Did you know that many of your current suppliers could be reporting positive payment history about your business but the information is not reaching your corporate credit profile? Business validation could be standing between your company and financial success.
We see it happen all the time…
Perhaps you originally registered your company at a home address or using a registered agent’s address. Without your knowledge, a corporate credit file may have been created using that address. If you open retail or credit accounts using your actual address, whether an office location or a mailing address, that information won’t match what is in the credit profile. For whatever reason, your payment history will not be recognized by D&B® or other credit bureaus.
Oftentimes, a business may have two or more corporate credit files under different addresses, with part of the payment history flowing into one file and part into another. More often than not, the information doesn’t get put into any file at all.
You can think of your credit profile like a puzzle that is missing a piece. It won’t matter if you have several extra pieces (payments) to put into that spot, but if the shapes and sizes are not an exact match, they just won’t fit.
When information flows into the bureaus from various auto-reporting companies, it has to be exact. If information doesn’t fit perfectly into that slot, it won’t get added to your file. If the bureaus receive enough information for that other address, they may actually create a separate file instead of letting the information flow to the correct file. This is why it is so important that you insure everything matches in all your files — not just with the bureaus, but with all your vendors, as well.
The best way to make sure all your payment history is reflecting correctly to your file is to follow a few easy steps to validate your business. That way, when the bureaus receive information about your company, the pieces will fit perfectly into the slot automatically and help to boost your credit potential.
And the best part is… most of them are free!