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

08 May 2018

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.

View all posts

Proven Strategies To Captivate Buyers And Sell Your Business Successfully

Do you need more time to get people to buy your products? There are a lot of strategies that would help you captivate customers, enhance your sales, and skyrocket them. Selling a business can be challenging. You need to prepare and use the right sales techniques to be successful. The following proven strategies will help you achieve this goal. In this article, I have unveiled the ultimate guide where you can get such secret tips to make your product sales successful. Not only that but from understanding the current audiences' requirements to the ways of continuous improvements, everything I have covered mostly. Here are the lists of… The Proven Strategies To Captivate Buyers And Sell Your Business Successfully In this digital world, it is more challenging to drive online sales. After all, this is crucial for businesses to seek success and growth. Above all, to achieve rapid results, it is essential to employ effective methods and ways that could provide rapid growth. Below, I am going to discuss proven strategies where you can captivate buyers and sell your business successfully. 1) Create an Emotional Bond Develop a compelling story. This narrative allows buyers to connect with your business on a deeper level. Share the origins of how the company was founded, the motivations and vision behind it, key milestones, and your future dreams for the business under new ownership. This narrative helps buyers become emotionally invested in carrying on the company's legacy. 2) Showcase Meticulous Record-Keeping Long before even considering selling your business, meticulously organize your financial, tax, and legal records. Buyers will conduct extensive due diligence, so you need to have sales figures, tax returns, contracts, intellectual property paperwork, and other documentation readily available. Transparently providing this information upfront builds trust and confidence with buyers early on. 3) Invest in Premium Marketing Collateral Professional marketing materials show buyers you mean business, no pun intended. Work with a talented graphic designer to produce slick sales brochures, pitch decks, and promotional assets tailored to your target buyer's needs and preferred visual style. Verbally convey your business strengths, then provide supporting marketing collateral to back up claims with visual substance. 4) Find the Right Valuation Pricing your small business too high can deter buyers. Consider hiring a qualified valuator to determine how much the business is worth based on financials, clientele, brand strength, and industry benchmarks. This defends your asking price with quantitative market data. Being too vague or inflated on valuation raises red flags with seasoned buyers. 5) Cast a Wide Buyer Net Marketing your business for sale early and to the largest pool of qualified buyers drives more offers and the optimal sale price. Hire an experienced business broker to handle outreach through their connections and marketing channels. Also, utilize premium business sales listing platforms to gain exposure outside your region. 6) Vet Buyers Thoroughly As you field inquiries from interested parties, vet each thoroughly to assess the sincerity of interest, proof of funds, and experience in running this type of company. Moving too quickly with an unqualified buyer rarely ends well. Be cautious about sharing sensitive details like client lists or financials too early in the process as well. 7) Drive Competition Once you have several qualified buyers at the table, use competition tactfully to your advantage. While you don’t want to drag negotiations out forever, letting buyers know there are others bidding can compel them to offer top dollar, accelerate the process, and agree to favorable terms for you. 8) Negotiate Earnest Money & Terms Require interested buyers to put up good-faith, non-refundable earnest money to demonstrate seriousness. This also guarantees you get paid if the deal falls through. Negotiate clear timelines, performance metrics, and payment terms favorable to you built into the sales agreement. Retaining a business attorney can help craft binding contracts that protect you. 9) Handle Transition Planning Early into the negotiation phase, start planning a detailed transition plan spanning 30 to 90 days post-sale. This ensures client retention, trains the new owner properly on systems, and helps you strategically phase out. Having a transition roadmap signals to buyers that you are a serious seller invested in the future success of the business under new ownership. Selling a thriving small business at maximum valuation is part art, part science. The process requires blending the art and science across valuation, marketing, negotiations, and transition planning. It demands significant upfront effort, but the long-term payoff makes it well worth the investment. By implementing these proven sales strategies, you can captivate buyers, command premium valuations and craft a business legacy positioned to prosper under new ownership. 10) Understand your target audience If you are wondering how to get people to buy your product, first, it is essential to understand and gain knowledge about your target audience. What are the things you must know, such as: Who are they? What do they want? And how would you effectively reach them? After all, gaining knowledge about your audience would help you tailor your several marketing efforts, which would meet the requirements and several other preferences through you. On the other hand, if you start understanding your target market, you must conduct audience research. Above all, there are multiple ways in which you could go about this, such as: Firstly, you need to analyze your customer base. In this case, you need to look for several other patterns and some common characteristics among the most loyal customers. In this case, it gives you valuable insights into your target audience and their values. Secondly, you must use several other online tools and platforms that would provide audience analytics. Several other social media platforms would offer detailed demographic and internet-based internet-based data about your followers. This information could help you identify several key segments within your audience. In this way, you could also develop targeted marketing strategies. 11) Leverage Social Proof Leveraging social proof is another proven strategy that would captivate buyers and sell your businesses. In this case, chances are new, and you must look for several reviews and testimonials from other customers. You want to know if this lives up to its promises. After researching the fact, over 70% of customers actively seek out such reviews and several other testimonials before heading to any purchase. 12) Use demand generation methods to attract customers Another proven strategy where you could captivate buyers and sell your businesses is to use demand generation methods to attract customers. Demand generation is about creating awareness and generating interest in your products, where you could attract potential customers. Aside from that, demand generation is also essential because this would help you reach an extensive range of target audiences and create buzz around your business product. In Conclusion In this article, I have discussed several proven strategies to captivate buyers and sell your business successfully. By incorporating such a strategy, you could significantly enhance and develop the chances of capturing the attention of several other potential buyers. Ultimately, you could also drive sales. I hope you liked this article. If you have any questions, please comment below! Read Also: Choosing Between Shopify and Crafting Your Website: A Guide for 2024 How Automation Tools Are Transforming Digital Marketing? Unlocking Opportunities: How Does Leasing Expand Your Car Options?

