So you’re really serious about getting your credit whipped into shape so you can get access to working capital*, as we discussed in our previous post. You just don’t know where to start. It is daunting.
D & B is a good choice. You may not even know you even have a profile obtainable through the firm, but as with some of the other familiar credit reporting agencies in the U.S., D & B can give a credit report that will let you know how you’re doing. If you find your report isn’t as favorable as you’d like, don’t panic.
If you dispute some of the information on the report, if something changes in your credit, or if you take steps to repair damaged credit, you can report that directly to D & B and have them update your information. That’s a great way to see the tangible benefits of your efforts in short order. One thing to keep in mind is that you must provide proof that your credit has indeed changed, so keep your supporting documentation on hand to make your case.
PayNet, Experian Business and Equifax Businesses are three bureaus that also offer business credit reports, so it’s worth keeping in touch with both as you take a wrench to your credit.
It’s worth checking your personal credit information with every credit bureau you can, as well. The three major credit reporting agencies—Experian, Equifax and TransUnion—will give you one free report a year, so take advantage of that to keep tabs on your status at least once a year.
“You should keep track of both personal and business credit,” said Brian Varney, Director of Client Services at Direct Capital. “Many businesses ignore their credit, but with conscious effort, you can better your standing and increase your approvability in a short timeframe.”
If you’re able to monitor your credit, work to bolster it through some of the details we listed in the previous post and keep the credit bureaus abreast of what you’re up to, you should be in excellent position to get the working capital or other funding your business needs.
How do you keep track of your credit? We’re here to hear.
Photo credit to blary54 at http://www.sxc.hu/photo/1081067
*Working capital not available in the following states: AK, DE, ND, VT