Gerri Detweiler, AllBusiness.com
If you find the process of building strong FICO scores confusing, then just wait until you try grapple with the world of business credit scores. Credit Today’s October 2010 Credit Scoring Usage Survey produced a list of 32 different credit scoring models used by credit executives.
In the survey, 55% of respondents said they use credit scores. Of the 45% who don’t use scores, only 14% reported they would be likely to use them in the coming year.
D&B Paydex was the scoring model executives most frequently said they used, followed by D&B Commercial Credit Scores and D&B Financial Stress Scores. Custom built scores took fourth place, followed by Cortera CPR Scores in fifth place. Other scores listed in the top Credit Risk Monitor Scores, Experian Intelliscore Plus, D&B Higher Risk Scores and Cortera Dig.
“Make sure your financials are up to date and available to lenders” is a common piece of advice you will hear if you are trying to build business credit or obtain financing. According to this survey, that’s true for many lenders, but not all. Customer financial statements are used by 70% of those utilizing credit scoring, but by only 58% of those not using credit scores.
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