The Importance of Establishing a Good Business Credit Score.

Establishing a good Business Credit Score is sometimes the only method by which a business can get credit. Many owners have been taken task, on their personal credit score, and building a good Business Credit Score presents a lifeline to access credit for their business. rnHere is a breakdown of how the Paydex credit score is calculated: and steps you can take to build a good Business Credit Profile. rnScore is based on how your BUSINESS pays it’s bills: Payment Expectation: Expect payment may come early .................100rnPayments generally come within early
rnpayment discount period.........................90rnPayment is prompt.............................. 80 rnPayment comes 14 days beyond terms ............ 70 rnPayment comes 21 days beyond terms ............ 60 rnPayment comes 30 days beyond terms ............ 50 rnPayment comes 60 days beyond terms ............ 40 rnPayment comes 90 days beyond terms ............ 30 rnPayment comes 120 days beyond terms ........... 20 Unavailable.................................... UNrn• If you own a business, your Paydex score is essential in establishing new credit and continuing to build credit limits exceeding $100,000. • It only takes 60 days to establish a positive Paydex credit score.rnTo start you will first want to apply for a DUNS Number, a nine-digit business identifying number, with Dun and Bradstreet. Be cautious, D&B specializes in confusion, you just want a DUNS number…..nothing more.rnWhen your DUNS number is established you will next want to find a merchant who will extend you credit and then report that credit to Dun and Bradstreet.rnOnce you have positive business credit reporting to Dun and Bradstreet, you will have a positive Paydex score established.rnYou will want to then apply for more business credit and use it regularly.rnMake sure you pay all payments early to raise your scores to 80 or higher.rnYou can easily and quickly establish a positive Paydex credit score.rnAs you continue to pay your bills timely your scores will continue to rise, giving you the ability to qualify for credit in your business name.