2.4 REPORTING – HOW TO FIX BUSINESS CREDIT
ADDRESSING INACCURACIES IN YOUR BUSINESS CREDIT REPORTS
Similar to personal credit reports, business credit information can occasionally be reported inaccurately. However, the process for rectifying and updating your business credit reports differs from that of personal credit. Business credit reporting lacks the regulation seen in personal credit reporting, but you'll generally find business credit bureaus to be quite responsive.
Ensuring the accuracy of the information on your credit reports is always of utmost importance. Correcting any inaccuracies is a valuable investment of your time.
Business Credit Report:
How to go about correcting or updating your business credit reports? When embarking on a journey to build a successful business credit report, it's prudent to begin with the correction of any inaccuracies..
How can a business owner prevent inaccuracies in their business credit report?
1. Ensure Consistency in Setting Up Business Credit Accounts: Your business credit report is typically generated when your creditors report your payment history to business credit agencies. The information you provide when establishing your account with the creditor is what gets reported. Unlike personal credit, business creditors report the business name, address, and payment data. To prevent multiple business credit reports with each agency, maintain consistency in the information used for all business credit accounts. By using the same business name and address across all accounts, your payment data will consolidate into a single business credit report.
For instance, if you use "ABC Builder Inc." with one supplier and "ABC Inc." with another, you may end up with two separate business credit reports due to the difference in business names.
2. Maintain Uniform and Correct Information Across All Records: Ensure that all your business records consistently list the same, accurate information. This includes your entity documents, bank accounts, licenses, and other official documents. For example, the business address on your entity documents should match the address used to set up your business checking account.
3. Regularly Monitor Your Business Credit Reports: Business credit differs from personal credit, and it's crucial to monitor it just as you would with personal credit. Tracking changes in your business credit report is your primary defense against inaccuracies. By staying vigilant, you can address any issues promptly, even after taking steps to prevent inaccuracies.
How can you rectify inaccurate information in your business credit report now?
1. Start with Your Creditors: Initiate the correction process by contacting your creditors. Ensure your business name, address, and contact details are consistent and accurate with each of them. As they report the corrected information, it is likely to be updated in your business credit report. For instance, if you have a business credit account with Staples office supply and discover that it was initially set up with the wrong business address, contact them to rectify the address.
2. Update Information with Business Credit Agencies:
- Dun & Bradstreet (D&B): You can update your business information with D&B by logging into your monitoring purchase account or the free account. After logging in, input your business information. While some factors can be adjusted online, certain information, such as incorporation date, officer details, or financial data, will require direct contact with D&B. Be prepared to provide supporting documentation to substantiate the changes. Be truthful and avoid any attempts to dishonestly manipulate business credit reports, as D&B may flag such accounts.
- Business Experian: Visit www.BusinessCreditFacts.com to update your information with Business Experian. You may need to verify your authorization to make these changes.
- Business Equifax: Business Equifax may ask that you update information through your creditors after multiple billing cycles. If errors persist, you can attempt to contact their customer service, although success rates in resolving issues this way may vary.
Correct Payment History Errors: Occasionally, payment history may be recorded incorrectly. While there is a dispute process, business credit agencies and creditors are bound by regulations to accurately report payment history, just as with personal credit.
3. Correct Payment History Errors: Occasionally, payment history may be recorded incorrectly. While there is a dispute process, business credit agencies and creditors are bound by regulations to accurately report payment history, just as with personal credit.
- D&B: Dispute incorrect items directly through your D&B monitoring account. Be aware that while they investigate disputed accounts, those accounts may be temporarily removed. If found valid, the items will be reinstated on your business credit report. Verification typically takes 2 to 8 weeks.
- Business Experian: Contact their customer service group to address payment history errors.
- Business Equifax: Reach out to their customer service group or use the dispute button in your Business Equifax monitoring account to initiate the dispute process.
After you've submitted the information to the business credit bureaus for updates, monitoring the correction process is crucial. It may take some time, and if there are delays, reach out to the credit agencies for status updates. Once your business credit reports are updated, and measures are in place for accurate reporting going forward, you can continue to monitor your business credit report progress through business credit monitoring services.
UPDATE BUSINESS EXPERIAN REPORT
UPDATE BUSINESS EQUIFAX REPORT
BUSINESS EQUIFAX
BUSINESS EXPERIAN
D & B
