Checking Your Credit Report for Errors Before Applying
for a Loan
Some people who are applying
for a business loan are rejected for a loan due to errors on their credit
reports. And unfortunately, inaccuracies in credit reports are much more
common than many people believe them to be. It makes smart business sense
to get a copy of your business report and checking it for errors before
you apply for a loan.
Once you order a copy of your
credit report (you can get a copy of your credit
report for free online) you should check it over carefully for anything
you don't recognize as being yours. If anything shows up that you are
unsure about, do check into it.
Keep in mind that some companies
will have a different company name on your credit report. Your credit
card at your local department store may have its parent company listed
on your credit report, so be careful you are not reporting inaccuracies
that actually do belong on your report. A look at your last statement
will often reveal the name of the parent company for cross-reference,
and you can check the account/card numbers you have with the ones on your
credit report as well.
If you do find any errors,
it is important to report these errors immediately, because it can sometimes
take several months to see a resolution, although in many cases, it will
take about thirty days to resolve.