Who Can Help Small Businesses Apply For Credit?



Look no further than the major credit reporting agencies for an idea as to who can help small businesses get the credit they need to grow.


Start At The Source
Major credit reporting agencies collect, maintain, and distribute credit information to customers. They are both the keeper of credit information and the assessor of credit quality. The information they collect is inputted into the scoring models which determine the credit score and credit quality of a potential borrower.


Because of the position of major credit reporting agencies all along the process of determining credit quality, they are uniquely qualified to know what businesses have to do to be creditworthy. A business that is looking to apply for credit can go to one of the major credit reporting agencies and safely know that they understand what it takes to be considered a qualified applicant.


For instance, major credit reporting agencies know the key factors in earning a high credit score are payment history, credit utilization, judgments, liens, collections, and inquiries. Based on this knowledge, major credit reporting agencies provide tools and resources that small businesses need to more effectively manage their credit profile.

Credit score and payment trend analysis is one such tool. Another is alerts. An alert will automatically notify a business when there is any change to their credit report. This can be helpful in a number of ways, one of which is enhanced security and protection. If an identity thief were to gain access to sensitive company information and fraudulently open credit accounts, an alert would automatically trigger a notification that would let a credit account owner see what changes were being made. Without such an alert, the business might not be able to address the problem before the identity thief was able to do significant damage to the company’s credit profile, and that could significantly alter the chances of being approved for credit by a lender.


To learn more about the services that any of the major credit reporting agencies offer, visit their website and navigate the tools and services they can provide.

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