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Experian Business Credit Report

IOBA
Senior Contributor

Experian Business Credit Report

Thanks for another poster, I became aware of the Experian Business Credit Report.  Paid the fee, bought the report, now sitting here in shock.

 

I don't know how/where the state came up with the figures/data, but whatever.  I will leave it alone.

 

Questions - suggestions for improving my business credit score? I have read what Experian says.

 

Experian says:

 

50
Business Credit Score
Risk Level Chart
Medium Risk
  ?
The objective of the Experian Business Credit Score is to predict payment behavior. High Risk means that there is a significant probability of delinquent payment. Low Risk means that there is a good probability of on-time payment.

 

Key Score Factors:
 • Company's business type.
 • Number of employees.

Business Credit Scores range from a low of 1 to high of 100 with this company receiving a score of 50.  Higher scores indicate lower risk. This score predicts the likelihood of serious credit delinquencies within the next 12 months. This score uses tradeline and collections information, public filings as well as other variables to predict future risk.
 
Experian Financial Stability Risk Rating 


4
Financial Stability Risk Rating
Risk Level Chart
Medium-High Risk
  
A Financial Stability Risk Rating of 4 indicates a 10% potential risk of severe financial distress within the next 12 months.

Key Rating Factors:
 • Lack of active trades.
 • Risk associated with the business type.
 • Employee size of business.

Financial Stability Risk Ratings range from a low of 1 to high of 5 with this company receiving a rating of 4.  Lower ratings indicate lower risk. Experian categorizes all businesses to fit within one of the five risk segments. This rating predicts the likelihood of payment default and/or bankruptcy within the next 12 months. This rating uses tradeline and collections information, public filings as well as other variables to predict future risk.


Credit Summary 
This location does not yet have an estimated Days Beyond Terms (DBT), or a Payment Trend Indicator. This is often the result of too few Payment Tradelines.


Payment Tradelines/Commerical Accounts:0
UCC Filings:0
 
 
WARNINGBusinesses Scoring Worse: 49%
GOODBankruptcies:0
GOODLiens:0
GOODJudgments Filed:0
GOODCollections:0
 
I am not changing the type of business.  (Agriculture/Food Market).
 
I can't/won't hire more employees.  I use independent contractors for financial reasons.  (They come, they work, they get paid, they go.  Less stress.) Report says 4 employees.  Ok - technically, I think they are independent contractors or family helping out.  They don't get a regular paycheck.
 
The business has an Amex Business Cash card. Always paid in full each month.  Reporting balance is always less than 10% of the available credit.  Applied for & received in 2021.
 
Has two business checking accounts that have always had a positive cash flow. Never negative.  Covid did hit the revenue hard, really hard, BUT I stayed afloat with no baddies. Bank turned me down for a business credit card in 2021. During recon, the agent said it was becuase I was in business less than two years.  I asked them to check again, but I had been in business for more than two years.  Nothing came from this, so I went Amex.
 
Had a SBA EIDL in 2020 - paid that off in full in 2020. That is not reporting.
 
Was approved for a commerical loan through my bank for 50k this year (2021), to help with cash flow predicted struggles. Was purchasing a building & struggling to pay cash for it.  They wanted to put a lien on BOTH home & business (to include all equipment & supplies), so in the end, said no. (My home has a market value of $400k plus with no liens, no debt. At the time, my personal credit scores were 830-850, no debt, no baddies.)  Credit report says business revenue is at $771,000 with no debt/no late payments/no baddies.  My personal net worth is more than that.
 
I am receiving offers for business lines of credit & pre-selected loan offers (like from Sofi).  I have not accepted any.  I research each & they seem to have negative reviews or negative affects on credit (like Sofi being a CFA.)
 
So....any suggestions on improving my Business Experian Credit Report?  Any easy to get credit cards that report to Business Experian?  
 
Thank you!
Message 1 of 11
10 REPLIES 10
BearsCubsOtters
Frequent Contributor

Re: Experian Business Credit Report

Hello,

 

It sounds like you need trade lines to report to your business credit reports.  Amex business cards only report to the Small Business Exchange which is not credit reporting agency.

 

Please review this thread to see which banks report business credit cards to your business credit reports:

 

https://ficoforums.myfico.com/t5/Business-Credit/Which-Bank-Biz-Cards-Report-To-Biz-Credit-Reports/t...

 

Chase Ink is a great option as is the FNBO Evergreen for Business. Citi, BofA and US Bank also offer business cards, but I recommend Chase first. 

 

Once you have a few reportable trade lines to your business credit report, the scores should improve. Just as with personal credit reports, keep them clear of late payments.

Message 2 of 11
blackfines1
New Contributor

Re: Experian Business Credit Report

You need more lines,  Make your choice 

Discover 1.5%  and BOA business  1.5%  cash back  all purchases,  AMEX  cash magnet 1.5% AMEX  Blue Business Cash Earn 2% cash back ,  Amazon Business Prime 5% cash back on amazon , Citi AA ( 65K AA ) miles, Citi costco, Citizen Bank Business 0% apr for 6 month 
+ Everyday Points,  2 points & 3.5% back in rewards ,  FNBO Business 2% CASH BACK on every purchase .

