CreditStrong for Business

DECEMBER 20, 2024

Credit cards have an average interest rate of 20.35%. The second most popular revolving credit line is the home equity line of credit (HELOC). If you default, your lender could foreclose on your property. In fact, whether you have them at all affects your score. These factors are worth 30% of your FICO score.

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Lendio

NOVEMBER 2, 2023

As a business owner, you know how important it is to maintain a good credit score. But what exactly can hurt your credit score? Payment history Your payment history is vital for your credit score. Late payments, missed payments, and defaults can significantly lower your score.

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The Red Spectrum

MAY 18, 2023

This blog will explore when credit card payments report to credit bureaus , the factors influencing reporting timelines, and the importance of timely payments for maintaining a good credit score. What Are Credit Bureaus? Before diving into the details, let’s first understand what credit bureaus are.

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tillful

FEBRUARY 28, 2023

Have you heard about the FICO Small Business Scoring Service (SBSS)? Like most business credit scores, the SBSS helps lenders and service providers understand the level of credit risk that businesses present. Here’s a closer look at FICO SBSS scores, why they matter, and how you can improve yours.

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Emagia

MARCH 15, 2024

While optimized credit risk management and accounts receivable processes can positively impact critical KPIs such as revenue leakage, default and delinquency rates, dysfunctional customer relationships, and excessive overheads, inefficient processes can have unfavorable effects on these metrics.

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Emagia

MARCH 15, 2024

While optimized credit risk management and accounts receivable processes can positively impact critical KPIs such as revenue leakage, default and delinquency rates, dysfunctional customer relationships, and excessive overheads, inefficient processes can have unfavorable effects on these metrics.

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Your Virtual Credit Manager

SEPTEMBER 12, 2023

Processing Delays There are several AR activities that often take longer than they should and therefore cause delays: processing credit applications, approving orders, generating invoices, and posting payments. When unobserved risks build up in your AR, the impact will be slower payments and defaults leading to bad debts.

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Fundera

MAY 25, 2017

This is why it’s important for business owners to stay abreast of how their personal credit score can affect their ability to get credit for the purposes of funding their business’ operating costs. Fortunately, some changes coming down the pipeline could positively affect millions of Americans’ credit scores.

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Emagia

MARCH 3, 2025

Key Components of the Accounts Receivable Process Cycle Credit Policies and Terms A well-defined credit policy outlines the terms and conditions for extending credit to customers, including payment deadlines, interest rates , and penalties for late payments. Electronic invoicing helps in quick delivery and tracking.

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CreditStrong for Business

OCTOBER 18, 2024

The PayNet MasterScore predicts the likelihood that a business will default (i.e., become 90 days delinquent or worse on a credit obligation). And just like with a consumer credit score, a higher PayNet Score indicates that there is less risk of a default happening. The question is called a characteristic.

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Your Virtual Credit Manager

MARCH 19, 2024

To do this you may want to order an updated credit report as well as recontact any suppliers they provided as a credit reference on their credit application. When you become aware of suits, liens, judgments, slowing payments or deteriorating credit scores it is time to take action.

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MNS Credit Management Group

MAY 20, 2022

The Credit Opinion Report Rating and the Probability of Insolvency of MNS Credit Management Group are assessment elements that estimate the company’s capacity to repay its credit in the future. Payment defaults and delivery issues can be disastrous for your company. What Does Custom Credit Opinion Mean?

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Due

DECEMBER 2, 2023

Without a credit history, there is no way for lenders to verify eligibility for loans, rentals, jobs, and insurance policies. On the other hand, your credit score is the number calculated from your credit history and credit report information. FICO scores range from 300 to 850.

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CreditStrong for Business

SEPTEMBER 6, 2024

Personal and business credit scores both impact your ability to qualify for a business loan. Here’s everything you need to know about how to get a business loan with bad credit, including a step-by-step guide to the process and the best types of financing to target. For context, the average FICO score was 714 in 2021.

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CreditStrong for Business

OCTOBER 24, 2024

Improving your credit score can be challenging, especially when you’re trying to rebuild it after making some mistakes. Let’s explore what you need to know about CPNs, including how they work, why you should avoid them, and what to do to improve your credit instead of buying one. Unfortunately, that’s always a bad idea.

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The Red Spectrum

MAY 30, 2023

In order to safeguard your company’s interests and lower the likelihood of defaults or late payments, it is imperative for business owners to keep a close check on their client’s financial situation. Review their credit ratings as well, which serve as a numerical indicator of their creditworthiness.

