Business credit reporting agencies – such as D&B, Experian and Equifax – track the creditworthiness of businesses like yours to help suppliers and lenders determine which companies are creditworthy. Keeping your credit report in tip-top shape is smart for your business, since it can impact things like the payment terms vendors give you.

Start by obtaining a copy of your credit report from each of the agencies and review it thoroughly. Look for errors, old accounts that are still listed as active or other inconsistencies. If you find information that is dated or missing, take steps to make it current. For instance, if the figure for your company's revenues is old, report the correct amount to the agency that issued the report. If you find errors, submit fixes in writing and include your business name and tax ID number in all correspondence. Forward copies of any documents you have that support your side of disputed items, saving the originals in your files.

Have a pressing question about running your business? Let us know, and we'll try to answer it in an upcoming issue. Send it to businessadvisor@bpop.com