Hey guys Sean Mory here from LenCred senior Financial Advisor answering your questions. This week I picked one that one was specific to what I thought was the best question I seen in the last hundred questions this week. This comes from Dillon out of Minnesota. Dillon asks, ” why is it important to have business credit monitoring?”
Great question. Very simple to answer, you need to know what your credit looks like before you assume you can borrow what you need to borrow. If you do not plan accordingly and you get into financial crunches. Then you find do not out that your credit is not qualifying until it is to late. You could lose your business, employees, and lose Business to Business (B2B) relationships. So you need to make sure you are taking the proper steps to constantly be vigilant of your credit, what is reporting and what is not, and where it is reporting. It is very simple to misconstrue that vendor credit is not going always report to Experian or Equifax business credit reports. More importantly it reports to your Dun and Bradstreet (D&B) profile.
Most people do not know these very simple mechanics. So if you start to educate yourself and monitor your business credit like you are probably already doing with your personal credit. It is a one-two punch, you will be able to prepare and accordingly make sure your credit meets the criteria for any business lender you would go to.
That being said, Dillon thank you for your question I appreciate you asking that very valuable question. I am Sean Mory with LenCred. If you have additional questions or found this video helpful and want to know more, give us a call at 1.888.783.1503 or you can reach us at www.lencred.com. Thanks guys!