Checking the credit history and financial well-being of a business first could save you frustration or lost dollars later.
While you’re at it, keeping track of your own business credit activity and financial health is a good idea. It could mean the difference in being approved or declined for that loan you need to expand your business, or more favorable credit terms with a critical supplier.
Equifax Business Credit Reports provide the in-depth information you need to make smart business decisions, including:
Company Profile – key firmographic information such as company name, address, and phone numbers
Credit Summary – synopsis of the business’ credit accounts with banks, suppliers and service providers
Public Records – Secretary of State business registration, judgments, liens, or bankruptcies reported for the business
Risk Scores – Equifax Business Credit Risk Score™ and Equifax Business Failure Score™
Payment Trend and Payment Index – a 12-month payment trend and comparison to the industry norm
Additional Company Information – alternate business names, owner and guarantor names, and business and credit grantor comments
Equifax Business Risk Scores can help you identify potential risk of late payments and business failure:
Business Credit Risk Score predicts the likelihood of a business incurring a 90 days severe delinquency or charge-off over the next 12 months. The score ranges from 101 – 992 with a lower score indicating higher risk.
Business Failure Score predicts the likelihood of a business failing through either formal or informal bankruptcy over the next 12 months. The score ranges from 1000 – 1610 with a lower score indicating higher risk.