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.

Everything you need to know to raise your credit score

The credit score is used by lenders to know if it is safe to conduct business with a person. Good credit enables a person to qualify for loans much easier and obtain credit cards with reasonable interest rates, saving a person time and money in many ways.

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Check credit reports to know where you are at in the meter. Request for a report from one of the three reporting agencies to review the information posted. If there are any errors, dispute them. Immediately notify the agency of false information to improve the score. Finance experts at Brennan & Clark recommend setting up payment reminders to be diligent in paying bills on time. Being consistent in making payments on time raises one’s credit score.

If possible, pay twice in a single billing cycle. Instead of paying for bills once a month, pay them every two weeks to reduce the credit utilization, improving the credit score. Prioritize maxed out accounts. Pay credit cards with amounts owed close to the limit to pull down credit utilization rates.

Collections agency Brennan & Clark says having more than two credit cards can be a struggle to maintain. Avoid applying for new cards too often. A hard inquiry—which can temporarily lower one’s credit score—is recorded on a person’s credit report when a new line of credit is applied. It can remain on the credit report for two years and can affect the credit score for the initial year.

Brennan & Clark is a business collections firm that forms strategic alliances with its clients. The firm aids businesses eliminate credit losses by analyzing and improving on the elements of the collection process to make it more efficient. Click here for similar reads.