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More and more, entrepreneurs understand the importance of building strong business credit. Good business credit is a valuable asset that can help open up new financing and business opportunities, and save business owners money when they borrow. Would you like to help your customers or clients enjoy those advantages?
You can, if you start reporting payment history to commercial credit reporting agencies. Many small business owners extend payment terms to their clients, or provide goods or services before getting paid.
You can keep an eye on your own business credit for free every month on Nav. Why should businesses be any different? When you let your customers know you report you are subtly encouraging them to move your invoice to the top of the pile.
One commercial credit bureau even provides free stickers you can put on invoices to remind customers that their payments will be part of their credit record. By reporting those payments to commercial credit agencies you can help your clients build positive business credit references that help them build strong business credit scores. Not all companies report to these agencies, and as business owners learn about the importance of establishing strong business credit, they often seek out and do business with companies that report.
Keep your credit in good shape, so it's ready whenever you need it. Nav is the ONLY source for both personal and business credit scores and tools to build better business credit. Get Started For Free. When you work with a commercial credit reporting agency to report data, you can also enlist its help to improve your data and decisions.
The credit reporting agency can help you understand historic data and trends, and develop predictive scoring, explains Gail Beltz, director, Trade Acquisition for Experian Business Information Services. Other business owners can check business credit and offer credit to businesses with a track record of paying on time, as well as avoid doing business with companies that are overextended or falling behind on their bills.
Instead, it is categorized by the type of lender or vendor. Experian says nearly all — In other words, if you bill a business customer and get paid later, you are eligible to report. There is no cost to report, and no minimum number of accounts that must be reported.
Experian is very flexible in terms of how information is reported. They will work with you to make sure your data is properly reported. In addition, Experian has a dedicated commercial relations department that will contact you in the case of disputes to request verification.
It has more than 12, trade partners around the world contributing more than 1. There is no cost to report. You may be able to connect your Quickbooks account to make reporting easier. If your business is unable to report customer information as described above, another option is to hire a debt collector. The collection agency may have a relationship with credit reporting agencies that allows it to report those debts.
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The responses below are not provided or commissioned by the credit card, financing and service companies that appear on this site. But why would you want to go to that effort? Here are four reasons. Help Your Customers Build Business Credit By reporting those payments to commercial credit agencies you can help your clients build positive business credit references that help them build strong business credit scores.
Make Better Decisions When you work with a commercial credit reporting agency to report data, you can also enlist its help to improve your data and decisions. How to Report to Experian Experian says nearly all — Rate This Article This article currently has 5 ratings with an average of 5 stars. Get tips from our small business experts delivered to your inbox each week.