Obtaining approval for a loan can be quite the challenge for any small business owner. Nevertheless, many business owners are left in the dark when it comes to reasons why their credit is denied. However, FICO, a major player in the credit scoring industry, has decided to make its small business scores readily accessible to owners.
Lenders have been using FICO scores to determine the creditworthiness of loan applicants. Although consumers have been able to view their general credit scores, small business scores could only be revealed to lenders.
Currently, FICO has decided to partner up with companies like Creditera, which is used to monitor credit scores online. Although the services aren’t free, obtaining a subscription to Creditera in January will grant small business owners access to view their Small Business Scoring Service measurement from FICO.
As a result, small business owners will have a better sense of what to expect in terms of credit and rates. After FICO’s Small Business Scoring Service is united with Creditera, business owners will be charged $49.99 each month to view their FICO score.
Monitoring credit scores and gaining loan approval from lending institutions can be a tedious, tiresome process. That’s why small business factoring is the smart alternative to bank loans. Rather than waiting 30 to 90 days to be approved for a loan, small business owners can partner up with invoice factoring companies to acquire immediate working capital. Aside from providing same-day funding, small business factoring helps business owners eliminate bad debt. Get more done and continue to grow by taking advantage of small business factoring! Speed up your cash flow by requesting a fast and free online quote today.