Check your business bredit report and score with Equifax Business Credit Report
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What does my businesses Credit Risk Score mean? How do I interpret it? The Small Business Credit Risk Score™ for Financial Services predicts the likelihood of a business incurring greater than 90 days severe delinquency or charge-off on financial services accounts within a 12-month period. This score is built using financial services and trade payment data, providing a higher degree of predictability. The score range is from 101 - 992 and it returns up to four reason codes. What does a credit risk score of zero mean? Bankruptcy is on file. Once a company files for bankruptcy the Equifax Credit Risk Score will be set to a value of 0. What does my businesses Business Failure Score mean? How do I interpret it? The Equifax Business Failure Score predicts the likelihood of a business failure through either formal or informal bankruptcy within a 12-month period. The Equifax Business Failure Risk Score™ is built using financial services and trade payment data, providing a higher degree of predictability. The score range is from 1,000 - 1,880 and it returns up to four reason codes. What does a Business Failure Score of zero mean? A score of 0 indicates a bankruptcy on file. What does a Payment Index value mean? How do I interpret it? The payment index value is a dollar-weighted indicator of a business's past and current payment performance based on the total number of financial and non-financial payment experiences in the Equifax Commercial database. On the report, there is a chart shown that provides a suggested interpretation of the Payment Index value. How can Equifax predict if someone is likely to go bad and not pay? Our scores help predict the likelihood of a business going severely delinquent or filing for a bankruptcy within a 12-month period. I don't understand the data in the report. Who can I call for help? Log into your member center account and dial the number located in the ‘contact us’ box in the lower right hand corner of the screen. Can I request Equifax to create a credit report on my business? NO. Due to the potential for fraud Equifax does not create credit bureau reports at the request of customers. I forgot to save or print a report. Can I see it again later without paying twice? Reports are only saved in your member center account for 30 days. After that you will need to purchase the report again to view. However, to save a report for longer than 30 days click the 'print' or 'PDF'. What are public records? We define public records as any business registration from the secretary of state, a bankruptcy filing, a judgment, a suit, or lien. Does pulling my business credit report multiple times impact my business credit score? No. Does Equifax provide tax liens, judgments and bankruptcies on businesses nationwide? Yes. We gather public record data from the Secretary of State and other trusted sources and combine that with a company’s credit and payment performance history to provide complete view of a company’s performance. Why did my business credit score drop? I do not see any significant changes in my business credit report. It is not uncommon for a business credit risk scores to fluctuate slightly over time. Equifax's proprietary model for business credit scores looks at many factors to derive the score, several of which are not displayed on the summary report. Factors include, but are not limited to, an increased trend in delinquency, the presence of derogatory public records on the business profile, such as liens, judgments and bankruptcies, an increase in the number of credit inquiries, the number of accounts on file, balances outstanding, payment habits, credit utilization, and related trends over time. |
How does business monitoring / alerts work? When you purchase a subscription to monitor a company Equifax will watch that credit file on daily basis and send an email to alert you if a bankruptcy was filed, an inquiry was made, the company’s credit risk score dropped by 20 points or more, or if certain derogatory information was reported such as a charge-off. When you receive an email you should log into your Equifax Small Business account to view the details. You may also want to pull a new report to get more information. Don’t worry, you get unlimited reports on the company that you’re monitoring as long as you have an active subscription with us. How often can I get a new bureau report when I subscribe to monitoring? You get unlimited reports on the company that you’re monitoring as long as you have an active subscription with us. After viewing an alert in the member center how can I get more information? Often times you need to put the alert in context. If you haven’t recently pulled a credit bureau on the company you’re monitoring then pulling a new report can provide you with a more complete picture of the company’s credit history. We recommend that you combine this with other information you may already have on the company to gain the most complete understanding of a company’s performance and its ability to follow through on its commitments. the number of accounts on file, balances outstanding, payment habits, credit utilization, and related trends over time. |
My company's business credit report contains incorrect information. What should I do? This business report contains financial and non-financial information reported by third parties. Equifax has taken great care to report this information correctly. The Business report is designed to capture the complete history of the business including payment performance and public record information. A change of ownership, a change of legal entity type (for example, sole proprietor to LLC), a change of location, an expansion to additional locations, or other common business events do not eliminate historical data regarding the business. Equifax provides a dispute process to address any perceived inaccuracies on the report. The dispute process is not intended to provide the business an opportunity to dispute and request the removal of accurate historical information (positive or negative) about the business. Additionally, only that information contained in the Public Records and Bureau Data sections of the report may be changed as a result of a dispute. However, your business does have the opportunity to provide a statement of explanation that can be added as a comment to another section of the report. The comment may be reviewed and/or used by recipients of a business report to help understand your business' past history. Depending on the nature of the statement, Equifax may require supporting documentation. If you believe there is any inaccuracy with the report’s information, please log into your member center account and Contact Us via one of the options listed there. We will work with you to determine the details of the dispute and supply you with a Research Request form. Once you know the details of your dispute you will need to complete the Research Request Form and send it to us. Upon receipt of the completed Research Request Form, Equifax will forward a request for verification to the reporting entity. After completion of the verification process, Equifax will notify you in writing of the results. I have submitted changes to my business credit report. How soon will my report be updated? We will notify in writing of the result of our investigation, typically within 45 - 60 days after receipt of your dispute. Who can dispute incorrect information on a business report? Only the business owner or registered corporate officers of the company may dispute a report on their company. If you are not the owner or an officer or the business report in question is not your business then you cannot file a dispute. |
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