Examining the Major Business Credit Bureaus
Below , we will take a look at the four major business credit bureaus and how to get a business credit file with the business credit bureaus:
- Business Experian: Business Experian is the second-largest business credit report in the U.S. You do NOT typically apply for a Business Experian account, but rather you must establish relationships with vendors who will report to Business Experian in order to generate a business credit score. Business Experian uses a scoring system called Intelliscore and your business’ Intelliscore will range from 0-100, with 76 or higher being a good Intelliscore. This Intelliscore of 76 being good is slightly lower than what you will need to get a good Paydex score through another business credit bureau, Dun and Bradstreet. If you don’t have accounts that report to Business Experian, you’ll need to secure accounts. Before you secure accounts that report to Business Experian, you’ll want to see if you already have a profile and already have vendors reporting to Business Experian. Again, you do NOT apply to Business Experian to get an Intelliscore, but you can check and see if you already have an Intelliscore and a profile with Business Experian by clicking this link and requesting: https://www.smartbusinessreports.com/ExperianBIN/
- Business Equifax: Much like Business Experian, you do NOT apply to Business Equifax and they have a similar process in order to get a business profile with them. You will need to be working with business vendors who report your payments to Business Equifax in order to build business credit and establish a business credit profile with Business Equifax. You can call or write Business Equifax to see if you already have a profile or contact customer service through https://www.equifax.com/. Business Equifax has a scoring system ranging from 0-100, but it has the highest threshold. You will need a Business Equifax score of 90+ to have a good business credit score with Business Equifax, which maor banks rely on the most.
- Dun and Bradstreet or D & B @ DNB.com: Dun and Bradstreet is the largest business credit bureau and has a database of 300 million businesses. Dun and Bradstreet uses a scoring system called a Paydex score ranging from 0-100, with a Paydex score of 80 and above being a good Paydex score. You will need to apply with a profile with Dun and Bradstreet if you don’t already have one and you will need a DUNS number if you don’t even have one. Payment should be made early or on time. A single late payment score reported can lower your Paydex score dramatically. You will want to get a DUNS number from Dun and Bradstreet. This DUNS number is like an EIN number, but just for Dun and Bradstreet. You will use your DUNS number to apply for vendor credit (NET 30 accounts). These vendors and NET 30 accounts can report your businesses ahead of time and on-time payments to DUN and Bradstreet, using your DUNS number. Remember, do NOT make a late payment to any of these vendors using your DUNS number, as a single late payment can lower your Paydex score with Dun and Bradstreet. If you need to check if you already have a business credit file with Dun and Bradstreet, you can visit their website and contact them via phone or online: https://dnb.com *You can compare Dun and Bradstreet services, including DUNS number registration, with other business credit services below or on our business credit services comparison page.
- FICO Small Business Credit Scoring Service or FICO Small Business Credit Score: FICO takes the business credit scoring information from the other three business credit bureuas an creates a unique business credit score based on the other three scores. The FICO business credit score ranges from 0-300, with a good business credit score being 140 or higher. Some business lenders would like to see a FICO business credit score of 160 or above. You do NOT need to apply for a FICO business profile because your score is calculated by having a business credit profile with the three business credit bureaus above. You will want to have a MINIMUM of one vendor reporting to each of the business credit bureaus above in order to establish a FICO business credit score.
Establishing Business Credit Profiles With the Major Business Credit Bureaus
Remember, if you already have a business credit profile with ANY of the above business credit bureaus, you will want to check your business credit profile and make sure that all your payment information, vendor information, and business information is up to date and accurate. Use the links provided above or visit the major business credit bureaus in order to see if you’ve already establish a business credit file with the business credit bureaus.
if you’d like to learn more or compare business credit services, other business services, or view the business credit course offer, read below or visit the business credit services comparison page.
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