Your Guide to the Best Free Business Credit Score Report

February 22, 2024
minutes to read
Jaala Alex
Table of Contents

What is something every business has but very few business owners know about? It's their business credit score. And understanding what it is can be paramount to the financial health of your business. As a small business owner in Australia, knowing your credit history can make the difference between securing favourable lending terms and facing issues with your borrowing power. In this blog, we'll delve into the significance of a business credit score and explain why Thriday is the best option available for obtaining a free business credit score report in Australia.

Understanding the Significance of a Business Credit Score

Your business credit score is a numeric representation of your creditworthiness and is pivotal in shaping your financial journey. Lenders use this score to assess the risk of lending to your business, influencing the terms of loans and credit. Small business owners often underestimate the impact of their credit history, but in reality, it can make or break opportunities for growth and sustainability.

In Australia, a recent survey by OnDeck highlighted the importance of staying on top of your credit score as a small business. According to the study, only 7% of businesses knew their business credit score. Unsurprisingly, small businesses that did track their credit scores generally had higher scores and a higher approval rate for loans compared to those with lower scores. This underscores the need for small business owners to manage and monitor their creditworthiness proactively.

The Search for the Best Free Business Credit Score Report

Given the importance of a business credit score, the quest for a reliable and free credit report becomes crucial. Numerous platforms offer such services, each claiming to be the best. As a small business owner, you don't just want a solution that tells you your score; you want a partner to help you improve your credit score. That is where Thriday's advanced automation excels.

Thriday is more than just a platform for obtaining a free business credit score report; it's a comprehensive tool designed to empower small business owners. With a user-friendly interface and powerful features, Thriday stands out as the go-to solution for businesses seeking clarity and control over their creditworthiness.

Thriday provides a holistic view of your credit history, making it easier to identify areas for improvement. The platform's integration of the CreditorWatch scoring system ensures that you stay informed about any changes or activities affecting your credit score. This real-time monitoring and monthly updates are invaluable, especially in a dynamic business environment where staying ahead of potential challenges is critical.

Thriday's business credit score report is free to new subscribers for the first month and is available when you sign up for a Thriday $0 monthly transaction account.

Thriday Business Credit Scores

Let Thriday Support Your Efforts to Boost Your Score

Thriday's multifaceted features, including tax estimates, allocations, and bill manager, empower businesses to stay at the forefront of their creditworthiness. The tax estimate tool provides a proactive insight into potential liabilities, allowing businesses to plan and allocate resources strategically. Thriday's sophisticated allocation feature aids in distributing funds to assist with budgeting and financial planning. Additionally, the bill manager service ensures timely payments, minimising the risk of late payments negatively impacting the credit score. Together, these features streamline financial operations and contribute to the overall credit score improvement, reinforcing Thriday as an indispensable tool in helping boost your business credit score.

Step-by-Step Guide to Sign Up on Thriday

Getting started with Thriday is a breeze. The platform is tailored to meet the needs of small businesses, ensuring a seamless and efficient registration process. Here's a step-by-step guide to sign up and access your free business credit score report:

  1. Visit the Thriday website and click the "Join for free" button.
  2. Fill in your details, including your ABN and industry.
  3. Verify your identity through a secure process.
  4. Gain instant access to your free business credit score report.

It's really that simple!

Benefits of Using Thriday for Small Businesses

The advantages of using Thriday extend beyond just obtaining a credit score report. Regularly monitoring your credit score on Thriday offers several benefits for small businesses in Australia:

  1. Proactive Decision-Making: Thriday equips you with the information needed to make proactive financial decisions, especially when it comes to cash flow and financial planning.
  2. Identifying Improvement Opportunities: Thriday provides your credit score and highlights lenders' perceptions of your risk profile. This empowers you to take strategic actions to enhance your creditworthiness over time.
  3. Creditor Watch: The scoring service is provided by CreditorWatch, a market leader, and this ensures any changes or activities affecting your credit score are reflected in your profile. This proactive approach safeguards your business against potential risks.

How to Improve Your Business Credit Score

Now that you have Thriday and know your business credit score, it's time to implement proactive steps to improve it. Start by ensuring timely payments on all bills, as punctuality significantly influences creditworthiness. You should regularly monitor your credit report for inaccuracies and promptly address discrepancies to maintain accuracy. Additionally, keeping business information up-to-date with credit bureaus is crucial for accurately representing your financial standing. Finally, embrace financial discipline, leverage available resources, and let Thriday guide you towards a creditworthy future for your small business.

Track your taxes in real-time with Thriday

Key Takeaways

Actively managing your credit score is not just a task but a strategic imperative. If you want to take control of your financial destiny, Thriday is the perfect partner. Thriday offers small business owners in Australia a reliable, user-friendly, and free solution to navigate their creditworthiness. So join Thriday today, open a transaction account to access your free business credit score report, and embark on a journey towards a more secure and prosperous future.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360  AFSL 241167 (Regional Australia Bank).  Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you.

Why waste time on financial admin when Thriday can do it for you?

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