Research found that 72% of business owners don’t know their business credit scores. If you’re one of those who don’t know their scores, here are four great reasons to check your business credit on a regular basis:
Mistakes happen. Your business credit may get mixed up with that of another business, or one of your vendors or lenders may report incorrect information. If you don’t check, you won’t know.
Credit scores change. Every time new information is reported by your lenders and vendors, your credit reports— and scores— may change.
Fraud can occur. Business credit fraud or identity theft is a growing problem and may result in negative information on your reports. Monitoring your credit can alert you to suspicious activity.
Get better financing. Report found that business owners who understood their business credit were 41% more likely to be approved for financing.
Your lenders, vendors and even your competitors may check your business credit without your knowledge. Others may be checking your credit— shouldn’t you?