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How Business Credit Report Play Crucial Role in Loan Application

A lender can deny your business loan application and show you a red flag if you're not keeping up well with your business credit report. In order to maintain a high level of loan worthiness, it becomes essential to target for good credit history.<br>@ https://creditq.in/page/credit-information-report<br>

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How Business Credit Report Play Crucial Role in Loan Application

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  1. How Business Credit Report Play Crucial Role in Loan Application?

  2. Why Lenders Check Business Credit Score? With credit score lenders can assess your repayment behavior and ability by looking at your business credit report. This is one of the many reasons why a business credit score is essential to get a business loan. 

  3. Why Business Credit Report is Important? • Helps to assess your account payment history • Gives a glimpse of your open and closed accounts • Shows your recent credit applications • Helps to check your unpaid debts • Gives information about your public records

  4. Helps to Assess Your Account Payment History The business credit report includes your entire payment history from your different credit accounts. Only the negative payments that are older than 7 years are unavailable. There is a notes section for each account and it shows your old-past due payment status which helps to give further clarity to the lenders. 

  5. Gives a Glimpse of Your Open and Closed Accounts  All your open and closed credit accounts are included in the business credit report. Only the closed accounts that are more than seven years old are unavailable. Well, if there are some good standing closed accounts then they might remain for 10 years or even longer. 

  6. Shows Your Recent Credit Applications There is a sub-section called Inquires in your credit report. This shows all your credit applications for the last 24 months. This information helps lenders to assess how consistently you raise loan applications and what is your repayment behavior.

  7. Helps to Check Your Unpaid Debts  All your unpaid debts are listed in the credit report and give lenders an idea about your capability to repay in the future. Make sure you are clearing almost all the debt before approaching a new one. 

  8. Gives Information About Your Public Records  This is considered to be one of the red flags for unsecured loans. Public records can be your acts of bankruptcy, repossessions, and foreclosures that went through court proceedings. In fact! Your credit report is also used as evidence in online dispute resolution for business. 

  9. Thank You Get in Touch  Email: support@creditq.in Website: https://creditq.in

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