How can you know your credit score?

The credit score has become one of the most important indicators for financial institutions to determine whether to grant applicants credit or not, and if so, to establish what the criteria will be.

Given the relevance of this factor in lenders’ credit analysis, it is also key for businesses to know their score to know if they are managing their finances and debts well, and if not, to be able to take different actions. that make it possible to improve the situation, so that they can be trusted by financial institutions.

Importance of Credit Score

The score is, in the basic sense, a rating, a number that lenders use to know if a business is creditworthy and responsible in handling online loans or other types of credit that they have applied for.

It is important because it not only represents the difference between a rejected or an approved application, but also a good score in a credit analysis gives applicant businesses the opportunity to choose between many SME credit options, various financial entities and a series of of products of this type with payment facilities and higher amounts, compared to businesses that do not perform as well in their score.

This is due to the confidence that lenders are given by granting resources to companies that they know are responsible and that they will not default or make late payments.

Normally, the score goes from 400 to 850 points, although there are systems that can start in other ranges.

If as an applicant you find that your company is close to 400 points, before requesting an SME loan, put your debts in order, pay what you have pending, comply with said payments in a timely manner, and then resume the idea of requesting financing, so that you do not find yourself with the rejection of the lenders or with limited products and with high interests.

Is it possible to know your credit score? How?

You already know what to do if your business is down in score, but then, is it possible to find out? The answer is yes.

To be able to consult the credit score, it is enough to enter the page of the Credit Bureau, in the “Company Products” section, and there in “Special Credit Report“.

The requirements to obtain it are: company name, RFC, tax address, and data from a credit that the business is handling at the moment.

Although the first Special Report in a one-year period is free, there is normally a cost for each additional report, but there are also packages, from 4 to 12 reports per year, which are especially useful if your company needs to raise its score and you must Keep an eye on your progress over time.

As you can see, it is easy to obtain your credit score in Mexico, and once your business has the optimal score, then it will be a better time to confidently approach applying for a loan.

Likewise, if you want financing without many requirements, consider the MCA online financing option offered by Pymes Capital, an alternative with quick resolution and without cumbersome paperwork, which will quickly have cash for your projects without having to pay high interest.

Simply fill out the online form and you will have an answer in no time. For small and medium-sized companies, it is a great alternative to have the financial products of Pymes Capital, so make your request and you will have the package that best suits your needs, according to your score.