Equifax Business Credit Scoring

Dun & Bradstreet is the primary company used to evaluate business credit and issue a credit score known as a Paydex score.

Equifax, one of the three major consumer credit rating bureaus, also provides business credit evaluations for over 22,000,000 small businesses and corporations to detect early signs of trouble by monitoring key customers, suppliers, and partners. Equifax’s model is designed for companies that provide goods and services to small businesses.

One of the main Equifax business credit scores is the Small Business Credit Risk score. The Small Business Credit Risk Score™ for Financial Services predicts the likelihood of a business incurring greater than 90 days severe delinquency or charge-off on financial services accounts within a 12-month period. This score is built using financial services and trade payment data, providing a higher degree of predictability. The score range is from 101 - 992 and it returns up to four reason codes.

The score utilizes unique bank loans, lease information, credit card and supplier data, utility credit history, public records, and firmographic data from their own Equifax Commercial Database. 

Expert Credit Consultants, LLC specializes in establishing business credit and funding using our exclusive Business Credit and Financing Suite as well as consumer credit restoration and optimization. www.ExpertCreditConsultants.com

10 Steps to Qualify for the BEST Business Financing Programs

1. Check ALL your compliance issues. How does the loan processor or underwriter for the good loans make sure you are a real business?

2. Pull your business credit reports - Experian Business, Equifax Business, and DNB.

3. Is your business addresses correct? Does it state that you have been in business the correct number of years? Does it have your correct revenue, number of employees, are you listed as the principal, is the SIC code correct? And ABOVE ALL is it clean from any issues, slow pays or liens whatsoever?

4. Pull your personal credit reports. Address any issues on your personal reports. You will need above a 700 FICO score. If you’re a new business with no collateral, you will need to establish strong business credit before you will qualify for funding with no personal guarantee. If your personal credit is strong, you can personally guarantee a few accounts in order to build your business credit faster.

5. Make sure you have solid business tax returns and equity or security to back up the loan.

6. Add strength to the business scores by acquiring trade lines without personal inquiries. Don’t trash your personal credit with a ton of inquiries for business credit. Staples, Office Depot, Shell, Dell, Apple, Home Depot, Lowes, and thousands of others offer business only qualifications. You just have to know how to apply and what order to apply based on each of their requirements.

7. DON’T I repeat do NOT pay Dun and Bradstreet Credibility Corporation! This may seem counterintuitive but they are a separate company from Dun and Bradstreet and they make their money by selling their ‘business credit building’ services. But their services will only help your Dun and Bradstreet credit. You need good credit with the other business credit bureaus as well.

8. Ensure that your header information is complete and perfect with all three business bureaus, without multiple files, negative information, you are listed as the owner, and finally that you have an Intelliscore of 90+ (out of 100), A DNB rating of 1R2 or higher, Paydex score of 80 or above, and an Equifax score of 650+ (101-992).

9. Ensure that your real FICO scores are 700+ (be aware of the inflated scores from some monitoring services).

10. Do not trust what a branch application manager (that goes by a training manual about how to fill out an application), or the clerk at Home Depot (that types in your credit app info at the register) tells you about getting approved for their funding.  Applications are approved from underwriting departments, not branch managers or store clerks.

There you have it. The recipe of a low or no doc loan that will be approved from almost any major business bank within 48 hours.

We work with over 2000 lenders and are able to find all legitimate business loans available. We have helped many, many other business owners obtain financing for their businesses with no personal guarantee.

Good advice comes from those with experience that have done it themselves.

Call if you want us to help. This is what we do and we do it well.

Expert Credit Consultants, LLC specializes in establishing business credit and funding using our exclusive Business Credit and Financing Suite as well as consumer credit restoration and optimization. www.ExpertCreditConsultants.com.

Why You Should Monitor Your “Business Credit” Regularly

Your business credit report paints a picture of your business for the world to see. Outdated or incorrect information can give the wrong impression about your business, resulting in unfavorable decisions that can negatively impact your bottom line. Where do they get this information?  From several places – ie. every time you complete an application, as well as from public records.

Business credit reports, like personal credit reports, need to be reviewed regularly for accuracy, especially for growing small businesses that evolve with time. Finding and correcting outdated information may increase your business credit score. But before you can start cleaning up your report, you need to find out what's in it.

No matter what the season, it is essential that growing small businesses check their business credit reports frequently for changes.

The Business Credit and Finance Suite is the only system in the world where clients can access their business credit reports in real time all in one place. Clients can access their Equifax, Experian, and Dun and Bradstreet credit reports right through our system so they can monitor their business credit building live as it is happening.

Our Funding Suite is also the only place where Experian gives clients access to their Experian Smart Business credit for FREE. Clients can track their pertinent Experian data at no cost through the entire business credit building process. Client are also able to track their Dun & Bradstreet accounts through our system in real time. We show you how to get a free DUNS number and get it activated. If you call D&B, they will try to charge you for this.

Our Funding Suite is the only business credit building system in the world that all three business credit reporting agencies partner with as a valuable benefit to our clients. This means when it comes to business credit, this system is possibly the most credible in the world.

Expert Credit Consultants, LLC specializes in establishing business credit and funding using our exclusive Business Credit and Financing Suite as well as consumer credit restoration and optimization. www.ExpertCreditConsultants.com.