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American Small Business Credit Chamber of Commerce

The American Small Business Credit Chamber of Commerce help small businesses develop and maintain a strong commercial credit profile that is needed to grow your company. ASBCCC helps its members to get their good payment history reported to the major credit bureaus to help establish a positive credit profile for their company. With a strong credit profile members can secure financing for future growth, get lower interest rates on loans, and increase their chances of securing the funds they need for their companies. Become a ASBCCC member today and begin to build a solid foundation for the future of your company.

Business Credit 101

This course covers the basics of business credit, including how to establish credit, build relationships with vendors and lenders, and improve credit scores. It also provides tips on how to make your company bank ready to avoid common mistakes that can undermine you company’s business credit profiles. Such as avoiding business names and sIC codes that are considered high risk by banks. This course will guide you through each of the steps to required to establish and maintain a strong business credit profile:

Business credit report

What is a Business Credit Report?

If business credit is defined as a company’s perceived ability to make good on financial obligations according to the terms of its contracts, Business Credit Report is the means by which that ability is expressed and presented to potential funding partners.

In other words, business credit reports can help illustrate clearly and quickly what a company’s past payment behavior has been, how that might impact their ability to fulfill contractual obligations now and in the future. Oftentimes, lenders, suppliers, potential business partners will rely on these reports to help determine the level of risk associated with certain companies, and use that information to help decide whether to do business with them or not.

What’s Inside a Business Credit Report?

A Business Credit Report contains more than just operational information and trade payment history. They consist of a company’s public profile, multiple types of credit scores, ratings, data, ranging from predictive, to performance based, historical data that can help showcase a company’s reliability, and financial stability, including:

  • Credibility and Viability Rating
    A Company’s Credibility and Viability Rating is a highly reliable multidimensional credit rating system that holistically evaluates a company’s current to future health. It forecasts what the next year may look like, specifically the probability that the firm will go out of business, become inactive, or go bankrupt.

  • Probability of Failure
    A Company’s Business Credit Report also predicts the likelihood that a business will seek legal relief from its creditors, cease business operations without paying all its creditors in full, voluntarily withdraw from business operation and leave unpaid obligations, go into receivership or reorganization, or make an arrangement for the benefit of creditors over the next 12 months based on information in the Data Cloud. 
  • Probability of Delinquency
    A Company’s Business Credit Report also predicts the likelihood that a company will pay in a severely delinquent manner (10% or more of their obligations 91+ days past term), seek legal relief from creditors, or cease operations without paying all creditors in full during the next 12 months.
  • Credit Score
    A Company’s Credit score provides a unique monetarily weighted numerical indicator of how a firm has paid its bills and is a proprietary measure of historical trade payment performance based on trade experiences reported to credit Reporting Agencies.
  • Legal Events
    Bankruptcies, lawsuits, liens, judgments, and other public filings also crucial in identifying credit risk. Business credit reports collect business-related bankruptcy information from every bankruptcy court in the United States.

As you can see, the data and insights contained within a your business credit report can be extremely valuable to your business and others. That is why it Is extremely important that the information is accurate. This insures a solid foundation for which your business can grow, take advantage of opportunities and navigate the inevitable unexpected challenges of running a business. It is said that you only get one chance at a first impression for you business. Your Company’s credit score is often the first impression that the people who play an intricate part in the continued success of your Company see about your Company. Don’t wait until you need to rely on your Business Credit. Join ASBCCC today.

Why are Business Credit Scores and Ratings Important?

A. Your Business Credit

Someday, if it hasn’t happened already, your business may need help financing the purchase of new machinery, acquiring inventory, expanding your operations or access to emergency capital. When unexpected economic events arise, you may need to open a line of credit to remain operational. Even recurring costs like payroll can be covered by short-term loans. In most cases, lenders require assurances that they’ll be repaid on time, and one way they can help manage repayment risk is by reviewing the business’s credit scores and ratings on file with the major reporting agencies. These indicators are your company’s first impression that help banks determine whether or not to lend money and at what interest rates.

In addition, many businesses’ credit files are evaluated when they bid on contracts or shop their services to potential business partners. That’s because companies want to make sure they’re working with businesses that can deliver products on time or complete projects as promised – and have a low risk of going out of business. Building strong business credit has many positive implications besides just helping protect yourself from personal liability. For example, business credit may be required or advantageous when:

• Requesting higher trade credit limits from suppliers 
• Requesting lower premiums on insurance policies
• Negotiating lease terms on equipment and real estate
• Negotiating freight terms
• Obtaining payroll credit
• Winning contracts for national distribution from a large chain
• Bidding on more lucrative contracts
• Seeking line-of-credit increases
• Seeking more favorable interest rates on loans from banks
• Applying for funds to cover an unexpected emergency

Have a Low Business Credit Score?

ASBCCC members receive expert assistance to help Improve & Rehabilitate your business credit!

If your business credit scores are low, there are a few steps you can start taking now to potentially help them improve. 

Make Sure Your Business Credit Profile is Accurate and Up to Date
Check your business credit file regularly and whenever possible to make sure the information in it is accurate and up to date, and submit correction requests to any errors. You can even dispute payment experiences in your file that you believe to be inaccurate.  

Make Payments on Time
Your business should strive to make all payments on time (or early) in order to help avoid the appearance of financial stress on your business credit profile. Why? Because lenders want to know that they’ll get a return on their investment, and potential business partners want to know that you’re reliable. Failure to pay invoices in a timely manner can lead creditors to submit negative reports to the business credit agencies. A history of delays or defaults can damage your ability to obtain credit or prove your credibility to another company.

Supply Payment Experiences to credit reporting Agencies
Establish, Collect verify and submit accurate trade reference information that can report their payment experiences with your company to credit reporting agencies. These payment experiences can impact your business credit scores and ratings, so you want to be sure to pay your vendors on time or early to help build positive business relationships.
Get expert guidance on how to develop maintain and build a strong business credit profile. Schedule a Consultation with an Expert and Get a free Review of your Business Credit Report.

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Workshops and Educational Courses

ASBCCC offers workshops and educational courses that can help business owners develop strong business credit and banking relations:

ASBCCC provides its members FREE Technical Assistance and Best Practice Workshops. All workshops are hosted by members that are experts in their field, providing invaluable tools, tips, information that help you optimize your business, and reach your goals.