours, or are you a fan of a cyclical pattern? After deciding your desired shift pattern, start working on rostering your employees. This includes assigning particular shifts to every team member. As a leader, you might also optimize the workforce management solution for scheduling holiday periods and breaks. With a solution as efficient as workforce management, you will be able to easily manage these changes, as the software provides real-time updates to everyone's schedule. Determining the location and group strength Another factor to consider when rostering along with scheduling staff is the group size and location. For example, if your business operates across multiple locations, you need to make sure that each location has the right number of staff scheduled to work. You also need to factor in availability-non-availability shifts, which means taking into account staff leave, sick days, and other absences. Workforce management infrastructures like the rostering module by Nextra provide a great way to create availability, shifts, along with non-availability for employees at various designated locations and groups. Perks Of Working With A Workforce Management Solution Offers the flexibility to make swift changes One of the various advantages of applying this solution is the ability to make changes quickly. Rather than making changes manually or contacting each employee individually, you can use the software to update staff schedules in real time. This means that if someone is sick or needs to take an unexpected day off, you can quickly adjust their schedule and ensure that there are still enough staff available to cover their shift. This not only saves you time but also reduces the likelihood of errors and ensures that your business runs smoothly. Related: Corporate Hackathon: Benefits To The Employees Tracks employee attendance efficiently Another advantage of using a workforce management solution is that you can track and monitor employee time and attendance. This includes employee work hours, breaks, overtime, and other important data. With this information, you can analyze employee performance, identify areas for improvement, and make data-driven decisions. Also, with the integration of payroll systems, timesheets, and other financial systems, managers can easily process payroll as well as other related financial functions. Conclusion Rostering and assigning work to staff can be a challenging task for any manager or HR professional. However, with the help of such solutions, you can streamline this process and save time. By optimizing a workforce management solution, it is very easy to create shift patterns, manage availability as well as non-availability shifts, track employee time and attendance, and quickly manage changes. Nextra's efficient rostering module provides an efficient, easy-to-use solution for rostering your staff and scheduling work, allowing you to focus on other important aspects of your business. With workforce management and efficiency solutions, you can ensure that your business runs smoothly and that your staff is happy and productive. Read Also: Commonly Misunderstood Facts About The Employee Retention Tax Credit The Role of Communication in Employee Retainment How to Keep Remote Employees Productive in 2022

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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Related

10 Waste Management Tips For Every Business

6 Useful Tips To Improve Workplace Safety

Save Time with Workforce Management for Staff Rostering.

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