Page 151 - Winning The Credit Game Bundle (CK Patrick)

business. Depending on the source, these accounts
can give a good boost and be temporary to
permanent.

As you can see here, there are several ways you can add posi-
tive credit history to your business credit reports, and there are
even ways to remove reports of late payments you’ve made in
the past. But, what can you do if negative marks on your busi-
ness’s credit report don’t even rightfully belong to your
business?

ADDRESSING MISTAKES ON BUSINESS CREDIT REPORTS

Unfortunately, as with personal credit reports, errors and iden-
tity theft can also happen with business credit reports. The
chances of this can increase if you accidentally provide incorrect
information to a bureau, such as an incorrectly spelled name or
an incorrect Employer Identification Number. They can also
increase if other individuals or businesses have the same name
as yours, leading to potential confusion of identity.
These incorrect items can have severe impacts on your busi-
ness’s prospects. Incorrect reports of unpaid bills, legal actions
against your business, or other negative items can make it harder
to find lenders, investors, vendors, and office space. How can
you fix these problems on your business credit report if you have
no control over the unpaid bills or negative actions that are being
incorrectly reported as yours?
Every credit report provider is legally required to have a
process to allow you to dispute incorrect items on your report.
The dispute process is designed to remove incorrect items so that
business credit reports are accurate.
In theory, this dispute process is generally simple and
involves contacting the scoring agency which put the inaccurate
item on your credit report. In practice, however, in some cases it
can be quite complicated and difficult to get the mistake
corrected. Credit scoring agencies may be reluctant to admit to

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