★ अलर्ट ★ : CreditQ की सर्विसेज का पेमेंट हमेशा कंपनी अकाउंट Business Alert Infotech Pvt Ltd. या कंपनी पोर्टल पर पेमेंट गेटवे के द्वारा करें. किसी भी कर्मचारी के पर्सनल अकाउंट में पेमेंट ना करें. ★ Alert ★ : Always make payments to the company's account Business Alert Infotech Pvt Ltd. or the company portal using a payment gateway. Do not make payments in the employee’s personal account.

If you’ve got a habit of checking your business credit score often, you should know how your business credit score can change over time. It is proportionate to the change in your business credit report. While you may get excited with an increase in your business credit score, you may be disappointed noticing a drop as well. The business credit score calculation is complex as your credit information report is generated considering various factors, including referring to your public documents, your payment history, etc.

You may see a drop in your business credit score due to delayed payments or not paying off your debt installments. It is also possible that you may find errors and discrepancies in your report that could impact your business credit score. Whatever the case, you should be alert about knowing your business credit score as lenders seek credit information reports prepared by credit reporting bureaus like CreditQ to understand your financial obligations.

With that said, you must be interested in knowing the reasons for the drop in your credit score. Let us help!

Your payment was delayed for more than 30 days 

For MSMEs and businessmen, it’s crucial to understand the significance of making timely payments to your vendors. When you pay off your dues on time or clear off your debt in small installments, you’re likely to see a change in your business credit score. Besides, your lenders may give a positive review about your company, leading to an impressive credit information report.

However, if you fail to do so, your financial freedom may turn into financial obligations. Not only do you have to regularize your payments, but your information also reaches the credit reporting bureaus, and your lenders can check it. You will do so to avoid a debt trap in the coming months or years. If your payment is delayed for more than 30 days, you can see a drop in your company’s credit score. You may fall under the category of company credit defaulter, and you won’t like to hold that badge.

You must have created a new application for credit

If you already have an existing debt that you’re finding unmanageable at the moment, it’s advised not to take further credit from the lenders. When you apply for new business credit from any investor or lender, an inquiry gets added to your business credit report, and this may impact your credit score.

It’s thoughtful to pay attention to your existing dues and debts and try to clear them off soon so that you can boost your borrowing power while applying for new credit and enjoy having a good business credit score.

You may have ignored errors and discrepancies in your business credit report

If you don’t have a habit of monitoring your business credit information report regularly, you may not know about your financial performance. Besides, you may not avail the benefit of reporting any errors and discrepancies regarding your credit information report. Maybe any valued information is not updated, which could be the reason for the drop in your business credit score.

To avoid such errors, it’s advised to check your business credit report and score regularly on platforms like CreditQ. Not only can you check your credit report, but you can also expose your business credit defaulters. The CreditQ team will include them under the category of MSME payment defaulters and help you settle money from them.

CreditQ helps you settle your payments stuck with your business credit defaulters. They thoroughly analyze your request and become an interface between you and the client so that you can settle payment without any hustle.