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How to Maintain Your Company Credit Score​

For a running business enterprise, a high business credit score matters a lot. It reflects your efforts to follow standard business practices and do everything the ethical way. CreditQ can help you in the payment settlement process with your debtor that can improve your company credit score. It acts as a middleman and ensures a safe settlement process that benefits you. It also ensures that you donu2019t succumb to fraudulent activities. On a similar note, you should learn more about business credit management.

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How to Maintain Your Company Credit Score​

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  1. How to Maintain Your Company Credit Score

  2. Why You Should Maintain Company Credit Score For a running business enterprise, a high business credit score matters a lot. It reflects your efforts to follow standard business practices and do everything the ethical way, from paying your dues on time to keeping a check on your expenses. While it takes time to build a good credit history, your business credit score can help you a great deal in achieving it.

  3. Ways to Control Your Company Credit Score

  4. Pay Your Dues on Time It’s a no-brainer that you should pay your dues timely to avoid late payment charges. It can also ruin your reputation in the market and a possible fallout with your clients. All this can impact your company's credit score negatively. The solution to this is to set alerts and reminders that help you pay your vendors and suppliers on time. If you’re under debts or don’t pay on time, it gets reflected on your credit report.

  5. Check Your Company Credit Report If you want to control your business credit score, you must develop a habit of reviewing your business credit report regularly. It informs you of any update and if that has impacted your credit score positively or negatively. Moreover, you can report any error or discrepancy to credit information bureaus that prepare your report.

  6. Maintain Good Credit History Needless to say, if you maintain a good credit history, you stay away from payment defaulters and don’t become one yourself. The idea behind it is to enjoy financial stability and a good rapport in the market. By reviewing your credit history, your existing lenders and investors may get impressed.

  7. Take Care of Your Debtors You may experience a cash crunch due to the unavailability of funds. This cash crunch may occur because of your business credit defaulters. Your money could be stuck with a vendor, or you may observe a cycle of late payments or irregular payment patterns. It can lead to a poor credit report and a low credit score. 

  8. Don’t Misuse Business Funds Your business may lose its creditworthiness due to your casual habit of wasting business funds. If you think you can make do with the existing equipment for this quarter, do not purchase the new one. It’s an unnecessary expense and can make you obliged to take credit from others. It can impact your company credit score in the longer run.

  9. Thank You GET IN TOUCH • Address: 3/31, Chitrakoot Marg, Arpit Nagar, Vaishali Nagar, Jaipur, Rajasthan 302021 • Mob: +91 724-000-0901 • Email: support@creditq.in • Website: https://creditq.in

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