Reading Your Business Equifax Reports.

This segment reviews what you need to know in order to read and understand your business Equifax Report.

It is important to know what is in your credit reports, learning what your business credit report says about your business.

First, purchase then log into your business Equifax report. If you need more information on how to do this, please review the monitoring business credit segment.

Let’s start with business credibility. This is the first section of the Equifax report. It lists the business name, phone and Equifax ID. Equifax has the least amount of business information on their reports. It’s very basic and received from credit reporters. Towards the bottom of the report, it does outline the owner and guarantor names, any DBA names and the date the business was established.

Next, the report outlines various scores. Creditors are most concerned with businesses making their payments on time. That said, the credit risk outlines multipe factors including timely payments. Lenght of time of the oldest account, credit limits and company size.

Equifax is the only business credit report with a 3 digit score. Looking at the heat color index reflects the average time it takes for a business to make payments. Lastly the business builder score outlines the probability the business will fail.

Equifax gives us the smallest amount of payment data by simply totalling all experiences together under the bureau summary data section. Financial and non financial are separated out.

Financial includes bank financing, and non-financial refers to trade accounts. Trade accounts are store, or supply of credit accounts. For example, a business account and Staples Office Supply is considered a business trade account.

You will see that the oldest account date, number of charge-offs, total past due, most severe status, single highest credit limit, total credit exposure, median balance and average open balance are all itemized. Then, any public items are totalled, listing bankruptcies, judgements and liens.

To expand for more detail, you can click on show. Keep in mind even if items are previous or discharged, they can still have a negative impact on a creditors decision.

You can dispute any items right from your monitoring and reporting.

The Equifax business credit report is the simplest of the 3 major credit bureaus. Now you know, and knowledge is power.

Monitor your Business Equifax Report.

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