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What is the SBFE & How Do They Impact Small Businesses? 

By Joe

SBFE

As you build your business credit, you’ll start to see the Small Business Financial Exchange (SBFE) mentioned here and there. It’s probably immediately apparent that they’re involved in business credit data. But, how does this apply to you, as a small business owner?

Here, I’ll break down what the SBFE is, what they do, who they are affiliated with, and how this applies to small business and business credit. And, I’ll answer a couple of the most common questions I hear about the SBFE. 

This is what’s in store: 

  • What is the Small Business Financial Exchange?
    • What You Need to Know About the SBFE Score
    • Company Overview
  • What Companies are Affiliated with the SBFE?
    • 1. Major Banks
    • 2. Credit Card Issuers
    • 3. Alternative Lenders
    • 4. Business Credit Bureaus
  • Frequently Asked Questions
  • Conclusion

Now, let’s roll! 

What is the Small Business Financial Exchange? 

SBFE tradelines

The SBFE is like a guild for over 135 U.S. small business lenders, including big banks, merchant acquirers, and credit card companies. It started in 2001 and gathers info about how businesses pay their bills—This info goes to the major credit reporting companies, helping them figure out how risky it is to lend to businesses. 

The goal is to make sure lenders have accurate insights into business’ credit health. However, it’s not a commercial credit reporting agency. Instead, it collects payment history from its member lenders and provides that data to the credit reporting agencies.

Here’s how it works:

  1. SBFE member lenders report business payment history to SBFE.
  2. SBFE shares the data with commercial credit reporting agencies.
  3. The agencies use this data – along with information from other sources – to create credit reports and scores.

Payments to suppliers, loan payments, commercial lease payments, and auto payments are examples of payment experiences that can end up on your business credit file via the SBFE. They collect and share both positive and negative payment information, which includes on-time payments as well as late payments.

And, unlike personal credit data, business credit data is not protected under the Fair Credit Reporting Act FCRA, which means that anyone can access your business’s credit information without your permission. However, SBFE data is available only to SBFE members for credit risk assessment purposes, not for marketing.

As for membership, small businesses can’t join SBFE or report payment history directly to it (the reason they don’t allow you to submit your own trade references is to prevent duplicate account reporting). SBFE membership is open to those who originate small business financing.

Recommended: 41 Companies That Help Small Businesses Build Business Credit 

What You Need to Know About the SBFE Score 

SBFE score range

The SBFE maintains independence from business credit reporting bureaus, which enables bureaus to set their own criteria for data sharing. Meanwhile their regulations help make sure the data remains unaltered once bureaus incorporate it into their systems. So, commercial credit reporting agencies come up with their own SBFE scores based on (accurate) information obtained from the SBFE as well as other sources. 

For example, Dun & Bradstreet’s (D&B’s) SBFE Score predicts how likely a business is to have financial problems like severe delinquency, charge-offs, or bankruptcy within the next year—It ranges from 706 to 999, with higher scores meaning lower risk. 

The score is based on data from SBFE and other sources, including tradelines that report directly to D&B. D&B’s SBFE score available for most U.S. businesses, except for some with missing info or those flagged as high risk. The score is used to help lenders determine a business’ credit risk and optimize profitability. 

So, what is a good SBFE score for a business? Well, typically one on the higher end of the scale, which indicates lower risk for financial issues.

Experian, Equifax, and Lexis Nexis have their own, comparable business credit scoring models. I am most familiar with D&B’s scoring models, since it’s the business credit bureau that I primarily work with (in my experience, it has the greatest breadth). 

Recommended: Everything You Need to Know About a DUNS Number – and Why You Should Care 

Company Overview

SBFE phone number

Small Business Financial Exchange Inc. (SBFE, LLC) is a trade association that was founded in 2001 to support the safe and secure growth of small businesses. According to Crunchbase, they’re based in Illinois, but the Ohio Secretary of State’s Website lists them as an actively-registered, foreign (registered in Delaware) Limited Liability Company headquartered in Cleveland. Their LinkedIn profile lists them in Shaker Heights, Ohio. 

