- Make loan payments on or before the payment due date. Some lenders do have grace periods and the key for most is not paying past 30 days from the original payment due date.
- Keep a low balance/high credit ratio on debt, ESPECIALLY on revolving debt. When the balance of an account at or near the credit limit for that account, your creditor starts getting nervous about the risk – and the more anxiety they have, the more it takes a toll on your credit score.
- Check your credit report! Reviewing your credit report is critical to ensure that you are aware of all the accounts that are being reported in your name.
- Don’t let errors fester. Correct them as soon as possible, as there could be duplicate accounts reporting or plain errors in the account information on a debt.
- Timely payment of invoices from vendors/suppliers. A report with this information may track how you pay invoices or analyze your payment index as (30, 60, 90, 120 days) from the invoice due date.
- Credit utilization, referring to what debt you currently have v. the percentage of your unused credit, much like with personal credit reporting.
- Company liens and/or municipally filed legal records are sometimes used in business credit reports.
- Industry types are weighted in some reports to show any volatility that may exist in each industry type. This volatility analysis is formulated from historical data on known industry types.
- Landlord information can be used as another marker for a score or reporting reference.
