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5 Effective Ways to Improve Your Business's Credit Score


October 25, 2022 ( Newswire) Business financing can be integral to a business's ongoing success, yet it often requires a healthy credit score. Without a healthy credit score, a company might not have access to desirable capital and credit options and more favorable payment terms with suppliers. As time-consuming and challenging as improving a business's credit score can be, it's undoubtedly worthwhile. You might also find that it's much more straightforward than you previously thought when you do some of the following things.

Picture: Dylan Gillis

Get Tradelines

After reading a superior tradelines review, you might learn that tradelines are accounts listed on your credit report to make it look seasoned with an established history. Many individuals purchase tradelines when they want to improve their credit scores to take out loans and mortgages. Businesses can also use tradelines in a similar way. When you're a new company without an extensive history, you can become an authorized user on another company's tradeline to show positive credit history.

Check Your Credit Report

It can be challenging to improve your credit score if you aren't sure what could be contributing to it not being as high as it could be. Request your business credit report from a credit reporting company like Experian or Equifax to find out if there are any items you could dispute or any accounts that might negatively impact your score. You can then put a plan in place to solve those issues and increase your score with time.

Pay Your Bills On Time

When you don't pay your bills on time, the companies you owe money to can see you as a debt risk. Not only can they be less likely to work with you in the future, but they might also report to credit companies and lower your credit score as a result. Pay your bills on time, and you might avoid such a problem. If you aren't able to pay your invoices in full, consider payment plans with suppliers to ensure you're paying enough over a set period to satisfy their accounting department's requirements.

Add Positive Payments to Your Credit Report

While many suppliers and vendors share your payment information with credit reporting agencies, not all do. This is typically not an issue for well-established businesses, but it can be for fledgling companies trying to secure funding. You're typically able to add payment data to your credit file manually through a reputable credit reporting company. This can help you build up enough positive information to impact your credit score.

Decrease Your Credit Utilization Rate

Your credit utilization ratio or rate is the total of your balances divided by your credit limit. The less you owe, the better your utilization rate and the healthier your business credit score might be. Decrease your credit utilization ratio by paying off balances, increasing your credit limit, paying bills over the course of the month, and decreasing your credit card spending. Aim for 15% or less for best results.

Increasing your business credit score can take time and effort, but it can be worth it when you potentially have more borrowing and credit options at your disposal. Take some of these actions above, and you might be surprised by how helpful they can be.

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