Sbfe login

The organization has raised a total of $15.8 million in funding from investors, and recently made headlines with their efforts to strengthen small business credit decisions. 

Prior to taking her role as the current CEO of SBFE, Elisabeth Hughes Macdonald (New York) was the Managing Director of Investment Banking at Chase and the Senior Vice President at Citizens Bank. She’s also served as a board member at Lafayette College and Impact 100 Garden State.

SBFE CEO

The SBFE apparently doesn’t have a lot of employees, so they don’t have a presence on Glassdoor or Indeed. As a result, we don’t know what employees think about working there or whether they approve of company leadership. And, you won’t find user reviews on Trustpilot or complaints with the Better Business Bureau because they’re not a consumer or small business-facing institution. 

What Companies are Affiliated with the SBFE? 

SBFE members list

The SBFE collaborates with various entities that can significantly impact small businesses’ financial health and creditworthiness. While SBFE doesn’t publicly disclose its entire list of members, here are some key entities they work with that small businesses should be aware of.

By understanding SBFE’s partnerships with these entities, you can gain insights into the credit ecosystem and make informed decisions about their financing options and credit management strategies.

Recommended: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

1. Major Banks

Does Chase report to SBFE?

Many of the largest banks in the United States are members of SBFE. These banks often offer a wide range of financial products and services to small businesses, including loans, lines of credit, and business credit cards.

You might also like: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis 

2. Credit Card Issuers

SBFE credit card issuer members

SBFE partners with credit card issuers who provide small businesses with credit cards tailored to their needs. These issuers play a crucial role in helping small businesses manage cash flow and access credit for various business expenses.

Recommended: What are the Best Unsecured Business Credit Cards for Startups? 

3. Alternative Lenders

Alternative lenders that report to SBFE

In addition to traditional banks and credit card issuers, SBFE may also work with alternative lenders such as online lenders and fintech companies. These lenders often provide innovative financing solutions to small businesses that may not qualify for traditional bank loans.

You might also like: No-Doc Business Loans: Get Funds Without Proof of Income 

4. Business Credit Bureaus

Does SBFE report to Dun and Bradstreet?

SBFE shares data with four major commercial credit reporting bureaus: 

  1. Dun & Bradstreet
  2. Equifax
  3. Experian
  4. LexisNexis Risk Solutions

These bureaus compile and analyze small business payment data to create credit reports and scores used by lenders to assess creditworthiness.

Recommended: Dun and Bradstreet / How to get a DUNS Number 

Frequently Asked Questions

How do I find out my business credit score?

You can find out your business credit score by contacting commercial credit bureaus like Dun & Bradstreet, Equifax, Experian, or LexisNexis Risk Solutions. They can provide you with your commercial credit report, which includes your business credit score.

What is a small business as defined by the US SBA?

According to the US Small Business Administration (SBA), a small business is typically one that has fewer than 500 employees for most industries—The definition can vary based on industry and other factors.

Conclusion 

In sum, the SBFE isn’t super transparent with small businesses when it comes to how they operate and what information they report to bureaus. They’re primarily a lender-facing institution. So, when you have questions about your business credit as it relates to SBFE reporting, it’s best to go straight to the business credit bureaus that they report to (D&B, Experian, Equifax, or Lexis Nexis). 

If you’re unsure whether or not your lender is an SBFE member, you can ask them directly. 

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Here’s How to Check Your Business Credit Score, Step-by-Step

By Joe Lawrence

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. 

Check Credit Score
Stay on top of your business credit score as well as your personal credit score!

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. 

  1. Visit the Credit Signal® product page on the D&B website. 
  2. Enter your business name, country, and state in the search bar. 
  3. Select your company from the search results. 
  4. 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 

Check your business credit report

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.  

  1. Visit the business credit report page on Experian’s website. 
  2. Enter your business information and click “Get Your Report Now.”
  3. 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. 

additional-notes

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… 

Final Thoughts

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?

Joe Lawrence Bio Pic

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).

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