Whether starting a new company or focusing on the growth of an already existing company, you may be surprised to learn you now have two different types of credit scores; personal and business.
What is a business credit score?
A business credit score is created much like your personal credit score. Essentially, the moment you begin a business account and credit card, a credit history and score are created. This business score represents the company rather than your personal financial history.
How does my personal credit score differ from my business credit score?
Once your business information is collected, the business credit bureaus create this report. Much like personal credit, lenders will rely on this information to determine if and how much funding may be issued. Although the credit scores for personal and business are similar, the scoring structures vary.
- A personal credit score ranges from 300 – 850
- A business credit score ranges from 0 – 100
Where can I find my business credit score?
There are several different websites which provide business credit scores.
Here are a few popular business credit bureaus:
Did you know?
According to the NSBA Small Business Access to Capital survey, 20% of small business loans are denied based off of business credit score. Build your credit, find the lending that works for you.