11:40 AM How to Use Credit Reference Agencies | ||||
#credit reference agencies #How to Use Credit Reference AgenciesCredit reference agencies provide valuable services to businesses and lenders. When evaluating the creditworthiness of a potential customer or vendor, banks and businesses alike turn to credit reference agencies for the information they need. Also known as credit reporting agencies, these institutions serve as repositories for extensive business information, collecting and aggregating financial statements, payment histories, loan data, and more. They also provide tools for reporting, accessing, and interpreting this information. How Can Credit Reporting Agencies Serve Your Business? If you are dealing with business-to-business transactions, and need to vet a potential customer or vendor, then credit reporting agencies can offer valuable information, analytics, and insight into a prospective business partner s creditworthiness. Business information reports of varying comprehensiveness are readily available online through easy-to-use services such as Dun Bradstreet’s company lookup function. Whether you simply want to get an overview of a company’s credibility by reviewing their credit score, or would like to more thoroughly examine their financial health, credit reporting agencies can furnish a range of financial information products tailored to your specific needs. Establishing Business Credit With Credit Reporting Agencies If you’re on the other side of that transaction and are trying to secure business or trade credit, credit reporting agencies can also provide a means of establishing business credit history, and promoting your reputation as a reliable borrower. Registering for a D B D-U-N-S® number should be one of your first steps as a new business. You can find out if you have one using the Dun Bradstreet iUpdate service. If not, you can easily register for a D-U-N-S® number free of charge, and receive confirmation of your D-U-N-S® assignment within 30 days. After registering for a D-U-N-S® number, you will be able to establish and update your business’s credit profile. Having a business credit profile provides other businesses and lenders with the financial information on your company that they want to see before extending credit.
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