Your personal credit score affects your chances of getting business funding

Are you aware that business funders pay very close attention to your personal credit score when you apply for finance for your business? How you manage your personal debt repayments has a direct effect on whether funders will give you a business loan.

Understanding your credit score is an important step to accessing funding. Funders assess the business owner’s personal credit score when determining the creditworthiness of the business. Therefore, it is important to check your personal credit score regularly, so that you can deal with any issues or rectify any errors, to ensure you are always in good standing.

If you’re like most people, you probably don’t know your credit score, don’t know where to check it, or have possibly been avoiding checking it for fear of what it may reveal. You may even be under the misconception that if you check your credit score too often, it will negatively affect it. By regularly reviewing your credit score, you can put the necessary steps in place to improve it, thereby increasing your chances of getting funding.

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