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This is the term used to describe the financial status of an individual based on their ability to pay their bills (loans, credit cards, utilities, etc.) on time and in full. The more often you pay your bills on time and in full, the higher your personal credit, or credit score, will be ranked. But the reverse is true, the more you pay your bills late an in parts, the lower your credit score will be. This is where credit repair comes in handy.
According to the U.S. Small Business Administration, access to cash and credit is a business’ lifeline. The business’ credit is based on its ability to pay its bills on time and in full. Similar to personal credit, a business also has a credit score. The higher the business credit score, the better it is for the business to borrow money at lower interest rates. Many businesses use loans to purchase goods and services such as supplies & materials, and marketing & advertising. These are essential to operating a successful business.
Mastermind Small Business Solutions Inc. (MSBS)
