Remove Bankruptcy Remove Credit Reporting Agencies Remove Credit Risk
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How Long Does Bankruptcy Stay On Your Credit Report?

CreditStrong for Business

Making the decision to file for bankruptcy is far from easy. The trade-off for having your debt eliminated is a long-lasting derogatory mark on your credit report identifying you as a huge credit risk. Your credit report sees the effects of a bankruptcy filing for ten years for a chapter 7 bankruptcy.

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How Business Credit Reports Work

CreditStrong for Business

The Major Business Credit Reporting Agencies The job of a business credit reporting agency (also called a business credit bureau) is to gather information about your company. A credit bureau gathers details from your previous creditors and other sources and puts that data into a business credit file.

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The 5 Main Business Credit Bureaus

CreditStrong for Business

In the business credit world, there are five main credit reporting agencies. These credit bureaus gather information about your company and resell it to others that want to predict the risk of loaning money to your company. It’s wise to understand who the business credit bureaus are and how they operate.

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How to Mitigate Business Credit Risk with Business Credit Reports

CommandCredit

Businesses need to identify the possible risks associated with any project or business venture. By analyzing risk, you must decide whether the consequences of any risk you identify are acceptable. A business credit report can identify adverse situations or warning signs to help you decide if you want to accept the risk.

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How to Fix My Credit to Buy a House

CreditStrong for Business

The first option involves directly contacting the lender regarding the potential error on your payment history, such as a credit card company or student loan issuer. The next option involves filing a dispute with the credit reporting agency regarding the possible erroneous entry.

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Why Did My Credit Score Go Down When Nothing Changed?

CreditStrong for Business

Lenders perceive consumers with high credit utilization ratios as potential credit risks, as they may be “overextended.” According to Experian, credit utilization ratios of less than 30% are typically considered as good. Other documentation: Evidence of bankruptcy filings, canceled checks, and others.

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Derogatory Public Record or Collection Filed? Here’s What It Means For Your Business

tillful

Unfortunately, derogatory marks cause your credit scores to drop and alert future creditors that you present a higher credit risk. However, they don’t stay on your reports indefinitely and tend to have a diminishing impact as time passes. Here’s a look at their current reporting timeframes. Trade data : 60 months.