Posted by JuJuan Buford @JSBUFORD
There are several relevant business credit bureaus that small business owners should be aware of. These bureaus collect and maintain information on the creditworthiness and payment history of businesses. Here are some of the key business credit bureaus:
- Dun & Bradstreet (D&B): Dun & Bradstreet is one of the most well-known and widely used business credit bureaus. They provide credit scores and ratings, business credit reports, and other credit-related services. D&B assigns a unique identification number called a D-U-N-S Number to businesses, which is often used by lenders and vendors to assess creditworthiness.
- Experian Business: Experian is a major credit reporting agency that also offers credit services for businesses. Experian Business provides credit reports, credit scores, and monitoring services specifically for businesses. They gather data from various sources, including trade vendors, public records, and financial institutions, to evaluate a business's creditworthiness.
- Equifax Business: Equifax is another prominent credit reporting agency that offers business credit services. Equifax Business provides credit reports, credit scores, and risk assessment tools for businesses. They compile information from various sources, such as public records, financial institutions, and trade references, to create comprehensive business credit reports.
- CreditSafe: CreditSafe is a global business credit reporting agency that provides credit information and risk management solutions for businesses. They offer credit reports, credit scores, and monitoring services to assess the creditworthiness and financial stability of companies. CreditSafe operates in multiple countries and can provide international credit information as well.
- Experian Commercial Credit Score: Experian Commercial Credit Score is a scoring model specifically designed to assess the credit risk of small businesses. It uses a variety of factors, including payment history, industry risk, public records, and company size, to generate a credit score that reflects a business's creditworthiness.
- FICO SBSS Score: FICO Small Business Scoring Service (SBSS) Score is a credit scoring model developed by Fair Isaac Corporation (FICO) specifically for small businesses. It incorporates both personal and business credit data, along with other factors such as business financials and industry risk, to assess the creditworthiness of small businesses.
It's important to note that each credit bureau may have its own proprietary scoring models, data sources, and reporting formats. Small business owners should regularly monitor their business credit reports from these bureaus to ensure accuracy and identify any potential issues. Building and maintaining a positive credit history with these bureaus can help small businesses establish credibility, access financing, and negotiate favorable terms with vendors and suppliers.
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