Business Credit Score - What is it & How Does it Work?

 A business credit score is a tool that lenders use to assess the creditworthiness of a business. The score is based on information from your business's credit report, which includes data on your payment history, outstanding debt, and credit utilization. A high business credit score indicates that you're a low-risk borrower and may be more likely to qualify for loans and other forms of financing. A low score, on the other hand, could make it more difficult to get approved for credit and may result in higher interest rates.

There are a few different business credit scoring models in use today, but the most popular is the FICO SBSS score. This score ranges from 0-300, with 300 being the highest possible score. To get a good idea of where your business stands, you can order a copy of your credit report and check your score. You can also use our free business credit monitoring service to track your score over time and see how it changes as you take steps to improve your creditworthiness.

Improving your business credit score is important if you want to get approved for loans and other forms of financing. There are a few key things you can do to improve your score, including paying your bills on time, maintaining a good credit utilization ratio, and diversifying your credit mix. You can also get help from a business credit counseling service if you're having trouble managing your credit.

If you're interested in learning more about business credit, be sure to check out our resources below. You can also visit our blog for more tips and advice on building and maintaining good business credit.

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