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How to Improve Your Business Credit Score - Expert Advice

Any financial institution, however, will not lend you that money unless you can demonstrate that your company has a solid credit score. This business credit score shows that you have solid money management abilities and the ability to repay any loans you get on time.u200b You can now check your business credit scores at CreditQ- Indiau2019s First credit management platform designed for MSMEs. u200b<br>@ https://creditq.in/page/credit-information-report

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How to Improve Your Business Credit Score - Expert Advice

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  1. How to Improve Your Business Credit Score - Expert Advice

  2. Why Business Credit Score is Important? Obtaining a good amount of money as a loan is critical for the growth of your business. Any financial institution, however, will not lend you that money unless you can demonstrate that your company has a solid credit score. This business credit score shows that you have solid money management abilities and the ability to repay any loans you get on time.

  3. Tips Improve Your Business Credit Score

  4. Pay Your Dues on Time One of the easiest ways to improve and maintain your credit score is to pay all your dues on time. Whether it is your credit card bills, your past-due invoices, or your loan EMIs make sure you pay them before you become a payment defaulter in the eyes of your creditors. 

  5. Aim for Low Credit Balances  Make it a rule not to use more than 30% of your credit at a time. When you use over 30% of available credit, your credit score starts to dip. Most financial credit bureaus like Credit Information Bureau or TransUnion CIBIL Limited use this as a parameter when deriving a credit score for any business.

  6. Be Tax Compliant You may wonder how a good credit score and tax payments are related. The answer is simple if you have to be tax compliant, you need to maintain your books correctly. 

  7. Maintain a Single Account Having one account for everything business-related shows, you run your business transparently and makes it easier to understand where the money goes and comes from.

  8. Ensure Your Personal Credit Scores Are Good Most business owners keep their personal and business finances different, and that’s how it should be. Yet financial institutions consider your individual CIBIL scores when evaluating your business for a financial proposition. So try and maintain your personal credit score high too. 

  9. Check Your Credit Scores Many business owners take measures to improve and maintain their credit scores but don’t follow up. If you don’t know where you are standing and what caused a fall in your credit score, you cannot improve them. Therefore, check your credit scores periodically and rectify any errors that caused a fall. You can now check your business credit scores at CreditQ- India’s First credit management platform designed for MSMEs. 

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

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