Insider Secrets To The D B Business Credit Score
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Insider Secrets to the D&B Business Credit Score
Overview
Gaining or enhancing access to credit for your business requires a solid understanding of what lenders are looking for. This insight is crucial, especially if you’re aiming to finance a business without a personal guarantee.
Craig Aberle, a business credit expert and author of "Business Credit Secrets," emphasizes the importance of understanding two key questions lenders consider: "Should this business be extended credit?" and "How much credit should be extended?"
Key Considerations
For most businesses, simply being approved for credit is a significant focus, even if the initial amount is small. For instance, Staples often grants new applicants a $750 credit line. A critical step in this process is having a verifiable business phone line, which is checked through 411. Many businesses opt for personal lines to save money, unaware that this choice can lead to denied funding opportunities.
D&B and Business Credit Scores
Dun & Bradstreet (D&B) largely dominate the business credit report sector. Although Experian and Equifax offer alternatives like the Market Intelliscore and the Financial Account Acquisition Score, respectively, most banks and suppliers prioritize the D&B score.
Building Your Credit Score
According to Aberle, focusing on your D&B score will naturally enhance your Experian and Equifax scores. These reports grow as your business develops and data is shared, without needing direct input from you.
A notable difference between D&B and Experian is the ability to self-submit information to D&B, whereas Experian relies only on vendor partnerships for data acquisition. A way to enter Experian's system is by engaging with vendors like Rhode Island Novelty, Uline, and Dell.
Resources
A useful resource listing around 40 vendors offering business credit can be accessed for free at [Business Credit Secrets Sourcebook](http://www.business-credit-secrets.com/sourcebook.pdf).
By understanding the dynamics of business credit scores and strategically building your profile, you can improve your chances of securing the credit your business needs for growth.
You can find the original non-AI version of this article here: Insider Secrets To The D B Business Credit Score.
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