What’s the Small Business Financial Exchange?

Each payment experience you make as a consumer—mortgage, credit card, and car payments, to name a few—could show up on your personal credit report. The same goes for your business in regards to your business credit report. Payments to suppliers, loan payments, commercial lease payments, auto payments, are all payment experiences that could be reported and end up on your business credit report. Data warehouses, like the Small Business Financial Exchange (SBFE), along with business credit reporting agencies collect the Read More

Do You Need Identity Theft Insurance?

With data breach after data breach hitting the newswires, many Americans are wondering what they can actually do to protect themselves from identity theft. Unfortunately, once your data is out there, it’s hard to roll back the clock. A major data breach of personal identifying information like your name, Social Security number and birthdate puts some incredibly valuable keys in the hands of … well, just about any fraudster or hacker with the willpower and know-how. That’s a pretty scary Read More

How Often Does My Credit Score Change?

“How Often Does My Credit Score Change?” Nav customers often ask us this question. Most people guess their credit scores change once a month, but that’s not the full story. The quick answer is that your scores can change any time new information is added to your credit reports. Here’s how it works: How credit bureaus generate your score First, it’s important to understand how the major credit bureaus create a credit score. A credit score is calculated using information Read More

How Business Owners Can Get and Keep Strong Personal Credit Scores [VIDEO]

When you’re a business owner, strong personal credit scores can be an asset, by helping you qualify for a business credit card, an SBA loan or other types of funding that take the owner’s personal credit into account. But if you’re not careful, your business can hurt your credit scores. In this video you’ll learn: The big credit score mistake many small business owners make How to protect your credit from your business Nav tools that can help you protect Read More

Business Tax Liens

Business tax liens can hurt your finances, your credit and can possibly even put your business in jeopardy. “A tax lien can be devastating to you and you should do everything you can to avoid it,” says Barbara Weltman, attorney and author of J.K. Lasser’s Small Business Taxes. What is a business tax lien? Here’s how this goes down. The IRS says you (or your business) owes taxes. It sends you a notice (Notice and Demand for Payment). You don’t Read More

The Truth About Business Tradelines

If you’re trying to establish business credit, you’ve probably heard the term “tradelines.” You know they are important, but you’re not sure how to get them and how they can benefit your business. Here we’ll demystify them: What Is a Tradeline? A tradeline is simply industry-speak for “account.” They may include business credit cards, lines of credit, and loans. They also include information from vendors who report to commercial credit reporting agencies. For example, you may have an account with Read More

What Is a Good Business Credit Score?

Most of us are readily familiar with the general structure of consumer credit, but if you’re a small business owner, becoming familiar with business credit is important to your overall success. Establishing and maintaining good business credit will help you build valuable relationships with vendors, suppliers, manufacturers, and financial institutions that are important to operation. For business owners, a good business credit score translates into lower interest rates, better trade credit, and access to the financial support necessary to grow Read More

The Five Main Credit Scoring Factors

It takes more than on-time payments to build a good credit score. Understanding the five main credit scoring factors can help you boost your credit scores. These five factors help explain how information in your credit reports will be evaluated when your personal credit scores are calculated. The better you score on each of these factors, the higher your credit scores. Using the FICO model, here are the five main factors that affect your credit score: Payment History (35%) Debt Read More

Payment History and Your Credit Scores

Whether you pay bills on time is the single most important factor that makes up your personal credit scores. It is also a major factor when it comes to your business credit, but there are some differences in the way it is evaluated. Here’s what you need to know. If you miss a payment on your personal credit card, car loan or mortgage by a few days, chances are it won’t hurt your credit scores. With personal credit reports, payment Read More

Debt Utilization and Your Credit Scores

While the amount of debt you owe is important, even more important is how you are managing your revolving accounts such as credit cards. Learn more now.