The most popular credit reporting tool used by Lenders and business owners is the DUN & Bradstreet (“D&B”) business credit report. D&B also provides business credit scores called PAYDEX® scores. These scores range from 1 to 100, with 100 being the best. The D&B compiles this information from data taken from public records and information reported directly from vendors and collection agencies. D&B uses more than 30,000 private and public sources to gather its data. This data is designed to show the overall health of a company.
Lenders, creditors, vendors and suppliers review the information on your D&B credit report to determine your creditworthiness. Business owners seeking funding should register with D&B or another alternative business credit agency.
Using their DUNS number or company name, business owners can pull their credit reports to search the D&B website. Businesses can request standalone reports about other businesses online or sign up for a monthly membership for regular credit report access. D&B also offers businesses a Credibility Concierge® package where owners are assigned their own credit specialists.
While the D&B credit report offers one of the most comprehensive credit reports for businesses, keeping track can be timely and get expensive. Other options are can be obtainable through www.nav.com. NAV provides business access to Equifax, Experian, and the FICO® SBSS℠ score.
- Equifax provides a business payment index score, business credit risk score, and business failure score.
- Experian offers credit scores called Intelliscores. Companies are rated on a scale from 1 to 100, with 1 being the highest risk. Experian’s rating is based on public records, collections, vendor payments, and overall business information. Lenders and banks most commonly use this business credit score.
- The FICO® SBSS℠ score provides a business credit score based on all three business credit bureaus. The FICO® SBSS℠ score uses information from D&B, Equifax, and Experian to rate a business on a scale of 0 to 300, with 300 being the highest score.
For more information on the importance of a business bank account, call me today at 984-355-9703. You can also drop me a line at VanessaKbroker@gmail.com. I’d love to hear from you.
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Image: Credit Card
Source: DUN &Bradstreet | Understanding the D&B® PAYDEX® Score, SER Rating, and More
Link: https://www.dnb.com/resources/db-credit-scores-ratings.html
Source: FIT Small Business | DUN & Bradstreet Report: What It Is & How It Works | By: Tom Thunstrom | Date: February 16, 2022