Unfortunately, business owners do not get the same financial benefits as regular consumers do. Private individuals are entitled to one free annual credit report every single year. Businesses are not. However, this does not mean that your business credit scores have to go unchecked. In fact, you should always strive to be in the know about your business credit rating. It will help keep your business financial health in good standing. Find out how you can get an annual credit report for business purposes below.
When Denied A Loan
Whenever you are denied a loan or a business credit card, you should be provided a look at your credit score. Applying for loans for bad credit is not something you can do every six months, of course. However, it is certainly something you should take advantage of when you have the opportunity. You can even get access to these scores when you get approved for business financing or credit cards. Just be sure to ask if it is not immediately presented to you. This is a great way to get a free annual credit report for business.
There are many online resources to find business credit ratings every year. It is not nearly as hard as it is to know when to get a cash advance. In fact, you can even see your credit score every month with some of these annual credit report websites. However, it is important to remember that these credit reports are not comprehensive. They may also not be as accurate as a more official credit report would be. But still, they provide one of the best financial resources for business owners to stay on top of their credit ratings and financial health.
Search Your Business
You can also search for your business on the websites of the major credit reporting agencies. These credit bureaus may not have your business on file. There are several reasons why you may not be listed with a credit reporting agency. Two potential reasons is if your business has less than one year in operation, or if your business is not officially incorporated with your state and does not have a federal tax ID or TIN. You will not be able to get your credit score just by searching it on these credit bureau websites. But, it is good to check before you attempt to shell out cash for an annual credit report that does not exist for your business.
Pay For It
Once you know your business is listed with the major credit reporting agencies, like Experian, Equifax or Dun & Bradstreet, you can opt to pay for your annual business credit report. This is probably the best option for most business owners. You should make sure to pay for an official annual credit report at least once a year. If you can pay Liberty Tax Service fees, you can pay for your annual credit report. This is the only way to make sure the information you are receiving is accurate and up-to-date. It is also the only way to be certain that their are no errors on your credit report. Those mistakes can be hugely damaging to business. That is why it is worth it to pay for an annual credit report from the major reporting agencies at least once a year.
Check Personal Credit
Be sure to check your personal credit scores too. This is particularly valuable for small and new business owners, in particular. Your personal credit score does have some bearing on your business financial standing. That makes it even more important to track and keep in good standing. To check your personal credit score, you can use any number of free credit scores websites or services. Your personal credit cards may even offer a monthly credit report for free. Regardless of how you obtain your personal credit rating, be sure to check it annually as well. Or, check it even more frequently. Maintaining personal financial health is just as important to your business financial standing as checking your business credit report annually.
For small business owners, maintaining a good credit rating for business is nearly impossible if you do not have access to annual credit reports. Unfortunately, businesses are not provided a free annual credit report like private individuals are entitled to. However, that does not mean that you can never check your credit score for free. Use the resources above to get annual credit ratings for business. This way, you can be sure your business stays in good financial standing for many more years to come.
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