Business Credit Reports

A credit report is the recorded history of a business or individual's borrowing and repayment habits, as well as other financial dealings, tax history, and related background information. Lending and other financial institutions will look at business credit reports when a company applies for a loan to determine whether or not the business is capable and responsible enough to repay the loan.

Late payments and subsequent dealings with collection agencies, bankruptcy, and other such incidents can lower a business's credit rating and make it difficult to get financing when it is needed. Financial institutions also take into consideration any lawsuits or other legal proceedings a company may have been involved in and whether the company has had to pay any settlements.

Ordering Business Credit Reports
Financial institutions are not the only ones who look at business credit reports, however. A business's credit report may be purchased and viewed by another company to determine whether or not doing business with them is a wise idea. A business may also wish to view its own credit report, to get an idea of what to expect when dealing with other companies and financial institutions, and try to improve its credit rating if it is too low. A business can improve its credit rating by paying all its bills on time and reducing debt. Late payments remain on a credit report for seven years, while bankruptcy remains for 10.

At iBank.com, an individual or company can purchase business credit reports for companies throughout the United States and Canada. Register with iBank.com to access more than 15 million credit reports.