Small companies gain edge with business credit monitoring
Real-World Examples and Data
According to a study by the National Small Business Association, 27% of small businesses reported being unable to access adequate funding, primarily due to poor credit scores1. By utilizing business credit monitoring, companies can improve their credit scores and increase their chances of securing necessary funding. Additionally, a report by the Federal Reserve found that businesses with higher credit scores were twice as likely to be approved for loans compared to those with lower scores2.
Cost Considerations and Options
While some business credit monitoring services may require a subscription fee, the cost is often outweighed by the potential savings and benefits. Many services offer tiered pricing options, allowing businesses to choose a plan that best fits their needs and budget. For instance, Dun & Bradstreet offers a range of credit monitoring packages, starting from basic monitoring to comprehensive solutions that include risk management tools3. It's important to research and compare these options to find the best fit for your company.