Business collections impact heavily on a company’s business credit score, which in turn has a huge effect on the business’ overall success. Here are a few choice facts on business credit scores.
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- Personal FICO scores have a range between 300 and 850. Business credit scores, however, range from 0 to 100. Companies that provide business credit scores such as Dun & Bradstreet and Equifax have additional scores for risk assessments of companies.
- Unlike personal credit scores that use a standardized FICO algorithm, business credit scores depend heavily on the bureau.
- Business credit scores and reports only have information on accounts on the business. There is no personal information. However, companies that lend credit and issue credit cards also look at personal credit information as well.
- Few people can only access personal credit reports. Business credit reports though are public, which means anyone can gain access to the information for a fee.
- Though bureaus that are responsible for giving business credit scores collect and verify information differently, the sources they gather information from are generally the same.
- On some occasions the information business credit bureaus report is flawed. But this is easily remedied when a company provides evidence that the numbers are different.
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Brennan and Clark helps companies eliminate credit losses by providing them with assistance on improving their collection process, which generally helps with their credit scores. Learn more about the company’s services by visiting this Facebook page.
