Business credit is just as important to your business as your personal credit score. If you don’t keep your business credit score up, when you do need credit, you may have to pay higher interest rates and fees. Can you fix your business credit? Yes, you can. You’ll need to be diligent about paying your bills and loans. Here are some tips to help you repair your business credit score.

Get Your Credit Report

Check your business credit score annually to look for mistakes. The only bad thing with business credit reports is that you do have to pay to get your report. You should check to make sure the information is accurate and report any errors.

Work With Lenders to Repay Loans

If you’re struggling to make payments on loans, contact the lender and look for options. Many lenders would prefer to find another option than to have you file bankruptcy. It might take a little longer to pay off your debt, but getting it paid will be better in the long run.

Put Profits Toward Debt

When you’re getting your finances back on track, it can be easy to want to use your profits to invest back into your business. You may have to bite the bullet and put all your extra money toward getting out of debt. It’s hard to be that focused, but once you’re out from interest rates and fees, you have more money to build your business.

Make Sure Lenders Are Reporting to the Credit Agencies

If you are making repayments and closing accounts, make sure that these actions are being reported to the credit agencies. Lenders are not required to report, but many do. It pays to check.

It may take time to see your credit score improve, but it is worth the effort. Impact Commercial Capital offers financing options to build your business credit. Contact us for more information.