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 :

Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Six Steps to a Successful Office Move

There are several steps to take when moving your office from one location to another. Whether you are downsizing or expanding, moving your business requires a lot of planning and the ability to minimize interruptions to productivity, employee projects, and cash flow. Depending upon the size of your business and the funds you have available, there can be a lot of stress associated with moving. Office Moving Basics: If you are on a limited budget, knowing how moving companies arrive at their fees can reduce your stress and even help you save money. For example, if you have the flexibility, try to schedule your move for an off-peak period that is less expensive. Or look for free packing boxes so you will not have to buy or rent them from a moving company. Whether you choose to rent a moving truck or decide to hire a commercial moving company, below are six ways to make the process as seamless and stress-free as possible. 1. Prepare, Plan, and Delegate Write down a plan to outline everything you must do to get to your new office location. Include notifying staff and clients, packing up everything you need, and obtaining insurance. Do not underestimate how long the process will take. Smaller offices will take less time to pack and prepare than larger offices. Start packing the office items you will not need until you are in the new office space. Decide who will be responsible for different steps of the moving process. For example, assign or delegate a move coordinator to communicate with and keep employees informed. Be sure the person you choose has stellar organizational and communication skills and give them the authority to make and manage decisions. Small offices with only a few employees will require a very coordinated effort to work together. 2. Layout a Timeline Keep in mind that while you plan to move, there will still be work that needs to get done. When creating a plan, establish a reasonable timeline so that your business does not suffer during the moving phase. The first step to put on your timeline is the moving date. Do not forget to include time for cleaning up and decluttering your office before packing. There is no need to bring stuff you will not need to a new place. Your lease termination date will play a significant role in choosing a moving day. 3. Know Your Budget Relocating to a new office location will cost money. Determine how much you can afford to outsource and where you can reduce costs. Will you hire a professional mover or rent a truck? Do you plan on upgrading office furniture and equipment? It is highly recommended that you include moving insurance in your budget if anything gets damaged or lost during the move. 4. Plan Out the New Office Space Collect any available information, such as floor layouts and blueprints, for the new space. Know where the electrical outlets are located and how much storage space you have. Does the new office have large open spaces that will require temporary walls or cubicles? If yes, It's possible that you will need to hire electricians, painters, carpenters or you can try One Point Partitions if your office will require some more specific work, like toilet divisions so that your new office will accommodate your current needs. Do not forget to include these costs in your budget. 5. Solicit Bids If you plan on hiring a professional mover, get several bids, and choose the company that best suits your needs and budget. Specialty items such as high-value products and complicated equipment like medical equipment should be handled by professionals with experience. 6. Notify Service Providers and Clients Let your clients or customers know well in advance when you plan to move. Even if you do your best to avoid delays in communications and services, there is a good chance there will be a slight delay during the actual move. Set up a contingency plan for how clients can reach you during your move. A suggestion is to leave a few employees in the office to attend to customer inquiries. Follow the steps above to achieve a successful office move with minimal to no downtime. The better you plan, the more likely your staff will be able to get back to work in the new location quickly. Read Also: The Ultimate Moving Checklist – Things you Need to do When Moving Finding The Right Moving Company Plan Moving Houses Ahead: 7 Essential Tips 10 Things to Do Before You Move Out of State Factors To Consider While Preparing For A Move

A Viable Alternative to Wild Fish: Can Salmon Farming Be Sustainable?

