To first find out what your credit rating is, you will have to register with Dun and Bradstreet (D & B). This company monitors and manages changes to your credit profile to make sure that the credibility of your business is accurately portrayed. D& B developed the Composite Credit Appraisal, which rates your company from 1 through 4, which reflects D&B’s overall assessment of your firm’s creditworthiness. The Composite Credit Appraisal is based on D&B’s analysis of your company’s payments, financial information, public records, employee size and other key factors that impact your business.
You should keep your company payments updated because this information can be reported to Dun and Bradstreet. When you establish a business account suppliers, banks and other creditors your payment history can be made available for the public to view. You should pay off all outstanding debts that are due, to keep you in good standing and your credit rate high.
Keep your financial rating intact by avoiding discontinuance of your operations and bankruptcy. Keep up to date on your financial status with each of your creditors because they report the status each accounts you have to D & B. Pay off any outstanding obligation even if you have to make arrangements to pay a small amount at a time, such as, lines of credit.
Manage Public Records
After you review your D & B file, if you find any public records (judgments), you need to pay them off and get a release letter, stamped by a judge, stating that the debt is paid in full. Go to your local courthouse to clear up all public records that concern your business. Even though this process involves more than writing a letter or writing a check, you must do whatever you must to clear the name of your business. Either you or an attorney can handle this matter.
Increasing the number of employees can help your credit rating tremendously. Adding more employees where and when you can will have a huge impact on your credit rating. Increasing the number of staff members indicates that your business is fiscally fit. It also indicates that your business will have some longevity.
The length of time that you are in business will automatically add to your credit rating. The longer you stay in business, the better off your rating will be.
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