| By :
Marco Carbajo
As a business owner it's important for you to understand the integral role that a business credit bureau plays in the world of business finance. The data it collects on your business can impact whether or not your application for credit is approved or declined, the rate of interest your company will pay and even the amount of credit you can obtain. Not to mention it also can determine whether or not you will have to provide a personal guarantee with certain creditors. In simple words, a business credit bureau is a repository of collected trade and credit information on millions of companies. All this collected data is compiled into what are known as business credit reports which are furnished to potential creditors so the creditors can make sound credit granting decisions. The integrity of this information being disseminated is vital to the success of our country's credit system. So it's essential for you to know how a business credit bureau gets its information about your company. The more informed you are the better you can ensure that your business is being portrayed in the right light to potential creditors. There are some primary and secondary sources, which are: *Incorporation filings from state and county courts *Business registrations (state, city, county) *Corporate financial reports *Self reported data from company principles *Payment data from suppliers and creditors *Banking data from suppliers and creditors *Companies granting credit (vendors, suppliers, lease companies, etc.) *Uniform Commercial Codes (UCC Filings) *Contracts, grants and loans from the Federal government *Bankruptcy filings from state and county courts *Public records of suits, liens and judgments *Internet data mining *Yellow pages and other print directories *News and media *Company press releases As you can see all these sources contribute to the information that goes into creating your business credit reports. So stay consistent with all the information you provide about your company so there is no discrepancy or mismatched data. You can always search the database of a business credit bureau to verify if your company is listed and then order a full business credit report to check for accuracy. Dun and Bradstreet, Corporate Experian and Small Business Equifax all offer database search functions as well as business credit bureaus like Credit.net and Cortera. Some of these companies even offer monitoring services and alert notifications which allow you to stay completely connected and aware of any activity on your business credit reports. Companies like Dun and Bradstreet provide an online account called eupdate that gives companies access to its DNB credit file so if you have to make any updates or changes you can do so at any time. Its one thing to get your company listed but what's even more important is ensuring that your company information is being listed accurately
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