Why do I need business credit restoration? It is important to monitor or check your business credit, especially if you are considering to sell, expand or refinance your business. How would business credit restoration benefit me? If you had business tax liens, judgments, late payments, collections, charge offs, incorrect UCC Filings or a Chapter 11 against your company, business credit restoration can help your business achieve better business scores with Dun and Bradstreet, Experian Business and Equifax Business, which are most commonly used. We noted the most commonly used business credit reports, however, there are more brands of business credit reports that we have not mentioned, they are specifically tailored to particular industries. Business Credit Restoration is a customized process for each business entity, for professional business credit repair processing, it is impossible to have the same formula for each business. The process is streamlined. First we agree on the business credit evaluation, it is absolutely free of charge. After the business credit analysis, the business credit restoration workout will be executed. Lastly, we work directly with your lenders, collection agencies or trade associates to solve the negative credit markings on your business credit report.
How Can Business Credit Repair Help My Company Save Money?
Investing in business credit repair provides money saving benefits and opportunities with the following:
- Business Credit Cards
- Business Lines of Credit
- General Liability Insurance
- New Business Trade Associations
- Potential Private Equity Partner Cash Infusing Your Business
- Refinance on Commercial Real Estate Property
- Workers’ Compensation
Are All Business Credit Scores the Same?
No, Dun and Brad Street’s Paydex Score, Experian Business Score and Equifax Business Score are different from each another. However, your lender, insurance company, buyer or potential trade associate may view all three business credit reports to determine a fair business decision.
Why is a FICO SBSS Score Important?
FICO® LiquidCredit® Small Business Scoring Service℠, (or FICO® SBSS℠ score) consists of blending your personal credit score with your business credit score. If your SBA 7a loan amount is less than $350,000, SBA requires your lender to prescreen your loan with the SBSS service. The FICO® SBSS℠ score ranges between 0 to 300, with 300 being the highest score, and represents your creditworthiness and likelihood to pay back a business loan. As of October 1, 2020, SBA requires a minimum SBSS score of 155. Popular SBA lenders require your SBSS score at 160 or better.
Your business credit report is an important factor for the FICO SBSS formula, if you have marginal business credit, the system will lien on your personal credit more than your business credit score. This means your personal credit score must range between a 680 or 700 credit score or better , which will substantiate SBSS score requirement. If your score falls below a 160 SBSS score, the lender may see your business as high risk. Lenders are not required to disclose they used the Fico SBSS model for your SBA loan or other types of business loan applications.
For more information on how we can best serve in repairing your business credit and distressed business debt, please fill out the online contact form about your concerns or give me a call at 855.477.9007. Read what people have to say about First Pro Capital and Credit Consulting Experts on our Testimonials page. Conveniently located in Naples, Florida, Newport Beach, California and Palm Beach Gardens, Florida.
Allow our team of professionals to assist you!