In the United States there are three national credit bureaus which account for the majority of the credit reports produced and used by lenders and others who have a permissible purpose to use credit reports. The 3 bureaus, also called consumer reporting agencies, are ExperianEquifax and TransUnion. From the thousands of small independent credit bureaus that existed in this country in the 's and 80's, it has come down to three credit bureau systems that store the information on most every American and are used for millions of credit transaction per year.
There are three major credit bureaus that monitor business credit. Equifax takes that data and creates a report that reflects how small business owners make credit card and other loan payments.
Because this data is a direct reflection of how small businesses interact with large business lenders, many banks use this report to evaluate your creditworthiness. They also collect trade credit information and data from the public record to evaluate the credit worthiness of a business, but their report is heavily weighted on how a business interacts with banks and other traditional lenders like credit card providers.
The Equifax database processes millions of records every day and with few exceptions is updated on a monthly basis to ensure accuracy.
They look at business-to-business data submitted by suppliers, historical payment history, public records, and industry data to create what they call a more complete business profile.
The three predictive-based scores are designed to forecast how your business will perform over the next 12 months The Delinquency Predictor Score: This score predicts whether or not a business is likely to pay their bills on time.
The Financial Stress Score: This score predicts the likelihood a business will experience financial distress during the next 12 months. The Supplier Evaluation Risk Rating: This rating predicts whether or not a business might stop delivering goods and services. The higher your score the better.
Experian Experian is considered by many to be the most balanced of the business credit reporting bureaus because they look at credit information supplied by both lenders and business vendors. They look at the number of credit transactions, outstanding balances, payment habits, how much of your available credit you use, and the details of any current liens, judgments, or bankruptcies to help evaluate your credit.
Your time in business and your business SIC codes along with the size of your business, is part of your Experian point business credit score:Companies reporting good credit (positive tradelines) or bad debt (negative tradelines) to the credit bureaus, must first establish a Data Furnisher's or Service Agreement with each credit bureau (Equifax, Experian, Innovis, TransUnion) to which you will be reporting.
Get your free annual credit reportAccess the free credit report you're entitled to each year through kaja-net.com; Other ways to get additional free credit reportsYou may be entitled to additional free credit reports in certain circumstances, such as after placing a fraud alert, becoming unemployed or receiving public assistance, or being denied credit or insurance in the past Experian provides all your credit and identity theft protection needs.
Get your credit report and FICO® credit score with a trial membership for $1. Benefit Activation/10 ( reviews). A credit bureau is a data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit reporting body in Australia, a credit information company (CIC) in India, Special Accessing Entity in the Philippines, and also to private lenders.
From verified business identities and detailed credit history to business owner and corporate linkage, Equifax Business Credit Reports give you the deepest level of insight into the validity, financial stability and performance of more businesses.