Even if You Have Been in Business for Six Years Your Company May Have NO Profile with D & B®!
Some people have been in business for 6 years, they’ve been incorporated for 6 years. They’ve paid all their bills on time. They still may not have any type of business credit file developed. The main reason is that they have vendors that do not report their good payment activity to D & B®. Most business owners think since they pay their bills on time that is enough and vendors report. That is not what happens. Think about it. All the vendors that own you money do you take the time, labor and effort to report to D & B®? Probably not!
Out of 100 Businesses that have Been in Business for Three Years or More Only 8-10% will Have a Credit Profile Set Up!
We all have 100 come to us in the month of October, and not all 100 have been in business. Let’s say all 100 have been in business for more than 3 years. They’ve all been in business that long.
There’s probably only going to be 8% to 10% of those that actually have a credit profile set up. Out of the 8% or 10%, it will be half of those did it on their own. They knew they had to do it.
The others have been in business long enough that 4 or 5 people have accidentally reported and started are for them. It won’t be complete file, but they’ll at least have a number.
The reason that is, is because very few businesses actually report to Dun and Bradstreet®. You might be doing business with 10 different vendors. Only one or 2 of those may report to Dun and Bradstreet. We kind of have to search out who reports to Dun and Bradstreet®.
Please visit the link if you need help with your Dun and Bradstreet® profile.
About The Author: Scott Letourneau is the CEO of Fast Business Credit, Inc. When it comes to securing cash and vendor lines of credit and avoiding costly mistakes his company is the authority. For further assistance regarding the development of business credit go to http://www.FastBusinessCredit.com or call FBC at 1-888-313-6333 or 702-977-5246.