10 easy ways you can begin to build, repair and solidify your corporations credit score. What you need to do before you pull your next corporate credit report.

In these tough economic times, it’s now more important than ever to stay on top of your corporate credit report. It’s becoming extremely difficult to get credit, especially with a poor credit score on your credit report. If you have a bad credit report or no credit at all traditional lenders such as banks will likely not extend any credit to your business. Luckily, there are a few things you can do to improve your credit score.

#1 – Be aware of the factors that are used to compile your corporate credit report. Your credit score is more than just paying your bills, there are several other factors that will determine your score.

#2 – Analyze your current credit report to find out what makes up your score. Pay special attention to any negative items which may exist on your credit report. These items will pull your score down, depending on how much credit history you have.

#3 – Make sure the lenders you are using (and hopefully paying on time) are reporting these payments to your credit report. Lenders will never forget to file negative complaints on your credit report but may forget to report on the payments you have actually made. Don’t let your good credit go to waste, make sure you are getting credit for your positive credit decisions.

#4 – Repair any negative damage to your credit report as soon as possible. Decreasing the balances you owe will bring up your credit score almost instantly. If you have good credit, requesting an increase on a credit line can actually improve your score as your overall percentage of debt owed to debt available will go down.

#5 – Set a goal for your business, and then reach that goal. Determine an ideal credit score for your business then follow through with everything necessary to accomplish that goal.

#6 – Be patient, improving your credit score can take time. Do what you can and then sit back and let the information flow in to the bureaus as your corporate credit report score slowly increases.

#7 – Monitor your credit report to ensure correct information is being reported. There are many services that will monitor your credit report and notify you instantly of any changes that are made.

#8 – While you are waiting for your score to increase, you should avoid applying for any additional credit cards or loans. Inquires on your account can negatively impact your score. Promotional inquiries, such as those made to determine preapproved credit cards, have no impact on your corporate credit report.

#9 – Try to keep your balances at 20%-30% of the maximum balance. If you have an account with a good history and a low, or even no balance at all, keep the account open. It will help sway your amount borrowed versus amount owed percentage.

#10 – Whatever you do, continue to make any and all payments on time. This is the single most important factor in determining your corporate credit report score.