Goal: Establishing Business Profile (Business Credit) for your company with the 3 major credit bureaus
Setting Up With All Three Business Credit Reporting Agencies
In this Step, we will address your business credit files with all three business credit reporting agencies…Experian, EquiFax and Dun & Bradstreet. Depending on your current status, this includes establishing a new file(s) or making sure your existing files are reporting accurately.
The Big 3 Agencies at a Glance
Experian is the most open and accessible. You can easily buy your report online and there is no fee for setting up your file. Experian Smart Business Reports is used by many credit card companies, vendors, non-traditional lenders, and banks.
Equifax also allows business owners to purchase a copy of their reports online but is typically the most difficult to establish a file with. This is mainly because their requirements on the vendors and credit providers who would report your payment history are more demanding than Experian or D&B’s. Equifax manages the “Small Business Financial Exchange” and is important to cash lenders such as banks.
Dun & Bradstreet assigns businesses a D-U-N-S number, paydex score and a “rating”. These are critical components of the process. Along with some conventional business lenders for underwriting, D&B is used by many vendors to determine if they will extend your business net terms, and landlords use them to approve office leases.
The how-to instructions in this Step for getting set up “the right way” with each Business Credit Reporting Agency are very clearly spelled out and the methods have been tested and proven by thousands of our members before you.
In this Step we wipe away any confusion concerning the Business Credit Reporting Agencies. Along with being able to access all three of your business credit reports, you will have a much clearer understanding of the business credit reporting process, including how your business credit scores are developed.