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Home » Business Credit Basics » How can I avoid mistakes and omissions?
How can I avoid mistakes and omissions?
Business Credit
What's business credit?
What are the 4 C's that companies look for?
Can't I just use my personal credit?
What's myth vs. reality?
Your Business Credit Profile
What's a business credit profile?
How can I avoid mistakes and omissions?
How can I improve my business credit profile?
How do I get started with Dun & Bradstreet?
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How can I avoid mistakes and omissions?

Consumer credit reports are developed using information from a variety of sources, most of which are reported by third-parties. In the case of your Dun & Bradstreet business credit profile, the information is both self-reported and third-party reported. More so than with your consumer credit, you can proactively manage your business credit profile by ensuring it always is complete, accurate and timely.
The pace of business change is rapid.
In the next 60 minutes:

183 business phone numbers will change
43 business addresses will change
7 businesses will file for bankruptcy

Public companies typically have an easy time communicating changes to the business community; most have teams dedicated to that purpose and these businesses are obligated to report changes to the public. However, for most of the over 85% of small businesses that use Dun & Bradstreet, the onus is on the business owner to ensure some changes (e.g. new leadership) are self-reported in a timely manner. It’s essential that your business credit profile changes with your business; your business credibility can be enhanced when the information on file is correct and up-to-date.

Just as important as accuracy and timeliness is the completeness of your profile. When there is little or no information in your Dun & Bradstreet business credit profile, this can suggest that your company may be a risky proposition for potential creditors. Incomplete information can be as harmful as poor credit activity – in risk analysis, unknown quantities are considered risky. For these reasons, it is essential that you establish your business credit profile, populate it with as much information about your business as you can, and ensure that you update and review it regularly.

Managing your business credit profile is an ongoing responsibility, and can be accomplished by:

Monitoring the information that is contained in your credit report for changes;
Supplying appropriate information about your business to Dun & Bradstreet; and
Getting your key vendors to report your payment history with them

By managing your business credit profile, you will not only avoid mistakes and omissions, but you can be confident that your business is always being evaluated in the best possible light.

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