Business Loans & Financing

Check your credit rating

As a business owner, you want to be confident your credit rating is sound so it’s important you’re aware exactly where you stand. Staying on top of your credit rating can help identify any blemishes on your personal and business credit report and fix or clear up any inaccuracies.

Here’s what we recommend:

• Request your credit report from AnnualCreditReport.com. They collect data from the three major credit bureaus: Equifax, Experian, and TransUnion. You have the right to obtain one free credit report per year. Fill out the online request form with your personal information, select which credit bureau’s report you want to access (you can choose one at a time or all three).
• You’ll receive your credit report online. Review it carefully to ensure all information is accurate and up to date. Check for any errors, such as incorrect account information, late payments that you believe are inaccurate, or accounts that may not belong to you.
• Your credit score is a numerical representation of your creditworthiness based on the information in your credit report. You may check your FICO^® Score for free on Experian. The credit score calculated on Experian is based on FICO Score 8 model. Keep in mind that your lender may use a different model. Many credit card companies may also provide free credit scores to their customers.
• If you find errors on your credit report, contact the credit bureau in writing to dispute the inaccuracies. They are required to investigate and correct any errors within a reasonable timeframe.

Checking your credit rating regularly helps you stay informed about your financial health and ensures that your credit information is accurate. This knowledge is crucial when applying for loans, mortgages, credit cards, or other forms of credit, as lenders use your credit history and score to assess your creditworthiness and determine loan terms.