Message 3 of 11
ToughFistFight
Frequent Contributor

Re: Experian Business Credit Report

So Ill bust in.  Both my Amex Plat and Amex Delta report to Experian Biz.  My Chase Ink also reports.  Neither report to personal.   If I remember correctly, my Experian Biz is an F because of an old tax lien that keeps popping up.  Its a mistake, but I havent found a way to get it off of my biz reports.  I have access to my Experian biz report through a finance rep.  The old tax lien isnt on there.  So I do know that somethings are visible to the business and somethings are visible to the business who orders the report.  So, if you can find a business that will pull the report, you might be able to figure out what in the world is going on.  

 

Good luck.


Chase Business Ink 20k PenFed Plat Rewards VS 25k NFCU Go Rewards12k BECU 30k Chase FU 6k NFCU Flag 15k Disco IT 14k Amex BCE 1k Gold Delta Skymiles Biz 5k Amazon Prime 6k USBank Cash + 6k Amex Biz Gold Rewards NPSL
Message 4 of 11
M_Smart007
Legendary Contributor

Re: Experian Business Credit Report

I would also recommend getting a few more lines reporting to Experian Bus., as that is what most lenders pull.

 

Chase, Citi and FNBO. (FNBO is probably the easier to get approved, also decent starting limits)

They will want a PG and pull your personal credit file.

 

ETA: FNBO has a Pre-Qaulify

PRE-QUALIFY & PROSPER

Without impacting your credit score, see what credit cards you qualify for.

page >> https://www.fnbo.com/small-business/credit-cards/evergreen/

 

 

Evergreen® by FNBO | Business Edition® Credit Card

 

Ever ready for where your business takes you.

  • Earn Unlimited 2% CASH BACK2 on every purchase. Every day. Everywhere.
  • $200 cash bonus (20,000 points equivalent) when you spend $1,000 within the first 3 billing cycles after account is opened.2
  • No Annual Fee.1
  • No Category Restrictions.
  • No Rewards expiration.2
  • Earn 10,000 Bonus Points every Anniversary with $10,000 annual spend.2
  • 0% introductory APR1 on purchases and balance transfers for the first 12 billing cycles after account is opened. After that, a variable APR1 based on the Prime Rate between 14.99% and 23.99% APR depending on your creditworthiness.
Message 5 of 11
IOBA
Senior Contributor

Re: Experian Business Credit Report

Thank you for all of the great feedback!

 

I had recieved a pre-qualify from FNBO a while back.  Not sure what I did with it, but went ahead and did the online pre-qualify & the app just now.  Have to wait 2-4 weeks to receive a written status.  (Not sure why that is... but ok.  My business bank account balance will have changed next week, when I pay bills.)

 

Is there a recon number for them?

 

I will wait to see how FNBO pans out before applying anywhere else.

Message 6 of 11
SilverSmith
Established Contributor

Re: Experian Business Credit Report

Just as about everyone has stated, start building up your Business credit profile. Your industry is "High Risk" as it tends to be Cash Heavy with Slim margins or at least that's what lenders will see it as. Experian Small Business is the main CRA that most lenders will use that are most useful to you generally. I would suggest "subscribing" to their annual based subscription which gives you Unlimited 24/7 online access to your report in "real-time". It's $189 annually. You can track changes as you add and interact with vendors. The subscription also gives you the last 4 digits of the account number which allows you to differentiate between accounts as vendor names are hidden to the public.

 

Vendors that you may find useful in your line of business that report to Experian are the Shopping Club Box stores like Costco and Sam's Club. Also Walmart, Home Depot Commercial, Lowe's Commercial, Staples, Office Depot / Office Max, Quill (Staples), and Various Fuel cards through Wex (every gas station) and Citibank (Exxon, Sunoco). Uline (packaging / warehouse), Global Industrial (equipment), Sherwin-Williams (paint) and many others. Some vendors that your business could use MAY NOT report but WILL check your business credit for decisioning and Credit Limits.

 

As you use more of these vendors your profile will thicken just as your personal would. You will find that Banks will offer better terms and products with more of a history under your belt and utilizing the vendors may even give you some ideas on future growth of your business.




~Is it 2023 yet?~
Message 7 of 11
arn0822
Valued Member

Re: Experian Business Credit Report

Was just approved for $13,900.  Thanks.

FICO 8/5/16 : EQ 691 I TU 709 I EX 685
NFCU CASH REWARDS $15.9k | Sam's Club MasterCard $8K| Discover IT $5.5K| Marvel MasterCard $6K | Cap One MC $6.5K l Cap One Venture $8.5K I PayPal MC $4K I Fingerhut $2.75K I Lowes $ 6.5K I Wal-Mart $5K


Goal: 720 on all 3 by 12/31/2016

GARDENING until 08/31/2017
Message 8 of 11
M_Smart007
Legendary Contributor

Re: Experian Business Credit Report


@arn0822 wrote:

Was just approved for $13,900.  Thanks.


@arn0822, Nice approval ...CongratsSmiley Happy

Message 9 of 11
LP007
Regular Contributor

Re: Experian Business Credit Report

Make sure you go into your profile and have them correct any 'missing' info which can lead to a 'thin info' ding.

 

Simple things like 'who is in charge,' 'phone numbers,' 'addresses,' 'website,' 'registered agent,' both 'SIC' and 'NAICS' codes, 'business type,' AND 'date of establishment.' Stuff like that can add to the 'yes, this is a real business' quotient.

 

Make sure all the information boxes are filled all the way out. It can take 30-60 days for the fuller, corrected profile to populate.






Message 10 of 11
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