My Business Has a Credit Score?

Business Credit Score Gauge pointed at Excellent

*Originally posted August 24, 2018. Updated February 18, 2020.*

What is business credit? 

When’s the last time you checked your business credit score? If you’ve never checked it before, you’re not alone – nearly half of small business owners don’t even know they have one. 

Like personal credit, business credit is used to determine a business’ borrowing and lending abilities. It’ll be checked when you apply for business loans or when other companies want to ensure you are financially reliable before doing business with you. 

Small to mid-size business owners (SMBs) often make the mistake of assuming business credit is the same as personal credit. But, without understanding the key differences between the two, you could be putting your business’ overall security and reputation at risk. 

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Business ID Theft (Part 2): Public Info, Easy Access

Business ID Theft 101: Part 2 

In Part 1 of our Business ID Theft series, we looked at how business identity theft is much like personal identity theft. Let’s review some key points:

  • Business identity theft and data breaches are not the same. Business identity theft requires the “actual impersonation of the business itself.”
  • Stealing your business’ identity allows criminals to open new lines of credit, bank accounts, apply for loans and make fraudulent purchases in your business’ name.
  • Identity thieves keep coming up with ways around existing protective measures put in place, as well as exploit loopholes in filing processes to carry out their crimes.
  • Business identity theft can ultimately lead to business failure. A study found that 60 percent of victims go out of business within one year.

Now that we understand what business identity theft is, let’s talk about how criminals go about committing it. This type of crime targets certain companies for a variety of reasons. However, the goal for any identity thief is to misuse the information — while remaining undetected — for as long as possible. Thus, criminals have come up with ways to outsmart existing systems in place, as well as create new routes to a business’ sensitive information.

Let’s explore four ways that criminals can obtain your business’ sensitive information and victimize you and your business through business identity theft:

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