How to Improve Small Business Credit
- 1). Pay bills on time or before the due date. Late payments reflect negatively on your credit report. If you run into difficulty paying your bills on time, contact those you owe money to and work out a payment plan with them.
- 2). Pay off the balance on your credit card. Do not just pay off the minimum amount due. It will improve your business credit if you pay off your total balance at the end of the month. Buy things on credit that you can pay for with cash, and use the cash to pay off the credit card in full.
- 3). Take out a small loan and repay it on time. Once you establish that you can handle the repayment of a small loan, lenders will trust that you can handle the repayment of a larger loan.
- 4). Review your business credit report frequently to make sure there are no errors on your report. If you find discrepancies, write to the credit bureau and dispute it. Go to http//:www.experian.com, to request a copy of your report.
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