Type of Position:
Part-Time (on campus)
Monday, January 13, 2020
Why pay for business credit reports when you can get the information for free
Whether you are looking for car finance, a credit card, a mortgage, loan or any other kind of credit someone is going to check you out and decide if you are a worthy risk before giving you the go ahead.
This is standard procedure for individuals who wish to borrow, as few legitimate lenders would approve an application for credit without checking the viability of their investment being returned both promptly and in full, but the situation is no different for businesses.
More about business credit reports
A business credit report contains both the financial history and current credit score of the company it covers. Having a good credit score is important as it is easier to get future credit, and importantly, a more competitive interest rate on any borrowing or credit cards applied for. In some cases having a poor credit score can impede even the simplest things like opening a new business bank account or taking out a new mobile phone contract.
Everything a business does financially is recorded, from credit card spending to loan and other debt repayments. Credit bureaus collate this data and release it in the form of a business credit report to those who request it. Of course a company could choose to check their own credit history and rating, if only to make sure that information held on file is actually accurate, however, the primary users of such reports are generally those who want to check the financial stability of a business before granting them credit of some kind.
Examples of who may apply for a business credit report
The most likely applicants include banks to assess the possibility of agreeing a business loan, insurance agencies, anyone who is interested in buying a business currently on the market as a going concern, potential investors, suppliers, those who are considering becoming company director, and even possible job candidates.
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