How to improve your business credit?

Robert C Olivieri, Jr, a small business and real estate owner since 1978, has a few suggestions and tip on improving your business credit.

•Pay your bills on time. It should go without saying that your credit scores are largely dependent on how you treat the credit you are given. Pay your bills on time, all the time (especially your accountant). There is no trick here, but in this economy it may be so easy.

•Report vendors and partners that you do business with regularly. Many of a business’s creditors do not report back to the credit agencies. To make matters worse, transactions are usually reported only when business issue goes south and there payment challenge issues. But there is a bright side to this problem; many credit agencies allow you to report your trade references directly. For instance, you can furnish trade references to the "Dun & Bradstreet Credibility Corporation" and, once verified, they will be included in your credit report.

•Provide Information. You may be surprised to learn how little is really known about most businesses in America. Given the enormity of the market and its constant state of change, it is nearly impossible to keep up. There are approximately 30 million businesses in the U.S. and more than 600,000 new businesses created each year. Credit agencies are constantly playing catch up. Many of these agencies allow you to be proactive and provide more information about your sales, profits, number of employees, stores and other factors that affect credit. All of this will help to build a complete report which inevitably leads to a more accurate credit score.

For more assistance on this and other related matters, contact our firm now at 215.550.3636 and ask for Robert C Olivieri, Jr, also a CPA for over 20 years. You also may email him at rcojrproperties@gmail.com