Empowering Employees: How to Build a Collaborative Virtual Office Culture

In today's business landscape, many companies have embraced the concept of remote work, creating a virtual office culture. Remote employees, often called remote workers or telecommuters, are integral to modern organizations. However, building and nurturing a strong work culture in remote companies is no easy feat. Explore the various aspects of empowering employees and creating a collaborative virtual office culture that fosters engagement, productivity, and a sense of belonging. Understanding the importance of company culture A great company culture is the bedrock upon which successful organizations are built. It defines employees' values, beliefs, and behaviors as they work together toward a common goal. A strong company culture creates a shared sense of purpose and identity among remote team members and the organization, attracting talented new employees. The rise of remote work The advent of technology and the changing dynamics of the modern workplace have led to the rise of remote work. A traditional office space is no longer the sole option for company leaders. Remote employees can contribute effectively from anywhere, provided they have the necessary tools and a conducive work environment. In addition to providing flexibility, remote work often results in cost savings for both employers and employees. Employers can reduce overhead costs associated with maintaining physical office spaces, while employees can save on commuting expenses and enjoy a better work-life balance. Remote work culture vs. traditional office culture While working remotely offers flexibility and freedom, it also poses challenges to maintaining a cohesive company culture. Unlike in a physical office, remote teams are geographically dispersed, and face-to-face interactions are limited, necessitating a different approach to building and maintaining culture in virtual offices. In contrast, traditional office cultures rely on physical proximity, spontaneous interactions, and a well-defined office environment to foster collaboration. On the other hand, to maintain a remote work culture, you must consciously try to replicate these elements virtually. Building a Collaborative Remote Work Culture Emphasizing communication tools In a virtual office, effective communication tools become the organization's lifeline. Companies must invest in reliable video calls, instant messaging platforms, and collaborative software to ensure seamless interaction among virtual teams. Furthermore, augmented reality (AR) and virtual reality (VR) technologies are rising to create immersive virtual meetings and team-building experiences. These innovations allow remote employees to feel more connected despite the physical distance. Setting clear expectations Clear expectations are essential for a remote team to perform their tasks effectively. Leaders should communicate objectives, deadlines, and performance metrics transparently. Moreover, AI-powered project management tools can assist in setting and tracking these expectations. These tools provide real-time insights into project progress and individual contributions, enhancing accountability among remote team members. Virtual team-building events Team-building events foster camaraderie and an ideal virtual environment among remote workers. These events can range from an online game to a virtual happy hour, providing opportunities for team bonding. To take virtual team-building to the next level, organizations are exploring virtual reality team-building experiences. These experiences allow dispersed workers to participate in group activities within a simulated setting, fostering teamwork and individual creativity. Employee experience and morale Organizations must prioritize the employee experience to maintain high levels of virtual team engagement, which includes addressing their needs, concerns, and overall job satisfaction. Employees who indicate that they experience a high level of happiness while at work are more likely to be engaged. Personalized employee well-being programs incorporating fitness challenges, mental health resources, and virtual coaching are becoming popular. These programs boost morale and improve employees' overall health and productivity. Incorporating company values Company values should not be mere words on a website. They should be integrated into daily operations and decision-making processes. When virtual employees see these values in action, it reinforces the collaborative company culture. Company swag, including branded merchandise and gifts, can help employees feel connected to the organization. It creates a sense of pride and belonging. Measuring employee engagement Measuring employee engagement in a remote work environment requires different tools and strategies. Regular surveys, feedback mechanisms, and tracking key performance indicators are essential. Regular all-hands meetings bring the entire organization together, ensuring everyone is on the same page regarding company goals, progress, and challenges. To enhance engagement measurement, organizations are adopting sentiment analysis tools that use natural language processing (NLP) to analyze employee communications. This provides real-time insights into employee sentiment and allows for proactive responses to potential issues. Encouraging creativity Creativity and innovation are crucial for the long-term success of any organization. In a remote work culture, leaders must actively encourage team creativity. This can involve brainstorming sessions through video calls or collaborative platforms, where team members can freely share ideas and innovative solutions. Embracing diversity Remote work naturally brings together individuals from various backgrounds and cultures. Embracing this diversity can lead to innovative problem-solving. Companies can establish cross-functional teams with members from different locations, promoting the exchange of diverse perspectives and ideas. The future of remote work culture As we look ahead, it's evident that the remote work culture will continue to evolve. Companies are exploring innovative ways to foster collaboration among remote teams. One emerging trend is the use of virtual reality (VR) not only for team-building but also for creating immersive onboarding experiences. Furthermore, "unlimited" paid time off is gaining traction in remote work cultures. This approach allows employees to take time off when needed without worrying about accruing limited vacation days. It acknowledges the significance of mental health while also encouraging a healthy balance between work and personal life. Final thoughts Building a strong remote work culture is challenging, but the rewards are worthwhile. A collaborative virtual office culture empowers employees, promotes engagement, and contributes to the organization's success. Businesses can thrive in the virtual space by embracing technology, fostering personal connections, and aligning with company values. Read Also: Can an Employee Claim for a Personal Injury When Working From Home? 5 ways employee perks can dramatically enhance your personal life What Is Employee Leasing? Overview And Explained In 2021

