Personal Credit vs Business Credit
Personal credit is calculated automatically based on your financial activity. It’s linked to you, and often requires little effort from yourself! Corporate Credit however does not exist without first establishing a business – so let’s discuss how that works in more detail later on…
Your corporate credit score is different than the one you have for personal loans, cars or mortgages. The way it’s calculated can be straightforward and simple depending on whether your business has its own account. If not then there are several other agencies that provide these services but they all work in a similar fashion – taking into account various factors such as payment history, the amount owed (to either this company OR others), etc., when evaluating potential applicants’ eligibility for loans from certain lenders who offer better conditions based off their standards vs others.
Key Differences Between Personal Credit and Business Credit
Personal credit is linked to your identity, and requires little effort on your part besides paying bills on time, keeping steady employment, and keeping your debt-to-income ratio low calculated automatically based on your financial activity such as income, paying bills, applying for credit, loans, mortgages, etc,
Business credit scores range from 0-100 for three of the four main business credit bureaus, and 0-300 for one of the business credit bureaus. Business credit scores are weighted on payment history and making payments on time. Making payments early can boost your business credit score, but late business credit payments can tank your business credit score FAST. You business credit profile is public information and investors and other companies can look up your business credit easily, especially if you’re looking to do business with them or sell your business to them.
If you’re interested in a business credit course, comparing business credit services, or comparing various general business services and banking, scroll below or visit our business credit services comparison page.
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