The economic crisis and resulting tighter credit market have made it imperative for small businesses to maintain high personal and business credit scores. Farmers are not exempt, says Danny Klinefelter, Texas A&M AgriLife management specialist. "Lenders have raised the bar. That’s especially true if you need a large line of credit through a corresponding bank."
Check your credit report at Equifax (personal and business), Experian (personal and business), TransUnion (personal), Acxiom (business) and Dun & Bradstreet (business) at least annually. Business reports may include information not always included in personal reports, including legal issues and UCC filings of liens and leases.
If you find any errors or discrepancies, you can report them direct to the reporting company or request that the company involved do so. Submit corrections in writing, along with copies of documentation that supports your correction.
Dun & Bradstreet points out that whereas multiple bank accounts may lower your personal score, having several active business checking accounts all in good standing may raise your business score.
If you don’t have a business rating and feel you might benefit from one, you can self-report data to the business reporting companies and ask your business creditors to do the same.