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CreditStrong for Business

SEPTEMBER 4, 2024

Then you’ll likely be in the catch-22 of having no credit and needing to have credit to build credit. This is often referred to as having an insufficient credit history. The initial sting of getting your credit application denied doesn’t feel great, but there are ways to overcome it.

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CreditStrong for Business

OCTOBER 4, 2024

With good business credit, you may be able to qualify for a small business loan, unsecured business line of credit, and more. However, even before you build solid business credit scores , there may be some financing options available to you. A credit line hybrid is one such example.

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CreditStrong for Business

OCTOBER 8, 2024

You’ll need some patience when it comes to saving up for a down payment or establishing your credit history. Even with a good credit score, it wouldn’t matter much if you don’t make enough to afford the car payments. Borrowers with no credit saw an average credit score of 630-650 within 12 months of on-time payments.

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CreditStrong for Business

SEPTEMBER 17, 2024

Not only can a bad score limit your access to affordable financing, but it can also be a red flag to prospective employers, landlords, and even romantic partners 1. Fortunately, no credit score is so low that you can’t fix it. As a result, they provide valuable insight to refine your credit-building strategy.

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CreditStrong for Business

MARCH 3, 2023

Not only can a bad score limit your access to affordable financing, but it can also be a red flag to prospective employers, landlords, and even romantic partners 1. Fortunately, no credit score is so low that you can’t fix it. As a result, they provide valuable insight to refine your credit-building strategy.

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CreditStrong for Business

JULY 15, 2022

One common misconception about credit is that having no credit history is equivalent to having a bad credit score. People without a credit history are in a completely separate category from those with poor credit. If You Have No Credit, What is Your Score? You’re credit invisible.

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Emagia

JUNE 12, 2023

It involves identifying, assessing, and mitigating the potential risks associated with extending credit to customers or counterparties. Effective credit risk management enables organizations to make informed decisions, protect their assets, maintain healthy cash flows, and safeguard against default and financial losses.

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Lendio

JANUARY 25, 2023

Build Good Business Credit Lenders rely on credit scores to evaluate the risk of their credit applicants. Good credit scores tell a lender that an applicant is more likely to repay the money they are asking to borrow as promised.

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Eagle Business Credit

MARCH 7, 2024

Creditworthiness and Credit Score Credit Scores: Banks typically look for a robust business credit score that reflects responsible credit management. A business’s credit score is a critical factor in their evaluation process.

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Fundera

FEBRUARY 8, 2019

That means your credit score, revenue, cash in the bank, and outstanding debts for starters. The good news is that you don’t need a perfect credit score or even profitability to be able to secure a liquor store loan. Business credit score. Time in business. Annual or monthly revenue. Bank statements.

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Biz2X

APRIL 13, 2023

Credit monitoring works hand in hand with a bank’s underwriting process. If risk analysis methods identify a certain loan as higher risk, repricing is a way the financial institution can increase its current revenue on the loan to minimize the potential future loss in the event of the borrower’s default.

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Gaviti

MARCH 11, 2025

This modern approach enables faster decision-making and more personalized credit offerings, reflecting a comprehensive view of an individual’s or companys financial behavior. This advancement reduces the reliance on traditional credit rating agencies, offering businesses direct access to tailored and timely risk assessments.

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CreditStrong for Business

OCTOBER 30, 2024

Read more to find out how this credit application response might not be as bad as you think it is. It’s also a large chunk of how your credit score is calculated. It’s 35% of FICO credit scoring models to be exact. Improve Your Credit Mix Credit mix makes up 10% of your overall credit score.

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CreditStrong for Business

OCTOBER 30, 2024

If you only missed one credit card payment a few years ago, it’s likely that something else contributed to your application denial. Too Much Outstanding Debt How much debt you owe is worth 30% of your FICO score. That makes it the second most significant credit scoring factor after your payment history and almost as impactful.

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CreditStrong for Business

NOVEMBER 8, 2024

Trade references have the potential to help your business qualify for financing and establish good business credit scores. When a credit bureau receives a new trade reference about your company, it may add an account (also called a tradeline , payment experience, or trade experience) to your business credit report.

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Your Virtual Credit Manager

MARCH 26, 2024

About 25 years ago, a credit manager I know saved his company from a seven-figure bad debt loss by monitoring the Internet on his biggest customers. If the European parent company defaulted, the North American subsidiary would be pulled into bankruptcy even though its operations were profitable.

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