Why a Credit Score is Important to Know

As a human and business owner with credit, it’s super important to know and understand your credit score and credit reports. You’ll know exactly where you stand with your credit position, understand how fintech businesses view your credit and it will help you to identify parts of your credit report that are incomplete and/or inaccurate.

Financial wellbeing is just as important as physical wellbeing – especially when it comes to business. A credit score is defined as 

a three-digit number designed to represent your credit risk (the likelihood you’ll pay your bills on time). Your credit history is the record of how you have managed your credit accounts. It may include your current and past credit accounts, information on your payment history and the total amount you owe. Credit scores are calculated using information from your credit reports, although credit scoring models are different.”

Places where you get funding (like with us), will want to check out your credit score to ensure that business funding is the right move for your business. (And while we’re adaptable and flexible, many others are not.) Credit scores help you to make large purchases such as commercial property or or upgrading equipment. The better your score, the more likely you are to be able to make those purchases. Check your score and report regularly to ensure that the information is correct and is filled-in as much as possible. Your credit history can determine how much or how little interest you’ll pay, as well as the amount of time it will take you to pay it back. 

Understand how your credit score is calculated via your specific credit bureau, as all of them make use of different methods. Following these simple steps will allow you to make informed decisions on how you work with your credit, funding, loans, investments, purchases and more. Be responsible with your credit – nobody likes debt.

Make sure to sign up to our Portal to see how much your business qualifies for. Get Fundrred today! 

Source: Equifax

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