Equifax Business Credit Reports Explained - Seek Business Capital PDF

6/20/2020 Equifax Business Credit Reports Explained – Seek Business Capital
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Equifax Business
Credit Reports
Explained
 2 June 2020 By Laira Martin ADVERTISER
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(https://www.seekcapital.com/blog/equifax-
(/) business-credit/)
Just like you have multiple personal credit scores, your business has
multiple business credit scores. You may already be familiar with
Equifax — it’s one of the primary credit bureaus that report personal
credit. But Equifax also offers business credit scores and credit
reports. As a small business owner, it is important to establish and
build your business credit (https://www.seekcapital.com/blog/how-to-
build-business-credit/).
Your business credit may be evaluated by lenders, partners and even

vendors when making critical business decisions and evaluating the
trustworthiness of your business. If a business has a history of making
late or missed payments, this could indicate similar behavior from the
business in the future. Poor marks on a business credit report could
prevent you from getting a loan or cause a potential business partner
to go in another direction. That said, positive marks on your business
credit report could open up new opportunities for your business. Keep
reading to learn more about Equifax business credit reports, how they
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work and if you should get pay to see yours.
If you are looking for small business loans

(https://www.seekcapital.com/small-
business-loans/) to take your company to
the next level, contact Seek Capital today.
Get Funded Now

(/)
business-loans/)
What Is a Business Credit Score and Credit Report?

Similar to personal credit, business credit is a numerical way of
assessing a business’s financial responsibility. It can be used by
lenders, creditors, business partners, vendors and others to determine
if they want to extend a loan or simply work with a certain business. It
is particularly useful for creditors and lenders who can assess risk and
determine if your business should be approved or rejected for a loan
or other form of credit.
You have multiple business credit scores issued by the major business
credit bureaus:
Dun & Bradstreet (https://www.seekcapital.com/blog/dun-

bradstreet-rating/)
Equifax Accept Cookies
Experian
FICO SBSS
Each credit bureau may use a different scoring model so it may be

useful to review all your business credit reports annually to spot any
differences
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cookies to enhance and any
user experience errors
and to analyze thatandcould be corrected.
performance
A business credit report is a detailed look into your business’s credit

(/)history. Unlike a credit score, a credit report goes into the details of
why a score is what it is. Business credit scores and reports are
interconnected, but reports are important if you want to get a holistic
view of your business’s credit history.
The Complete Guide: How to Build Business Credit

(https://www.seekcapital.com/build-business-credit/)
What Is an Equifax Business Credit Report?

Each credit bureau structures credit reports differently. When you
review an Equifax business credit report
(https://www.equifax.com/business/business-credit-reports-small-
business/), you can find information about the business, such as:
Company Profile
This includes key business information like your company name,

address and contact information including phone numbers. If you are
using a DBA (https://www.seekcapital.com/blog/what-is-dba/),
additional business names should also be listed in this area.
Additionally, the name(s) of the business owner(s), number of
employees and other related information may also be included.
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Not sure which small business loan

business-loans/) option is right for you?
Contact Seek Capital today to find the right

(/)
loan for your business.
Get Funded Now
business-loans/)
Credit Summary
Your credit summary gives the reader an overview of your business

credit accounts with financial institutions such as banks or credit
unions, suppliers and other types of service providers.
Public Records
Your business has a number of public records that are available such
as your business registration with your local Secretary of State, liens,
judgments and any bankruptcies associated with the business. This is
all included in your Equifax business credit report.
Payment Trend and Payment Index
This shows a 12-month history of payment trends and

Accept juxtaposes
Cookies it
with an industry norm so the reader can compare.
Additional Company Information
This section may list alternative business names, names of owners

and guarantors and more miscellaneous information like comments
from prior credit grantors.
If you are looking for small business loans

(/)
business-loans/) to take your company to
the next level, contact Seek Capital today.
Get Funded Now
business-loans/)
Payment History
The backbone of any good credit report is payment history. It shows a

history of on-time, late and missed payments. It also shows how many
days it takes your business to pay back its debts. This information can
be the deciding factor when potential partners or lenders are
considering working with your business or extending a loan.
Equifax Credit Scoring Models