9 Things You Need To Know About The Non-Ferrous Castings

Humanity's initial foray into metal use started with non-ferrous metals. The adoption of bronze, an alloy blending copper and tin, marked the pivotal shift from the Stone Age to the Bronze Age circa 3200 BCE. Casting non-ferrous metals stands as a highly impactful industrial practice, shaping civilizations. Over millennia, advancements have refined techniques and procedures, yet the foundational principles remain enduring, fostering ongoing innovation. But, many people still don’t know much about the non-ferrous castings or how they usually work. And that’s what we will be discussing in this article. So, let’s get started with it. Things to Know - 1: What is a Non-Ferrous Metal Casting? Non-ferrous metals encompass a range of chemical compounds present on Earth, excluding pure iron. Contrary to pure metals, which are elemental, these non-ferrous metals consist of alloys, combinations of two or more metals fused together. Crafting alloys involves a skillful blend of elements — often resulting in improved properties and advantages. Precision in alloy mixing can yield valuable and sought-after characteristics, making them a crucial part of modern metal usage. Metals like aluminum, lead, tin, zinc, nickel, and copper are widely known. Copper-based alloys without iron, like brass (a mix of copper and zinc) or bronze (a blend of copper and tin), are among them. Besides, precious metals like platinum, silver, and gold are classified as non-ferrous metals. Things to Know - 2: Non-Ferrous Metal and Ancient History Humans initially used non-ferrous metals for metallurgy, with copper, gold, and silver being particularly appealing due to their resistance to corrosion, unlike ferrous metals. Copper, known as the initial metal manipulated into items during the 'Copper Age,' along with gold and silver, replaced wood and stone due to their malleability. Their scarcity made them highly exclusive materials often reserved for luxurious goods. The introduction of bronze, achieved by blending copper with tin, marked the transition from the Copper Age to the Bronze Age. Things to Know - 3: Material Diversity Non-ferrous castings encompass an array of materials, including aluminum, copper, zinc, and magnesium alloys. Each exhibits distinct characteristics — aluminum boasts lightweight strength, copper offers excellent conductivity, zinc facilitates die-casting, and magnesium showcases exceptional lightness. It allows for tailored solutions in various industries, from aerospace to automotive, enhancing efficiency and performance. Things to Know - 4: Complex Casting Processes The casting process for non-ferrous materials involves intricate methodologies. Techniques like sand casting, investment casting, and die casting are prominent. Sand casting, a traditional method, involves pouring molten metal into a sand mold. Conversely, investment casting uses wax patterns for intricate designs. Die casting, preferred for high-volume production, employs reusable molds for precise, rapid casting. Things to Know - 5: Corrosion Resistance One of the standout features of non-ferrous castings is their resistance to corrosion. Aluminum and its alloys form a protective oxide layer, rendering them resistant to rust. Copper's inherent resistance to corrosion makes it a much preferred choice in plumbing and electrical applications, ensuring durability and longevity in various environments. Things to Know - 6: Application in Diverse Industries The adaptability of non-ferrous castings extends across numerous sectors. In the automotive industry, aluminum alloys enhance fuel efficiency due to their lightweight nature. Copper alloys find extensive usage in electrical components, ensuring efficient conduction. Aerospace usually relies on