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What you should know about your business credit score

Be sure to check out your business credit score to help you prepare for the coming year.

(ARA) – Between closing your books on 2010 and preparing for 2011’s tax season, knowing how creditors and others perceive your business may not be top of mind. But knowing what’s on your business credit report and updating outdated information can help you better prepare your business for the coming year. The credit experts at Experian offer some insight into the factors that affect your small business credit report and business credit score, and why it’s important to An accurate business credit report and a good business credit score can:
* Save you money because lenders usually offer their best interest rates to businesses with good credit.
* Reduce your personal liability and protect your personal assets by enabling you to obtain business credit without the need for a personal guarantee.
* Help you offer your customers competitive prices by passing your interest savings on to them, while still keeping a larger margin of profit for yourself.
* Get you the money you need to keep your business running.
Web-based services are a great way to monitor and manage your business credit report. Sites like SmartBusinessReports.com and Experian.com/SmallBusinessCredit not only allow you to view your own business credit report and score, but also provide useful information on how Experian arrives at your credit score and how your business practices affect your score and report. These sites also allow you to check the business credit of your suppliers, customers, prospects, partners and competitors. Easy-to-read, detailed reports can be purchased online with major credit cards.

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