Did you know your small business has a credit report? No? Then this tip is definitely for you — listen up.
A business credit report is extremely important and can provide key information about a company’s financial health, prove your company’s creditworthiness and leveraged to help win contracts. Similar to your personal credit score, a high score can help reduce costs associated with interest rates and insurance premiums.
This report is gathered by a few companies. A couple to note are Dun & Bradstreet or D&B, Experian Commercial and Equifax Small Business. All the data and information collected is compiled together to calculate your business’ credit report. The cost of this report may be tax deductible — make sure to check with your CPA.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.