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Business Vs. Personal Credit Reports

May 20, 2010
 
 
We've heard a lot in the news about personal credit reports and how to improve your score, but business reports play by different rules.
 
Begin by checking to see whether your business is being reported by Dun & Bradstreet (www.dnb.com), Acxiom (www.acxiom.com), Equifax (www.equifax.com) or Experian (www.experian.com).
 
Here are the main differences from personal scores, according to Dun and Bradstreet:
·                     Multiple accounts: Having several active business checking accounts all in good standing can raise your credit score. In personal credit, multiple bank accounts may lower your rating.
·                     Self-reported data: Some of the information in your business profile may be self-reported. You can do this by establishing a profile with the companies listed above.
·                     Supplier assistance: You can ask business creditors to report your payment performance.
 
Check your company data, payment history, collections, legal issue reports and UCC files (liens and leases) for accuracy. If you find any errors, such as closed accounts that are listed as active, submit corrections in writing with copies of documentation.
 
To set your business apart from your personal accounts, consider getting a Dun & Bradstreet D-U-N-S Number to use in identifying your business. It's free and requires a simple form (http://www.dnb.com/us/duns_update/). Another way to identify your business is to request an Employer Identification Number (also known as a Federal Tax ID Number) from the IRS (http://www.irs.gov/businesses/small/article/0,,id=98350,00.html).

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