Your credit score is about publishing the good with the bad. It’s about rewarding good behaviour and punishing bad behaviour. According to Experian, 99.9% of U.S. companies are in its commercial credit database. Any business that invoices another business may report information about their business customers’ payments. This simply means that if you bill now and pay later, that information can be reported on.
Being reported on, or reporting on your customer, is free to set up. Experian are also flexible about how information is reported.
The other big reporting company is Dun & Bradstreet, which uses something called the paydex score. They have more than 12,000 trade partners around the world with more than 1.5 billion updates a year.
Check your report
As a business, you can get access to the information that Experian holds on you and to some extent, who and what is being reported on you.
Given the flexibility of the reporting, it is very important to ensure that this report is correct. Spend some time to make sure everything is correct. If it is not correct, you will need to contact Experian explaining the miss reporting or the error on your credit report.
Reporting your payments
The best way to find out if a company is reporting on you is simply to ask how they report data, to what credit bureau and how often.
This way, you will know what to expect, and can ensure that they are reporting positive payments and accurate payments.