Business Credit Score

Business credit score helps you to secure better terms for the next time when you apply for a small business loan to get an insurance policy for your business.

What Is Business Credit Score?

Business credit score is the numeric representation of your credit worthiness. This score is produced by the information on your business credit report. This score is considered by the lenders while considering your credit application.

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Low rates on insurance policies

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Increase borrowing power

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Easier financing

The higher credit score means you have a good history of paying bills on time. You have a high chance of getting accepted by lenders if you have a higher credit score.

Key difference between personal credit score and business credit score

Range: Personal credit score range from 300-850 whereas business credit score range from zero to 100. You can build good business credit score by making payments on time to the creditors.

Privacy: Business credit score information is public whereas your personal credit score is only accessible to selected parties.

Standardization: Consumer credit bureaus use FICO algorithms to calculate credit score whereas business credit score algorithm don’t follow industry standard and vary from bureau to bureau.

Some Common Queries Related To Business Credit Score

Well you sure have some queries regarding business credit score. Here are the answers for some common queries that you face related to business credit score.

How can I improve my credit score?

By opening accounts that report to business credit such as vendor accounts and business credit cards.

How can I get free business credit scores?

You can get free business credit score with the free NAV account.

How it benefit your business?

It determine your borrowing power, insurance rates and you get more time to pay if you have good business credit score.

Do you want to increase your business credit score?

Having high business credit score is important for your business while getting loans or insurance. We see to it that your business don’t have low credit score and make sure to keep it increasing so you don’t face problems.

Business credit score calculation

There is no fix method of calculating credit score. Each of the business credit bureau has its own method to determine your company’s creditworthiness.

There are various factors on which the calculation of business credit score is done. The most important factor in determining the business credit score is payment history of your business.

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Payment history

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Credit history age

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Debt and its usage

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Industry risk

How business credit score are used?

For approving financing to your business, lenders and creditors need a means of determining how well your business repays debts. Business credit score helps lenders and creditors to give information about this.

High score indicates that you are likely to pay bills on time which increases the possibility of getting finance. Lenders check your credit report to get more information about your financial history and credit score are served as shorthand evaluation for this.

What Our Clients Say?

Here are few reviews and comments from our clients.

The Financing Compass worked extensively with me to help me anticipate some of the issues that my business may face. Not many lenders would go to that length. They’ve been extremely supportive and a great resource.

Innovo

United States

Financing Compass enabled me to take advantage of an incredible opportunity to relocate and expand my business, at a pivotal time. The support I received from Financing Compass staff was priceless.

Minakshi

United States

Working with Financing Compass helped me develop my business plan, ideas, and brand before getting started so that I was prepared to open a successful business when I received my loan.

Irnan

United States

Are You Looking For Our Services?

If want to increase your business credit score give a boost to your business growth you can contact us. We will provide you with the best service that will benefit your business.