Streamlining business credit score with the help of commercial credit checker
Business credit score can be considered as one element by a lender if any SME wants to apply for a loan in order to carry out business. It would also consider the company’s revenue, profits, assets, and obligations, and the collateral value of the business to deal with the loan funds. Before knowing what a Business Credit Report is, we need to first understand the Business Credit Score and its importance!
What is a Business Credit Score?
A business’s credit score reflects if any company is eligible for a loan or to become a business customer. Business credit scores, also known as commercial credit scores, are calculated using a company’s credit obligations and repayment histories with lenders and suppliers, as well as any legal filings such as tax liens, judgments, or bankruptcies, the length of time the company has been in operation, business type and size, and repayment performance relative to similar companies.
How significant is a Business Credit Report, and what does it contain?
A business credit report is specific to a corporation. It includes all relevant information such as ownership information, corporate finances, risk scores, debts or bankruptcies, liens, subsidiaries, and vendor payment data from any of the major credit agencies. The company’s credit report information is one of the many elements that influence credit acceptance. The lenders can attain historical and present data related to financial information to reduce credit exposure and check the creditworthiness of the business.
How can Commercial Credit Checker help in obtaining business credit reports?
Commercial Credit Checker offers data-driven solutions that help lenders to make more informed decisions. It reduces your credit risk by demonstrating the creditworthiness of the companies with whom you do business, regardless of where they are located. The credit reports provided by Commercial Credit Checker are designed to safeguard your business from bad debt and unpaid invoices, whether you’re extending credit to a business, granting a lease, or wanting to better the terms you receive on your contracts.
The solution combines credit, fraud, and compliance checks with corporate history data in a single report by supporting real-time business credit reports from 62 countries on millions of active enterprises. Commercial Credit Checker provides direct access to Experian’s Premier Profile. Because the business has access to Equifax, they can obtain a Business Credit Industry Report 2.0 including a Delinquency Score and a Suggested Credit Limit. The system has instant access to PayNet for providing credit report history with MasterScore® v2 and enables seamless integration with DataMerch to search and add merchants, report business fraud, etc.
The highly scalable technology allows users to obtain normalized information from one to four national credit bureaus, namely Experian, Equifax, PayNet, and DataMerch. It enables better and simpler methods to incorporate business profile information into your existing apps and workflows. The credit report app helps in providing raw data and formatted PDF reports and offers you immediate access to financial and credit risk data via our API. It supports business credit report automation from any Salesforce standard or custom object and helps store business credit report data inside Salesforce CRM.
The application is cost-effective, saves time, and reduces human errors, resulting in reducing bad debts and credit risks. It provides highest SMB coverage to verify and score more small and midsized enterprises, allows easy integration through a broad innovation roadmap with API-based solutions, and provides fresh and high-quality data across billions of current and historical business records.
Cloud Maven, Inc. develops and provides cost-effective business applications and operational software solutions for clients as a Salesforce ISV partner and recipient of the 2021 Salesforce Partner Innovation Award. As a company, we assist them in increasing sales on the AppExchange platform and expanding their companies by using the extensive Salesforce relationship network. We work together to find, integrate, and personalize the best software solution for your company through Salesforce implementation.
This commercial credit report tool is available on Salesforce AppExchange for a free 30-day trial period with all the above features. For any queries, you can contact us at info@cloudmaveninc.com and to know more about our products, follow us on LinkedIn, Twitter and YouTube.
