GET OFF TO A FAST START BY BOOSTING YOUR "PAYDEX SCORE" OUT OF THE GATE!!!!
***USE OUR (7) BUSINESS TRADELINES TO ENHANCE YOUR ABILITY TO GET THE BUSINESS FUNDING YOU DESIRE!!!***
As a business owner, you already know how imperative it is to stay on top of your credit. What you may not know much about is your Paydex score and what it means for your business. According to Dun & Bradstreet, your Paydex score is the “unique dollar-weighted numerical indicator of how a firm paid its bills over the past year, based on trade experiences reported to D&B by various vendors”.
The score ranges from 0-100 with a score of 90 or above indicating an excellent payment record and a score of below 70 signaling a poor performance. It’s critical to understand your Paydex score since it directly impacts your ability to obtain financing to fuel the growth of your business.
Be diligent in monitoring your business credit history and address any errors you may find, such as falsely reported past due accounts. Confirm that your payment performance is accurate and be sure to follow up with creditors on any discrepancies.
Similar to a personal credit profile, keeping credit lines active can help maintain a higher Paydex score. You may have a score of 80, which is equivalent to a 750 FICO score, but if there is no continuous business credit activity, your score may actually decrease.
By working on your Paydex score before your business needs financing, you will be in a better position for borrowing. We hope this has you thinking about ways you can improve your Paydex score and your overall business credit performance.