READING YOUR BUSINESS EXPERIAN
This segment reviews what you need to know to read and understand your business Experian report.
Empower yourself
Know how to dissect your business Experian report
First, purchase and login to your Experian business credit report. If you need more information on how to do this, please review the monitoring Experian business credit segment.
Let’s start with Business Credibility
This is the first section of the Experian report. It lists the business name, address, phone, ein#, DBA’s, associated businesses, key personnel, SIC & NAICS Codes, Business Type, Year Experian file was established, years on file, years in business, employees, sales filing data provided by, and date incorporated.
Next, the report outlines the number of days beyond terms and compares this to industry standard.
The report outlines balances for various amounts of time and the highest & median credit amount extended.
Then the payment tradelines, inquires, UCC filings & other records are totaled.
You can see if there are any Bankruptcies, liens, judgments & collections for the business.
Under the credit summary, you see the general score assigned to the business. Business credit is different than personal credit. The biggest factor in determining a score is whether or not payments are made on time. Experian business credit factors in some other variables including new accounts. Even though the score may fluctuate with new accounts, we find that lenders are most concerned about the payment history showing that payments were paid on time.
Experian maps out the score trends in various graphs.
Next, the trade payment information lists payment details.
You can see the general industry of the supplier. Business credit agencies don’t list the name of the creditor that is reporting, only the general industry. This means a supplier category name “computers” could refer to the Apple computers you purchase.
Listed next is the reported date, activity date, payment terms, recent high credit, balance, and whether or not your payments are current.
In the additional payment experiences section, non-trade accounts are listed. These are typically banks and leases.
Experian then adds up payment trends according to month.
Next, the Inquires are listed including the category and date.
Collections are next with the applicable descriptions.
The Commercial Banking, Insurance and Leasing section lists out all leases, judgments, liens, & UCC Filings.
At the bottom of your report, Experian outlines what can do to improve your score.
Now you know, and knowledge is power. Monitor your business Experian report.
This segment reviews what you need to know to read and understand your business Experian report.
Empower yourself
Know how to dissect your business Experian report
First, purchase and login to your Experian business credit report. If you need more information on how to do this, please review the monitoring Experian business credit segment.
Let’s start with Business Credibility
This is the first section of the Experian report. It lists the business name, address, phone, ein#, DBA’s, associated businesses, key personnel, SIC & NAICS Codes, Business Type, Year Experian file was established, years on file, years in business, employees, sales filing data provided by, and date incorporated.
Next, the report outlines the number of days beyond terms and compares this to industry standard.
The report outlines balances for various amounts of time and the highest & median credit amount extended.
Then the payment tradelines, inquires, UCC filings & other records are totaled.
You can see if there are any Bankruptcies, liens, judgments & collections for the business.
Under the credit summary, you see the general score assigned to the business. Business credit is different than personal credit. The biggest factor in determining a score is whether or not payments are made on time. Experian business credit factors in some other variables including new accounts. Even though the score may fluctuate with new accounts, we find that lenders are most concerned about the payment history showing that payments were paid on time.
Experian maps out the score trends in various graphs.
Next, the trade payment information lists payment details.
You can see the general industry of the supplier. Business credit agencies don’t list the name of the creditor that is reporting, only the general industry. This means a supplier category name “computers” could refer to the Apple computers you purchase.
Listed next is the reported date, activity date, payment terms, recent high credit, balance, and whether or not your payments are current.
In the additional payment experiences section, non-trade accounts are listed. These are typically banks and leases.
Experian then adds up payment trends according to month.
Next, the Inquires are listed including the category and date.
Collections are next with the applicable descriptions.
The Commercial Banking, Insurance and Leasing section lists out all leases, judgments, liens, & UCC Filings.
At the bottom of your report, Experian outlines what can do to improve your score.
Now you know, and knowledge is power. Monitor your business Experian report.