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Your company credit report plays an important role in shaping your company’s image, and a good business credit report goes hand in hand. Regardless of what type of business credit report you’re seeking, this blog will help you understand everything there is to know about them in India.

What are company credit reports?

Banks and other financial institutions use a company credit report to check whether a particular company or firm is eligible for any loan or credit.

Your company’s credit report contains information about past loans, current credit obligations, credit usage ratio, and the number of inquiries made by financial institutions regarding its credit history.

What is a CIBIL Rank?

Your company receives a CIBIL score based on your credit history and loan repayment behavior. Credit bureaus will apply a slightly different rating system to your business. After assessing your venture’s financial health, the credit bureaus will give your business a score (or a rank) between 1 and 10.

The bureau’s authority will assign your business a score or rank between 1 and 10. 10 denotes high default risk, and one is considered the best.

How to Obtain your CIBIL Company Credit Report (CCR)

These are the steps you should follow to obtain your CIBIL credit report.

Step 1. Go to the official CIBIL website portal

Step 2. Fill out the application with these details:

  • Name and address of the company
  • Your name and address
  • Contact details and contact information of the firm
  • Details of the firm’s PAN card and other required details about your company.

Step 3. After you have completed step 2, you will need to make a payment in the amount of Rs3,000. Within minutes, you will receive a transaction and registration ID via email.

Step 4. You will need to share your KYC documents according to the options and list you see on this page.

After completing Step 4, your CIBIL rank and company credit reports will be delivered within 15 days.

Improving Your Company Credit Report

Both individuals and businesses need to have good credit health. Here are a few ways to standardize your CIBIL Rating.

Timely Repayment: Timely Payment of Credit Facility Loans and Credit Facilities must maintain a good credit score. All EMIs and interest must be paid on time. The Credit Rating is directly affected by timely repayment.

Low Credit Limit Utilisation: Company should limit credit usage as much as possible. Exceeding Credit Limits is considered risky and should be avoided by companies.

Correct Entry: Companies should regularly check their Company Credit Report to verify the accuracy of facts and figures.

Updation of Closed loans:  Any loan account or credit facility that has been closed should be closed. Otherwise, it could have an impact on the calculation of the CIBIL Rating.

Best Credit Management Techniques for your Company

CreditQ is a credit management and information portal for business people. It allows you to track your Company Credit Report India with real-time information updates, thus helping you manage your business credit through efficient Credit Management Techniques.

You can keep an eye on all your suppliers’/buyers’ performance ratings or give positive or negative feedback, which will reflect on their Business Credit Report, helping you focus on high-performing suppliers/buyers for better financial results.

Get in touch with our professionals, and they’ll help you know more about CreditQ and help you with the late payment solution.