How To Order A Business Credit Report

When creditors extend credit to business customers, they can purchase products or services in advance but postpone the actual payment until a later date.

The larger the purchase amount of a typical customer, the greater the risk to which creditors are exposed. Extending credit has been proven to increase sales by up to 50%, but every business must take certain steps to minimize risk.

One way to reduce this risk is to check the company's credit report. This is an important part of making an informed lending decision, as it gives creditors the opportunity to review the payment history of a company's existing financial obligations, including:

*Supplier/Seller

*credit card

*Rental agreement

*loan

*Public works

*Pending bankruptcies, judgments, or liens

It's important to know that not all reports are the same, depending on the credit bureau you order from. Each commercial credit reporting agency is a repository of transaction and credit information provided by creditors. These creditors who submit data to reporting agencies are called subscribers.

The information reported depends on how often the creditor submits the data. Some creditors submit data monthly, while others submit data quarterly.

Additionally, some creditors may report information to a single credit bureau, while others may report to multiple credit bureaus. Each bureau maintains its own database and does not share credit information with other bureaus.

Please review general information about the company before deciding to create a report. The company name and state are usually sufficient, but you can also include your address, phone number, and EIN number.

Here's how to order your business credit report from the three major credit bureaus:

1) Dun and Bradstreet DNB has over 130 million listed companies and over 1.5 million updates per day. To order the report, visit the DNB.com website and perform a company search. Select the company you want to review and the type of report you want to order. Prices start at $59 and go up to $149. You can also speak to a sales representative by calling 866-222-2841.

2) Corporate Experian: Another big player in the industry, with over 22 million listed companies. To order a report, visit SmartBusinessReports.com and perform a business search. Select the company you want to check and decide whether you want a standard or premium business credit report. Prices start at $29.95 and go up to $49.95. 3) Small Business Equifax: This bureau has more than 25 million businesses registered in its database. To order the report, visit Equifax Small Business.com and perform a business search. Once you find a company you want to check, you can order either a single company credit report for $99.95 or a multiple package for $399.95. Another possibility of receiving a report is if a member obtains a report and is denied credit. Business Equifax can be reached at 1-800-727-8495.

Although there are many other offices that collect commercial data, these offices have the largest databases. In some cases, it may be advantageous to contact a specialized agency. Some lenders even order reports from multiple bureaus to get a more complete picture of a loan applicant's creditworthiness.

Today, hundreds of thousands of businesses, lenders, and suppliers rely on credit reports to provide the information they need to evaluate a company's creditworthiness. Request your business credit report today and make informed business financing decisions.

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