Business credit reports
Business credit reports are established by credit reporting agencies when a business borrows from a lender. Business credit reports contain business information such as business name and business address, business loans, business debt and bill payments, federal tax identification number (FIN), and other information about your business credit and financial life. This information is gathered by business credit bureaus such as Dun and Bradstreet, Experian Business, Equifax Business, and Business Credit USA. While business credit reports are used to generate credit scores, just like personal credit reports, the scale is different. Businesses have credit scores between 0 and 100, with anything over 75 being a good score. Personal credit scores, on the other hand, range from 300 to 850.
Personal credit reports
Personal credit reports are gathered by different credit bureaus and tend to contain different information. Personal credit reports contain identifying information, employer history, address history, and account histories. Business credit reports are geared towards business needs and so are maintained differently. However, business credit reports and personal credit reports are used for the same purpose. Just as a personal credit report gives potential lenders a credit history that can determine your creditworthiness, so business credit reports are used by other businesses when determining business loans and other business transactions.
Business Credit Reports and Personal Credit Reports- What is the Connection?
Even though personal and business credit reports are very different, there may be some overlap between the two types of reports. If you are a business owner, you may have used personal lines of credit or personal credit cards to get your business started. If this is the case, the loans you have taken out on your personal account count towards your personal credit report, not your business credit report. If you run a small business, too, your personal capital may be very closely involved with your business finances. In fact, many small business credit reports closely resemble the personal credit reports of the company owners.
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