Five Tips for Boosting Your Business’s Credit Score

Navigating the
financial world only gets easier with better credit and it isn’t as hard as you
think to boost your score. Check out these five easy tips for improving your
business’s credit score..
1. Update
your credit scores with different bureaus
Unlike
personal credit scores, business scores are not necessarily streamlined. NerdWallet explains that several credit bureaus will collect data on your
business, each using different calculations and reporting different types of
data. While you may stick to checking a certain credit bureau, your creditors
may check another. Maintain all your profiles to cover your bases.
2. Ensure
you’re making payments on-time
If
you can make payments on-time over a long period of time, it will benefit your
overall score. Better yet, make your payments early and strive for a perfect or
near-perfect score.
According
to credit bureau Dun & Bradstreet, if you’re the owner of an emerging or small
business, your company may not have a strong credit profile yet. This means
that prospective creditors may review your consumer credit profile as a
supplemental evaluation method. While they won’t completely rely on your
personal ratings, your score can still impact your company’s creditworthiness.
Sometimes
issues or errors can come up that you aren’t aware of, hurting your score.
Keeping an eye on your credit report on a regular basis can help you catch and
correct these before damage is done.
Perhaps
the most simple and self-explanatory tip, paying off debt is important for your
credit score. Entrepreneur cites business credit expert Liz Weston
saying, “The most powerful thing you can do to improve your credit score is to
reduce your credit utilization.” Before you take on new expenses, take care of
your debt.
If you’re applying for a lease with Tiger
Leasing or any leasing company, your credit score will be a crucial component
of your acceptance. Learn more about credit scores and our quick and easy lease approval process, contact a Tiger Leasing representative today.

