Anyone worth their weight in salt will tell you that there’s no guaranteed method of improving your business credit score. However, there are some tried and true ways to increase your chances of positive results. At AmeriFactors, we are used to working with businesses of many sizes and varieties and have seen the benefits of some key advice with our own eyes.
Tips to Improve Your Business Credit Score
- It’s Always Better to Know: Don’t be so afraid of your credit score that you sweep it under the rug and avoid it like a trip to the dentist. Ignorance is not bliss when your credit score is suffering. Check trusted sites, such as Dun & Bradstreet or Experian, to see where you stand and can react appropriately.
- Pay on Time, All the Time: It may seem rudimentary, but the smart practice of ensuring that you’re not amassing massive debt or forgetting to pay bills on time should never be underrated. Just as you would balance your own checkbook, you should treat your business with the same level of attention and care.
- Factoring is Your Friend: We cannot stress the benefits of factoring enough. Also known as accounts receivable financing, factoring is an alternative to a loan that allows businesses to have a small or large amount, or even all of your accounts receivables advanced to you. AmeriFactors offers financing fees as low as 2%, providing our clients with monthly credit checks on their customers and a reprieve from the burdens of financial covenants, audits and extraneous fees that small businesses might otherwise incur.
With these simple tips, your business may be well on its way to securing a good credit score and maintaining it for years to come. Always remember to stay informed, pay your debts on time and explore the benefits of factoring for your business. Bad credit can be a challenge to repair, but it’s never too late to enact a good set of best practices.
If you have further questions on factoring or business credit scores, contact AmeriFactors today. Funding business is our business.