Your credit rating is an indication of how reliable your business is in meeting financial obligations. It's essentially a guide that shows how trustworthy, solid, and brilliant you are at emerging business opportunities with yourself. Whether it's you who get a loan or companies granting you credit, it's your credit rating that will determine whether the outcome is positive or negative. Your rating is made up of different factors, here are some main aspects that could influence your score:
Country of Incorporation
Incorporation Date
Legal status
Shareholders / Owners
Activity
Capital (If required)
Payment History
Size of the company
External Risk Factors
Credit History Length
Public Documents (Bankruptcies and Judgments)
Turnover
Business Growth
Profits / Losses
Commercial Reference
These factors are essential for having a positive or negative business credit rating. It is also important to note that several industry standards may change your credit rating, depending on the region where you operate.
Before we get into the complexities of credit repair, I think it wise that we understand the basics of credit. Credit is the ability to obtain goods or services before making the full payment, based on the trust that payment will be made in the future. In this book you will know step-by- step process to understanding and improving your credit.
