From the course: Credit Secrets for Entrepreneurs
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Credit reports
From the course: Credit Secrets for Entrepreneurs
Credit reports
- Research has found that most small business owners don't even know their business has a credit score or a business credit report. This is a mistake. In fact, business credit reports are sold every day and they can be accessed by anyone, by lenders, vendors, and insurance companies. Your competitors can buy your business credit report to get insights into how you run your business, so you want to make sure that your score is as strong, complete, accurate, and up-to-date as possible. Here are a few reasons why business credit is important. First of all, if your business needs insurance of any kind, your business credit could be checked. Business credit is also used if you need to get bonded. So if you want to bid on government contracts or if you're in a business where some kind of a surety bond would be required, your business credit may come into play. If you want to tap into the very lucrative government contracting…
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