If you don’t know what’s been reported about your company’s financial history, you have no way to stay on top of your business credit. And, you need a clear understanding of where you stand to reach your goals. One of the first steps on the path to better funding options for your company is to check your business credit score and report.
So, with personal credit, you probably know that you can access your full report once a year for free. And, you can use tools like Credit Karma to monitor your standing. But, where business credit is concerned, the details are a little fuzzy. So, learn how to how to run a credit check on a business.
First, Which Bureaus Monitor Business Credit?
There are three major business credit bureaus with which you can check and monitor business credit scores and profiles.
- Dun and Bradstreet (D&B)
- Equifax Business
- Experian Business
Each bureau will usually contain slightly different information, based on the information that is reported by the companies who’ve extended lines of credit to your business.
How to Check Business Credit with D&B
Access your D&B credit score, report, and monitor changes for free.
- Visit the Credit Signal® product page on the D&B website.
- Enter your business name, country, and state in the search bar.
- Select your company from the search results.
- Sign up for free to monitor credit for one company or select an appropriate paid option for your needs.
With Credit Signal®, you can monitor changes to your scores and ratings with up-to-date business credit information on your company.
Through D&B, paid credit reports are available for multiple companies and to upload multiple trade references to your account.
Dun and Bradstreet iUpdate
- For a second method to check your business credit with Dun and Bradstreet, go to the iUpdate website at: https://iupdate.dnb.com.
- Click Start Now.
- Type in your company name and address and search.
If your company is listed, register to use iUpdate to view/make changes to your business credit profile for free.
How to Check Business Credit with Equifax
Access your Equifax business credit report for $99. The website is currently undergoing maintenance, but you should be able to access a business credit report for small businesses once the Member Center site is updated.
During the interim, you can call Equifax Business Solutions at 1-800-685-5000 for more information on business credit monitoring product availability.
You will only be able to access your Equifax Business credit report when you sign up for a membership or pay for a report.
How to Check Business Credit with Experian
Get your Experian Business credit score and/ or monitor your report.
- Visit the business credit report page on Experian’s website.
- Enter your business information and click “Get Your Report Now.”
- Select the Business Credit Advantage plan or the BizVerify Report and click “Buy Now.”
The Business Credit Advantage plan will give you unlimited access to your full report and score for one year for $179. On the other hand, the BizVerify Report will cost $10 for a one-time view of your basic company listing without a score.
If you need to see and monitor your Experian credit score, you will want to sign up for an annual plan.
Next, How to Check & Monitor Your Business Credit for Free
If you’re interested in free access to all three business credit bureau reports and monitoring, you’ll want to see Nav’s business credit tools.
First, create an account on Nav.com to get started. As long as you’ve registered your business in your state, you should be able to find it in their directory. Run a search and make sure the correct information is connected to your account.
When signing up, Nav will ask about your business and personal income and your ownership percentage. Based on the information you submit, they will provide you with relevant, business credit boosting funding offers from their partners.
Once you’ve registered, you will have access to all three of your free business credit scores, your Business Risk Grade, and alerts to changes on your business and personal credit profiles. This is the best way to access your company’s financial history at no cost.
Of course, paid upgrades are available for deeper insights into your business and personal credit profiles.
Bonus: Increase Your Business Credit IQ
Whether you’re more interested in building business credit or accessing new tradelines on your company’s behalf, here are some frequently asked questions that you should be able to answer. Increase your business credit IQ.
Q: Does Credit Karma check business credit?
A: No, Credit Karma does not monitor business credit. Credit Karma is a personal credit monitoring platform. For business credit monitoring from all three business credit bureaus, check out Nav.
Q: Does your LLC have a credit score?
A: If you have established lines of credit from companies that report to the business credit bureaus, yes, your LLC will have a credit score attached to your employer identification number (EIN) and DUNS™ number.
Q: Can your LLC finances affect your personal credit?
A: Yes, if any of your LLC’s lines of credit or loans are personally guaranteed, they could affect your personal credit. If your LLC goes under, you could be personally liable for the debt incurred.
Q: How do you find out your business credit score?
A: You can find your business credit score by requesting access from one of the business credit bureaus or by signing up with an account with Nav.
Q: What is a good business credit score?
A: Business credit scores range from 0-100. If your score is 80 or higher, lenders will consider this “good” and are more likely to finance you at lower interest rates.
Q: Can you use your EIN to apply for credit?
A: Yes, you can use your EIN to apply for credit. Especially when you file online applications, you will want to apply for lines of credit that are intended for business use rather than personal.
Q: Can you buy a car with your EIN number?
A: Yes, you can buy a car with your EIN number. Be sure to request a business credit application instead of a personal credit application from the dealer or lender.
Q: Is business credit based on personal credit?
A: In the beginning, business lenders will usually look at your personal credit to determine whether or not to extend a tradeline to you.
Q: How do you get your first business credit card?
A: First, make sure your personal credit profile is credit-worthy. Then, make sure your business is officially registered. Then, use your EIN to apply for a business line of credit.
Hint: Net 30 vendors that report payment activity to business credit bureaus are often easier to establish early business credit with than traditional revolving accounts and they will help boost your business credit score.
3 Advanced Tips for Business Credit Mastery
Are you interested in higher-level advice to boost your business credit score and access more beneficial credit lines? The following content is exclusive to members of BCW online…
Now that you know how to check your business credit score, would you like to know how to get a very good business credit score fast? The technique we use is to build a handful of small business trade lines with companies that report payment history to the business credit bureaus, you can learn more here.
Need some personal help?
If you need additional help getting business credit, please give us a call at (888) 218-6354 for a free business credit consultation. We will work with you personally, with local lenders in your area to meet your business needs. (We have many references available).