The demand for salmon continues to soar as it drives the expansion of aquaculture. For many years, conscientious consumers have been advised by the environmentalists to keep away from farmed salmon, but things have begun to change due to the evolving industry. Salmon is rich in protein as well as omega-3 fatty acids which are ideal for your heart’s health. As a result, salmon has increasingly been marketed as a healthy product for consumption. The demand for salmon has increased more than 20% in the past years while consumption is much higher than it was in the eighties. Despite these promising numbers, many people still question the viability of salmon farming. To understand whether or not salmon farming is sustainable, here is what you need to know. Aquaculture Then and Now: Aquaculture, the practice of raising seafood within a controlled setting, has been around for many years. This practice was used by the Australian indigenous people and people from the Roman Empire. In China, aquaculture during the Tang Dynasty resulted in the mutation which created goldfish which is now used as a ubiquitous pet in homes. Currently, the aquaculture industry is one of the fastest growing sectors in the entire world. The natural fisheries have placed limitations on the number of fish that can be caught during a particular period of the year. As an alternative, fish farming has offered consistent and large quantities of seafood and fish. The addition of aquaculture stock including oysters and salmon has been instrumental in meeting the current demands for seafood, making aquaculture a more sustainable practice. Today, aquaculture and Salmon farming plays an instrumental role in the economy, offering numerous job opportunities in the operations as well as the ancillary services. The Environmental Defense Fund states that exports of global fisheries now earn more revenues as opposed to any other traded food component such as coffee, cocoa, and rice. This aspect illustrates the sustainable aspect of aquaculture and farmed salmon. What are the Misconceptions? The farmed salmon industry faces so much negative perception, most of which is brought about by the media hype. One of the greatest misconception people have about farmed salmon is that doesn’t offer the same nutrient quality as the wild salmon. Nevertheless, just like the wild salmon, it is imperative to not that farmed salmon has low saturated fat as opposed to other kinds of proteins. Moreover, the rich, pink hue of this kind of fish is created from natural compounds found in their feed. As mentioned earlier, one of the advantages of farmed salmon is its provision of the beneficial omega-3 fatty acids which can be seen in most wild salmon varieties. Through a number of independent studies undertaken by the National Cancer Institute, FDA, and other reputable companies or organizations, PCB levels evident in the wild and farmed salmon are safely under the tolerance levels that the FDA has set. Apart from the nutritional misconceptions, there’s some sort of confusion among the public regarding the environmental impact of salmon farming and the feed conversion processes. According to recent studies, the feed conversion ratio of farmed salmon is quite lower compared to the wild salmon. Moreover, the extensive water testing evident in salmon farming has shown that the farming process doesn’t negatively affect the water’s overall quality. Low Impact on the Environment: According to studies conducted by the National Oceanic and Atmospheric Administration, aquaculture has less impact on the environment. If anything, this practice can benefit rather than destroy the environment. This is because practices such as salmon farming can be conducted using practices which don’t harm the environment. That way, it becomes possible to meet the ever-growing demand for seafood, thus supplementing the fish that has been harvested in the wild. Although there are documented issues associated with fish farming such as the use of chemicals, water pollution, and threat to natural fish, farmed salmon among other kinds of fish farming is a sustainable solution to the depletion of wild fish. Offshore Expansion: One of the advantages of salmon farming is its flexible nature. To promote sustainability, salmon farming salmon can be moved from nearshore onto land. The ocean is large and there are massive opportunities for farmers to expand the practice in different locations. Farming can be done on land or taken further offshore where the impact on the environment is minimal because farming is done in an open water body where waste can be carried further beyond the sea. However, this can be capital intensive because farmers need systems that are physically stronger to manage the challenges brought about by wave action and wind. As the industry continues to expand, chances are farmed salmon will be moved out into other environments. Given the current trends in technology and innovation, it will not be surprising to see farmed salmon taking the world by storm. Where the practice is today portrays some massive steps from where the practice was some years back, a clear indication that salmon farming is bound to take the world by storm in the coming years. The Future of Farmed Salmon: When visualizing the future of fish farming, it is imperative to establish different components in connection to the practice. Some of these include its environmental impact, its effect on health, and its sustainable aspect. With regard to sustainability, as the demand for protein continues to grow, their production will continue to increase. In such a case, nutritionists will be looking at practices as salmon farming to see how they will continue to provide the much-needed protein. And despite the various challenges associated with farmed salmon, it is imperative to note that aquaculture is an efficient way of producing protein. In that regard, salmon farming leads the way when it comes to innovation in the field of aquaculture, offering a solution to the global problem of protein production. To attain the goal of sustainability, it is important for salmon farmers to continue utilizing new innovation and eco-friendly techniques which have a lesser impact on the environment. Final Word: Aquaculture has been one of the most dependable practices for providing seafood and ensuring the provision of much-demanded protein. Generally, farmed salmon is a sustainable practice and an excellent alternative to wild fish. Read Also: A Few Tips About Reef Fishing On A Fishing Charter The Fishing Industry Needs More Sustainability Awareness

Tips for Styling Straight Leg Jeans

The straight leg is a very in-style cut for your jeans. If you’re used to styling other types of cuts, such as skinny jeans, wide-leg pants, or bootcut jeans, it can be challenging to know the best way to wear straight leg jeans. This article will give you styling tips on how to put together the perfect straight-leg jeans outfits. The Best Ways to Style Straight-Leg Jeans: 1. Length Straight-leg jeans come in varying lengths that can work better for different people and different style choices. Full-length jeans were more popular for the straight-leg cut in the past. Nowadays, the trendiest looks incorporate slightly cropped straight-leg pants, which fall just above the ankle, at the narrowest point of the leg. This look is very in-style for both men and women and is a great pairing with larger professional loafers or a classic pair of black heels. Ankle-length straight-leg jeans offer a beautifully modern look appropriate for either a daytime or nighttime look. 2. Shoes It can be difficult to determine the best shoes to match with straight-leg jeans. Whether you decide on a full-length jean option or a cropped jean look, there are some key tips you can follow in choosing your shoes. Since jeans are such a versatile item, you can pair a wide variety of shoe colors and styles with them, from nice sneakers for a casual look to proper dress shoes for a more sophisticated look. Almost any variety of flats or shoes below ankle height will pair well with straight-leg jeans. When wearing short shoe varieties, a small portion of your ankle should be showing between the tops of your shoes and the hem of your jeans. On the other hand, if you need to wear taller shoes or boots during colder weather, you will need to be careful how they pair with your straight-leg jeans. You should make sure that whatever the length of your jeans, they cover the tops of your tall shoes by at least a couple of centimeters. This will keep your boots and straight-leg jeans combination from looking awkward. Style Your Own Straight Jeans Thinking about the length and fit of your jeans, as well as how you pair them with various footwear options, is the best way to start putting together excellent outfit combinations with straight-leg jeans. Make sure to pick a fit of jeans that allows you to have freedom of movement while wearing your new outfits. It is also important when picking out clothing that you are comfortable with the styles you wear. Make sure you pick clothes that you feel good wearing. And most importantly, don’t be afraid to have fun when styling your outfits. Style is a unique expression of personality, so get out there and let your creative juices flow. Additional Reading: All The Colors You Should Wear This Winter 5 Simple Tips for Men to Level up a Casual Look Best 15 Jackets for Men and Women in 2020

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

Tags

Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

Leave a Reply Cancel reply

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Six Steps to a Successful Office Move

A Viable Alternative to Wild Fish: Can Salmon Farming Be Sustainable?

Tips for Styling Straight Leg Jeans

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

Tags

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

Leave a Reply Cancel reply

Popular

Follow Us

Recent

Related