Business Credit Report Definition: A business credit report provides specific information about a company’s ownership, including financial position, risk scores, subsidiaries, tax identification number, and related details.
These reports are used to assess a company’s creditworthiness and whether a firm is eligible to obtain a loan or credit parts to invest in the expansion of a company, operations, and other needs.
Consumer credit reports are similar to a business credit report; only it refers to an individual’s credit score and status.
These reports also provide a history of delinquent accounts, bankruptcies, liens, and closed accounts. Like individuals, companies strive to keep their business credit reports at a high rating to ensure greater opportunities for obtaining loans and other benefits through financial agencies.
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