How and Why to Update Your Business Credit Profile
Your Dun & Bradstreet business credit profile contains basic details about your company, along with scores and ratings intended to help third parties judge the creditworthiness and financial stability of your organization. Dun & Bradstreet regularly collects data on companies and their payment habits in order to compute scores and ratings. If your business credit profile is incomplete, Dun & Bradstreet may be having difficulty aggregating or verifying information about your company. When another company accesses a business credit report on your company, it could be presented with incomplete information or scores that are calculated without all the data. We’ve created an infographic to help business owners understand why maintaining their business credit profile can be important and what they can do to help ensure it’s complete.
What Information Is Contained in My Company’s Dun & Bradstreet Business Credit Profile?
A robust business credit profile contains a company’s name, address, phone number, earnings, number of employees, and other fundamental details about the business. A business credit profile may also include the various proprietary credit scores and ratings that Dun & Bradstreet assigns to companies, including the PAYDEX® Score, Supplier Evaluation Risk Rating (SER), and the Financial Stress Score (FSS). These scores and ratings help potential lenders and partners understand your company’s financial situation and may influence their decisions about doing business with you.
How Does Dun & Bradstreet Collect This Business Information?
Dun & Bradstreet gathers some of this data from third-party sources such as print directories, reports from vendors (including Trade References*), and public documents. However, these resources don’t always have accurate or up-to-date information. As the business’s owner, you can help correct inaccuracies or oversights about basic business details.
Why Is It Important to Maintain My Company’s Business Credit Profile?
Banks, vendors, and other potential business partners commonly check a company’s business credit scores and ratings prior to extending funds or signing a contract. An incomplete business credit profile may leave them with unanswered questions. Additionally, Dun & Bradstreet may not be able to match Trade References and financial details to your company if there are inaccuracies in its business credit profile.
What Can I Do to Complete My Company’s Business Credit Profile?
Business owners concerned that their Dun & Bradstreet business credit profile is incomplete can verify and update basic details for free with Company Update. You may be able to see which information is missing, and you can review vendor Trade References for inaccuracies.
Can I Check My Company’s Business Credit Profile?
Yes! In fact, monitoring your business’s credit scores and ratings can provide you with an unbiased look at how others may view the creditworthiness of your company. CreditSignal®†, a free product, alerts you to changes in your Dun & Bradstreet credit scores and ratings. The alerts can be extremely useful if you’re in the running for a contract or loan, as your business partners may also be aware of these changes. CreditBuilder™ Plus can help you monitor your business credit and add Trade References to your business credit file.
What Else Should I Know About Business Credit?
Establishing your business credit profile is the first step; building and maintaining your business credit scores and ratings can help your company expand and thrive. We know you’re busy, but devoting some time to managing your business credit profile may pay off with additional contracts, more favorable loan terms, and a better reputation among your vendors and partners.
*Trade References will be added subject to Dun & Bradstreet verification and acceptance. Trade References are counted as fulfilled when a qualified reference is successfully added to your report. Please see the Trade References glossary page for eligibility, process and other information regarding Trade References.
†CreditSignal only indicates that your D&B scores and ratings have changed and alerts you when your business credit file has been purchased. To view actual scores and ratings and learn about what industries are purchasing your D&B file, we recommend that you upgrade to one of our business credit monitoring or credit building solutions. Please note, due to the proprietary nature of these inquiries and inquiry requests, only the industries in which the purchasing customers reside will be revealed.