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Credit Report A credit report, or credit history, is the history of a businesses credit repayment. This information is provided to potential lenders for a fee from credit information agencies, such as Equifax, TransUnion, Experian, or Dun and Bradstreet. The higher the credit report on a business, the more likely they are to be approved for financing they may be applying for. It is important for any small business to build up a good credit history. This can be done through attaining a credit card for the business, and making some small purchases each month using the credit card. When the bill comes due, pay it in full. Doing this for a length of time will build a credit history and make the business able to be qualified for loans. Also, business owners should keep in mind that the more loans they apply for, the lower their credit score will be, so they should do their shopping first before applying for any loans. More Glossary Terms Explained here |
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