Brandon Credit Fix LLC
Business credit encompasses various tools utilized by lenders, creditors, and vendors to assess the creditworthiness of your business. It comprises two key components: business credit reports, which detail your company's credit history, revealing how you've handled commercial credit obligations previously, and business credit scores, which analyze the information from these reports to predict future financial performance. These scores can range from predicting the likelihood of business failure to assessing the probability of defaulting on credit obligations, providing valuable insights for entities engaging with your business financially.
New businesses need to establish business credit and grow it over time. Some steps to build business credit are fast and easy, like setting up an employer identification number. Others require patience, like demonstrating a responsible payment history over time.
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." - Warren Buffett.