Expert tips on improving business scores after the pandemic

As a part of its continued service to its clients and to business owners everywhere, Brennan & Clark is releasing a number of extremely helpful blogs to help businesses recover from the otherwise devastating economic effects of the coronavirus pandemic.

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For today’s blog, Brennan & Clark will be sharing a few important tips for businesses both new and old, on how to improve their business credit scores after (and maybe even during) the current global health crisis.

A few technical requirements

Brennan & Clark recommends that business owners get a few important technical requirement such as a Federal Employer Identification Number (EIN) and a business bank account to go along with it, a phone line for the business itself, and a DUNS number from Dun & Bradstreet to establish their credit score.

Be aware of the credit score

Business credit scores have the power to make or break a business. As such, business owners need to know the balance of their debt and loans. Business owners have to make sure that whenever they have debt, they settle accounts on time and keep the amount of debt to a minimum.

Hire a good collections company

A good collections company, Brennan & Clark explains, will help businesses collect their much-needed dues from clients. These dues will be used to pay for debt and ultimately raise the credit score. The caveat, though, is that it has to be a reputable and dependable collections company.

Brennan & Clark is a business collections agency that aids entrepreneurs in eliminating credit losses. The firm has been in operation for over 30 years. Go to this page for similar posts.

What People May Not Know About Business Credit Scores

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.