As we know that for a need of cash requirement in the business we have borrowed money from the banks or from the financial institution. What does your small business credit look like? Have you check & time for review, improve analyze and it? If not, start now start taking this aspect of business seriously because now is the time. For establishing your business` the credit history plays an important role in the growth of your business. To fulfilling the credit requirement firstly you should we improve or build your credit score. You may need to do more to bring your business credit score up to the level that would be beneficial for the overall growth of the business.
There are 5 tips will help into the improve your credit score
- To check your credit report:- The must & important thing for before the taking the loan is to we aware of your credit position. To find out your credit score with use of multiple platforms like on https://www.cibil.com/, https://v3.paisabazaar.com/bureau/apply or etc. & after receiving the cibil report check the information your report is updated with your current business location and analyzing them. And to be a focus on the mistake of the business like not payment of loan on time, not using accounting software in the business. And rectifying for these type of mistake we should have using small business accounting software that would be helpful for the reminder for payment of equated monthly instalment (EMI) and using online channel for done the payment & At presently internet banking are also facilitating for the function of automatic EMI payment.
- Pay your Bill be on time:- To improve the credit score you have to pay the instalment on time and not miss the instalment. Pay your bills on time every month; this includes not only your credit card payments, but also rent, utilities, and other vendors and keep all the document very carefully Proper expense tracking can help with this task. And these document also help into the filing of income tax to the government.
- Consistently report:- To check your credit score report by time to time because they helping to check out our position and helping with the taking the future decision it also help in the grow up your business. The more also help your credit report with positive, accurate information, the more your credit score will improve. Bookkeeping software should always make an accurate report so that there is no problem in the future.
- To be Raise a dispute on error in credit score report :- Sometimes we are applying for the cibil score report & we find out in these report some information are may be wrong or wrong account are may be linked in your report but it not belongs to you or shows personal information may be wrong. It resultant your credit score may be decreased in these case we are raising a dispute with the civil team & they will concerned and verifying with the bank and rectifying the report.
- “Pay for End-up loan” with collections:- All the transactions that are performed in the business must be a positive transaction and the amount of the same should be made on time. So that there is no issue of lower credit score.