How to Check Company Credit Score?

1. How to Check Company Credit Score? Most of the health insurance plans come with a regular annual/monthly health review of the insured. This helps keep the insurance company assured that the insured remains in good health and not become a liability for it. Besides, it is also beneficial for the insured as it keeps his/her health all checked up and sometimes warn them about any physicals ailments they have developed. Company credit score is just like insurance. If your company has a good score, be assured that banks and financial institutions will be there for your help in need and not just this, they will be offering your company long-term repayment plans. Just as a regular health check, checking company credit score at regular instances, keeps tab on the financial health of the company. Checking credit score is quite easy provided it is handled by professionals. CreditQ, a credit report agency can be of utmost help to you in getting this. They have long standing in the industry, and are fully professional to help your company get credit score. Why You Should Check Your Company Credit Score Reason why you should check the credit score of your company is only one. This is to know about the credit worthiness or credit eligibility of your company. It is often observed that companies do not pay attention towards the credit score and seldom check it during times when they are flourishing and doing well. Unaware of the difficult times, companies often ignore the fact that difficult times come unpronounced. When it is good times for the company, they often ignore their score and forget that they might need credit in the future when things go haywire unprecedently. It is wise to check the credit score and maintain it so to prepare the company for these difficult times. So that banks and other credit agencies are all welcome for giving loans. Need of a Good Credit Score A good credit score is like an insurance policy for the company assuring that banks and credit agencies will be there for them whenever needed. Thus, keeping a good score is not only good for any company but it also prepares them for such times when they run out of financial resources.

2. Ways in Which Company Credit Score Can Be Checked There are a couple of ways in which you can check it. The most suitable and the easiest one or the most-preferred one is the online method. For the one who take a traditional approach the quasi- offline means is also available. Process of Checking Credit Score Credit score checking process is not a tedious job and does not involve much paperwork. However, it needs to be handled by experts and professionals. The process involves three steps expanded into five stages. The first stage is divided into two stages, where you enter information and choose the plan. The second stage is also divided into two stages, where you choose to pay online or offline with the help of a demand draft. Stage-1: This is the first stage when you decide to check the credit score and ready all the required documents and information. A checklist of the KYC documents is given on the online application form page of the CIBIL website. In case, you have hired a professional or your audit agency to do this job for you, then you need not worry about anything as for the professionals it is a routine work and they can accomplish it well and in a timely fashion. If you are doing it on your own for your company or any of your company personnel is doing it for the company then the following stages apply. This stage involves visiting the CIBIL website and getting on to the generate company credit score page. This page has a web form inviting details such as company name, company id type, id value which can be PAN, TIN, CIN etc., official address of the company, applicant’s name, etc. This is the stage where CIBIL collects all the detailed information about the applicant and the applicant company in order to generate CIBIL Rank and Company Credit Report. Stage-2: On this page, CIBIL also allows you to select CIBIL report generation fee plan of your choice. There are three plans available – Premium, Standard and Basic. All three plans are currently being offered with discount and the most preferred among these and the most economical one is the Premium plan where CIBIL allows you to generate the report four times (one report per quarter). Once you enter the information in the previous page and select the plan of your choice, the next stage is the payment gateway where you can pay online or through demand draft (offline). Stage-3: After successful online payment of after you choose to pay by demand drat, the website leads you at this page which is where you need to upload required KYC documents. Once this is done, a unique ID and transaction ID is emailed to you using which you can generate the report. Checking Company Credit Report Keeps You Informed The advantage of checking company credit report, every quarter or at least twice a year helps you keep anomalies of any kind at bay. At times, it is seen that following some entry error or other reason, the report shows erroneous data. The credit agencies could commit such mistakes. On the other hand, you are the only one who could point out that mistake and do every possible thing to rectify it as soon as possible. There are ways in which the erroneous data could be reported. Such errors could be reported back to the authorities and a fresh report could be asked. This helps keeps a check on company’s status and ensures that there are no errors in the report. Basically, it is like leaving no scope for any errors and no denial on the part of the credit agencies regarding the loans. As per the process, the error reported is investigated and if it is found to be correct then the necessary changes are made and banks or other agencies are notified accordingly.