When going into for yourself, it pays knowing who to dot your i’s and cross your it’s to. Other than the 3 main bureau’s Experian, Equifax, and TransUnion, SBFE (small business financial exchange), a nonprofit association gathers all your payment info from SBFE certified vendors. In turn SBFE creates the credit reports for small businesses for lenders. SBFE formulates the credit ratings for lenders who are their members. So on time payment information can increase your approvals for lines of credit, loans, credit cards, and leases for business locations.
LOOKING FOR SBFE MEMBERS & VENDORS
Any small business lender is able to become a SBFE member. Their vendors are; DUN& BRADSTREET, EQUIFAX, LEXIS NEXIS RISK SOLUTIONS, and EXPERIAN. These vendors use the data gathered from SBFE members WELLS FARGO, CAPITAL ONE, SUN TRUST, AMERICAN EXPRESS, and PNC.
SBFE, THE SOUCE TO LENDERS
SBFE put shortly, an advocate who provides accurate payment info from members to vendors for the best end result for all parties involved. Establishing business credit for small business owners is crucial. The easiest way other than payment history( which can take at least a few years of on time payments) would be adding business tradelines, to be discussed at a later time. For now SBFE( Small Business Financial Exchange) is an important piece of the puzzle to know about. It’s information gathering can improve or worsen your business growth and potential
“SBFE strives to deliver the most accurate and comprehensive information and insights supporting the best outcomes for lenders and small businesses.”