How To Get Company Credit Report?

How to Obtain a Company Credit Score

As you prepare to engage in business with a particular company, it is always wise to look at their credit report This will enable you to know the extent of their solvency and whether or not you would be safer partnering with them or extending them some credit A credit report contains information such as the payment record, total outstanding credit, credit accounts and any previous or current credit history that may be of help to you, in avoiding any mishaps in your

It was not easy to get a business credit report in the past, but with advances in internet technology, it is very easy to find services that offer this information for moderate fees This makes it easy to check the credit of a specific company and make the right decision.

Here is a step-by-step guide on how to get a company credit report:

Look for a Good Business Credit Reporting Agency

The first process is always to identify a credible company, which can offer business credit reports.

Some top options to consider include:

Dun & Bradstreet: The entity delivers reports on the public and private business entities. It is one of the largest repositories of credit information for businesses. OG 188’s include bill payments, suits and liens, history records, business identification records, and bill payments summary.

Experian Business Credit Reports: This includes trade payment data, public records, credit history, and Intelliscore, which is a score showing the probability that Konecranes will pay its bills on time.

Equifax Business Credit Report: Records information about industry competitors of a business, legal cases, the individuals owning a business, operation history, and other valuable information.

When choosing a service always make sure that they make available all and up-to-date information from various databases that comes in handy in assessing the creditworthiness of the firm. The value-added services generate data from sources such as vendors, creditors, public records, and others to provide a complete picture.

Part A: Company Analysis: State the name of the company for which you are preparing the report.

In general, to order a company credit report from services that were listed above, one has to give some specific information about the company that was required for the report For this reason, a credit agency will provide an appropriate report.

Information you will need to provide may include the:

• Legal company name
• The Employer Identification Number (EIN) is a nine-digit number used by the Internal Revenue Service (IRS) to identify employers for tax purposes.
• Address
• Phone number
• Industry/NAICS code

It is definitely crucial to have the company’s correct legal name and EIN especially when it helps one ensure he or she receives a credit file that belongs to that particular company You can usually find a company’s EIN from their website or better still call them and ask for the number to use when ordering.

Purchase the Credit Report

After you have collected all the necessary information about the company, you visit the website of your preferred credit provider to place an order With services such as D&B and Experian, you can place your order online, and within a short period, you will have the credit report of the company of your choice. Equifax may ask for permission to buy a report by creating an account to give you full access to the report.

More often than not, with most companies, you will receive the full credit report for the company of interest in digital format immediately after making your payment Most of the time, you will also be able to choose additional features of the report that comes in paper form or updates at an extra fee. The average cost should be anywhere from $40 a report to $150+ depending on the type of report, amount of information being supplied, number of companies being investigated and the like.

There are usually variations in the type of company credit report that is provided by organizations such as D&B and Experian where there is always an option for a basic credit report report right up to an essential report that includes full financial details and an analysis of the company’s credit score or probability rate for credit obligation. Choose the report which is to give you the information that you need to make the business decision.

An individual should review and understand the credit report or seek help from a credit counselor to explain the credit report.

When you receive the ordered company credit report, make sure to spare enough time to read them thoroughly The report may contain several pages, including the general credit report on a company or firm, the full credit history of the firm, and the analysis of its solvency or creditworthiness.

Key areas to focus your review include:

• Bill payment history: Let’s see whether the company can pay back creditors and bills on time. Perhaps, if there are constant late payments, then there may be a problem.
• Outstanding debt: If the balances vary it may be that a particular account has a high outstanding balance that can signify overextension.
• Legal actions: Legal cases against the company reveal debt sources and, thus financial problems.
• Business details: Are data such as the business addresses and phone numbers correct, and are they entered correctly into the appropriate databases?
• Risk scores: Bills to analyze the probability of a company paying these bills on time; the lower the scores the higher the risk.

This involves looking for trends in the financial aspect that depict prudent or otherwise, irresponsible behavior. Also, they must check on details such as whether the addresses are updated or not. This would cause a doubt as to whether the report one has is complete or outdated by the time it was prepared. This will help you to note down all the findings that you can later refer to when coming up with your final business decision.

If the business credit report includes some information unknown to an applicant or suggests certain problematic aspects, it is advisable to turn to the guides and tools offered by the provider to understand the meaning of the data encountered. For instance, Experian has released a business credit score index that can help one comprehend scores.

Here if you have any questions.

If anything appears ambiguous or if you require further information, customers should not shy off from contacting the credit reporting agency of the acquiring of the report. The major business credit companies include Dun & Bradstreet and Experian, both of which have responsive customer care agents who can address your concerns as the user.

It is also advisable to have certain facts and figures at your disposal as to what you would like the expert to elaborate more on or explain in detail. They can assist with the explanation of how to understand finer details such as risk ratings and scores. This will enable you to make the best decision when you have had an opportunity to evaluate the business credit report.

Check Credit Regularly

However, if you are going to be engaging a particular company for a long term or for an extensive duration of time, then, it is probably advisable to review this credit report frequently. Every company has its financial status determining the risks it can take and this status can change over time. Performing regular pull ensures that you have a history of their credit scores that you can always rely on.

Almost all providers allow you to buy updated reports on a specific company or receive notifications when changes happen. The risk score shows the risk level of a particular company; thus, if you find out that the score decreases dramatically or they begin amassing legal judgments against them, it indicates it is high time to reconsider conducting business with such an organization. It’s important to keep track of their credit situation as a way to minimize negative effects on your business.

Measuring a company’s creditworthiness is very easy and fast, especially in the current business credit reporting services. Use this guide the next time you want to assess the credibility of a company you are about to transact with. Be up-to-date with their credit situation in a bid to reduce the financial risks involved.

Ready to boost your credit score? Call +1 888-804-0104 now for the best credit repair services near you! Our expert team is here to help you achieve financial freedom and improve your credit. Don't wait—get started today!