One way in which business scores differ from its personal counterpart
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is the scoring model. You may be used to seeing your personal credit
(https://www.seekcapital.com/blog/how-does-personal-credit-affect-
business/) expressed as a figure between 300 and 850. Your business
credit scores are very different and vary from one credit bureau to
another.
You’ll find two business credit scores on your Equifax business credit
(/)report:
Equifax Business Credit Risk Score: According to Equifax
(https://www.equifax.com/business/business-credit-reports-small-
business/), “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 on higher risk.” The business credit score is meant
to predict the changes that your business may incur severe
delinquency or a charge-off in the next year. The score ranges from
101 on the low end and 992 on the high end, with a lower score
indicating increased risk.
Equifax Business Failure Score: “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,”
according to Equifax. The business failure score is meant to predict
the likelihood that your business could fail, meaning bankruptcy
(https://www.seekcapital.com/blog/business-bankruptcy/), formal or
informal, over the next year. The score ranges from 1000 on the
low end to 1610 on the high end, with a low score indicating
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risk.
Each score provides a deeper understanding of how risky your

business is and its likelihood to fail. Anyone can view your business
credit score so this information can directly impact how lenders,
partners, vendors and others view you and your business.
See: How to Get a Business Loan

(/)(https://www.seekcapital.com/blog/how-to-get-business-loan/)
How to Get an Equifax Business Credit Report
You can get a business credit report from Equifax by visiting the
Equifax website (https://www.equifax.com/business/business-credit-
reports-small-business/) and purchasing a single report or a pack of
credit reports. You can view a sample of an Equifax business credit
(https://www.equifax.com/siteAssets/biz/pdf/creditReportPromo.pdf)report
to get an idea of what you can expect to see.
Equifax Business Credit Report Pricing
Business credit reports aren’t free but it may be worth the money.
Here’s a breakdown of the pricing:
Single report: $99.95
Five reports: $399.95
Up Next: How Long Does It Take to Get Business Credit?

(https://www.seekcapital.com/blog/how-long-does-it-take-to-
build-credit/)
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Not sure which small business loan

business-loans/) option is right for you?
Contact Seek Capital today to find the right

(/)
loan for your business.
Get Funded Now
business-loans/)
Should You Get an Equifax Business Credit Report?

Credit reports of all kinds are extremely useful. That said, Equifax
business credit reports aren’t free but it may be worth it. If your
business finances operate responsibly, you likely are already aware of
any late payments, liens or bankruptcies. That said, credit reports
sometimes contain errors. By buying and reviewing your business
credit reports on a regular basis, you can spot and make efforts to
correct those errors. Additionally, you can look at your business
through the eyes of a lender. This can give you additional insight into
what your business can be doing better or differently.
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More From Seek
Can’t Get a Business Bank Loan? 4 Alternative Options

(https://www.seekcapital.com/blog/business-bank-loan-
alternatives/)
How Many Credit Cards Should I Have?

(https://www.seekcapital.com/blog/how-many-credit-cards/)
FICO Credit Score Ranges Explained

(https://www.seekcapital.com/blog/credit-score-ranges-explained/)
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)dit/) Accept Cookies

Your business credit may be evaluated by lenders, partners and even

If you are looking for small business loans

Get Funded Now

What Is a Business Credit Score and Credit Report?

Dun & Bradstreet (https://www.seekcapital.com/blog/dun-

Equifax Accept Cookies

Each credit bureau may use a different scoring model so it may be

A business credit report is a detailed look into your business’s credit

The Complete Guide: How to Build Business Credit

What Is an Equifax Business Credit Report?

This includes key business information like your company name,

Not sure which small business loan

Contact Seek Capital today to find the right

Your credit summary gives the reader an overview of your business

This shows a 12-month history of payment trends and

This section may list alternative business names, names of owners

If you are looking for small business loans

The backbone of any good credit report is payment history. It shows a

Equifax Credit Scoring Models

Equifax Business Failure Score: “Business Failure Score

Each score provides a deeper understanding of how risky your

See: How to Get a Business Loan

Single report: $99.95

Five reports: $399.95

Up Next: How Long Does It Take to Get Business Credit?

Not sure which small business loan

Contact Seek Capital today to find the right

Should You Get an Equifax Business Credit Report?

Can’t Get a Business Bank Loan? 4 Alternative Options

How Many Credit Cards Should I Have?

FICO Credit Score Ranges Explained

(/) About Us (https://www.seekcapital.com/about-us/)

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Travel Rewards (https://www.seekcapital.com/credit-

Airline Rewards (https://www.seekcapital.com/credit-

Hotel Rewards (https://www.seekcapital.com/credit-

Small Business (https://www.seekcapital.com/credit-

High Limit (https://www.seekcapital.com/credit-cards/list/top/best-

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