magnesium alloys for their lightweight strength, enabling aircraft to achieve optimal performance. Things to Know - 7: Sustainability and Recyclability Non-ferrous materials align with sustainable practices due to their recyclability. Aluminum, for instance, retains all of its properties even after recycling, making it a highly sought-after material for eco-conscious industries. The recycling process consumes significantly less energy compared to primary production, contributing to reduced carbon emissions and resource conservation. Things to Know - 8: Design Flexibility and Precision The overall versatility of non-ferrous castings allows for intricate designs or precise detailing. Investment casting can allow the creation of complex shapes with fine details, fulfilling the demands of industries like — Jewelry making, Aerospace, and Medical equipment manufacturing. This flexibility aids in achieving the desired functionality and aesthetics of the final product. Things to Know - 9: Types of Non-Ferrous Alloys and Metals I. Aluminum Aluminum stands as one of the most abundant non-ferrous metals. Its lightweight nature, excellent conductivity, corrosion resistance, and malleability render it indispensable across diverse sectors. From aerospace components to beverage cans, aluminum's versatility knows no bounds. Its conductivity makes it ideal for electrical transmission lines and wiring. Additionally, aluminum alloys, such as 6061 and 7075, offer enhanced strength, making them suitable for structural applications in aviation and automotive industries. II. Zinc Zinc, used as a coating to protect steel from corrosion, also finds application in die-casting processes to produce intricate shapes for automotive components and household fixtures. Zinc alloys, like Zamak, offer improved mechanical properties and are commonly used in the manufacturing of various consumer goods and automotive parts. III. Lead Despite environmental concerns leading to reduced usage, lead still finds applications in certain industries due to its high density and corrosion resistance. Historically used in piping, batteries, and radiation shielding, its usage has decreased due to health and environmental regulations. IV. Copper Copper, known for its great electrical and thermal conductivity, has been in use since ancient times. Its overall flexibility and malleability enable it to be shaped into wires for electrical applications and tubes for plumbing systems. Copper alloys, including brass (copper and zinc) and bronze (copper and tin), possess superior properties like — Increased strength, Corrosion resistance, and Aesthetic appeal These make them quite valuable in architectural designs, musical instruments, and marine applications. You can use them in various other aspects as well. Conclusion The non-ferrous castings embody a unique convergence of material science, manufacturing expertise, and application versatility. The myriad benefits—ranging from corrosion resistance to recyclability—underscore their pivotal role in modern industries. Understanding these essential aspects empowers industries to leverage the unique properties of non-ferrous materials, fostering innovation, sustainability, and efficiency in manufacturing processes worldwide. Read Also: Why Metal Studs are More Suitable for Your Construction Works Is Prefabricated Metal The Future Of Warehouse Construction? How Many Jobs Are Available In Precious Metals?

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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Proven Strategies To Captivate Buyers And Sell Your Business Successfully

Empowering Employees: How to Build a Collaborative Virtual Office Culture

9 Things You Need To Know About The Non-Ferrous Castings

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