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Experian is the second largest reporting agency in the business credit world. Lenders that provide credit cards, revolving accounts and credit lines uses Experian to approve or deny credit or funding.
Below are the scores that lenders look at on Experian to approve or deny your business credit, how much credit and at what interest rate.
1. Intelliscore also known as Performance Score
This score is the main score that is looked at on Experian. Intelliscore looks at the payment history that has been provided to Experian and it gives a score from zero to a hundred with a hundred being the highest score. The Intelliscore has to do with what your business have done in the past.
2. Financial Stability Risk Score
This score is used to predict how likely your business will close its doors, go out of business over the next 12 months. This takes into account your business payment history as well as the industry the business is in, the number of employees, and any financial data that has been provided.
3. Blending Score
This score includes your business commercial score and your personal consumer score. This score is not seen as much but it does show up from time to time.
4. Delinquency Predictor Score also known as Predictive Score
This score is similar to Intelliscore but it takes additional things into account. It takes a deeper look into the industry your business is in, a deeper look into financial data (collections, utilization and number of employees) to determine what might happen in the future.
Your business needs to have a score of 90 or higher to have a good score with Experian but 80 or higher shows that your company pays bills on time. 85% of your business score with Experian is payment history (how you pay your bills). The other 15% has to do with the number of employees, the industry, utilization and collections.
To get the highest score with Experian:
- Get as much credit as you can that reports to Experian
- Make sure you are using the credit that is given
- Pay bills on time or early
Join my group here. It is filled with resources and support for entrepreneurs to build their business credit! See what it’s about, here’s the link:
https://www.facebook.com/groups/businesscreditmasterycircle
I will see you on the inside!
About the Author
Kimberly Lewis is currently the CEO of EPC Solutions LLC. She specializes in helping business owners establish excellent business credit scores and then leveraging those scores to access credit and cash for their businesses. For more information on business credit scores, business credit and business loans visit https://epc-solutions.net.