How to Improve Corporate Credit

Maintaining good corporate credit may be even more important than maintaining good personal credit. While most individuals only borrow hundreds or a few thousand dollars, corporations may need to borrow tens of thousands of dollars at a time for business expenses. This means that the rate you get on loans has a significant impact on your company's bottom line. If your business does not have strong credit, there are steps you can take to improve it.

Instructions

1

Check your company's credit report. You can request a copy of your report from credit-reporting bureaus such as Experian and Equifax.

2

Report any incorrect information on your credit report. For instance, if a credit card is listed as being closed by the card company, and it was actually closed at your request, notify the credit bureau of this discrepancy. Request that current (positive) supplier information take precedence over outdated information.

3

Contact any vendors who are not reporting on-time payments and request that they report these payments to the credit bureaus.

4

Bring all accounts current and pay down as many debts as you can. A good debt-to-credit ratio is less than 30 percent.

5

Opt for secured loans rather than unsecured.