How to Check Your CRIF Business Credit Score?

A business credit score suggests lenders the likelihood of your repayment to them, promptly. Business credit scores can help banks, financial institutions, vendors, insurance companies and others to evaluate the financial as well as operational risks of working with you. If you have a business credit card for your company, you probably already have a business credit score. Companies and individuals use business credit scores for all kinds of reasons. Here’s what you need to know about business credit scores, and where to find them.

What is a business credit score?

Considering you are familiar with the concept of a personal credit score, a business credit score is also a 3-digit number indicating the creditworthiness of your business as an entity. A Business credit score is calculated from the data contained in your business credit report. In India, the score ranges between 300 and 900 where a score above 700 is considered good. A credit report reflects your creditworthiness and helps the lenders decide the terms, conditions, and interest on which to give you a business loan. CRIF business report consists of information such as nature of the business, address and related parties such as Promoters, Partners, Holding Company etc.

How to check your Business Credit Score on CRIF?

You can perform a CRIF business credit check by logging into CRIF.in and following 3 easy steps:

1. Fill in your details, Identification Proofs, and Address: You will be asked to provide your email ID first; Post which you will be presented with a form requiring the rest of the details such as Full Name, Mobile Number, Date of Birth, Residence Address & Gender. You will also have to submit your identification details such as PAN number, Voter’s ID, Passport Number, Driving License, or any other ID.

2. Review your Report type: Here you are presented with two options of downloading credit report; you can either BUY an instant credit report or you can opt for a FREE credit report. An instant credit report can be ready to download within 5 minutes but will cost you around Rs. 400 whereas a FREE credit report can take up to 3 working days to get ready for your viewing.

3. Authenticate your inquiry: Once you fill in all the details and select your report type, you will be asked to answer a multiple-choice question for identity verification. Upon a successful answer to one of these three questions, you will be presented with your report on your registered email ID.

How is your business credit score calculated?

    4. business credit bureaus in India calculate your business score. These bureaus receive your financial information from sources such as vendors, banks, data-gathering trade associations and business credit card issuers. This information generally is verified through third parties.

Why do you need a business credit score?

        When you are starting a new business venture or are looking to expand an existing one, a business credit score for business loan can help you secure the money you require. Good credit scores can enable you to take out business loans at lower rates, or make you eligible for lower insurance premiums. It protects your personal credit score by allowing you to take out business loans without signing a personal guarantee making you liable for any debts your business is unable to repay. Loans apart, a good business credit score is also an indication to your stakeholders, investors and insurance companies, that your company has a good financial standing in the market and signifies stability.