The Chef Alliance
What is a Credit Report?
A Credit Report gathers information about a person or a business from sources such as banks, credit card companies, collection agencies. For businesses, they would also get information from industry organizations and corporate registries among others. It is typically used to help a lender or vendor make a decision about your creditworthiness. i.e. when you or your business applies for a loan or a for a credit facility, they will want to know if you are worth the risk.
How Often Should I Check my Credit Report?
You should check your personal and business credit report at least once a year with the major agencies, as they each calculate credit scores differently. Fees may apply for a business report but personal reports are generally free. Even if you do have to pay a fee, the benefits outweigh the cost, as it allows you to check for errors and to see if you need to make changes to your personal or business financial practices to improve your credit rating.
What Should I Do If I Notice An Error?
Inaccuracies can negatively affect your financial needs. Mistakes on your personal credit report can be addressed by you only; mistakes on a business credit report can only be rectified by the business owner or a registered corporate officer. In both cases, you would use the credit bureau's Dispute Resolution processes.
What Kind of Information Does Credit Reporting Agency Look At?
The following will help you understand how credit bureaus' retention of information can affect your business. Equifax, for example looks at over 500 attributes, including:
As a small business owner, your personal and business credit score will always be a factor Understanding the information that the major credit bureaus collect is vital to help you maintain a strong personal and business credit profile, ensure the accuracy of the information collected and retained by the credit bureaus and, in turn, make it easier to secure loans, get approved for a payment plan or a credit card or negotiate a credit facility with suppliers and vendors.
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NOTE: MEMBERS OF THE CHEF ALLIANCE ARE COVERED BY LIABILITY INSURANCE, WHICH IS INCLUDED IN THEIR MEMBERSHIP BENEFITS.
BACKGROUND: The Chef Alliance is a membership organisation for Personal Chefs, Private Chefs, Chefs and Caterers, Artisan and Cottage Industry food producers and bakers, Home Cooks, Culinary Instructors, Food Stylists, Chef Instructors and other foodservice professionals across Canada. We support our members in growing strong, successful businesses, through mentorship, peer support, marketing, business savings and liability insurance. We have member Chefs in Toronto, Mississauga, Hamilton, Burlington, Montreal, Quebec City, Vaughan, Markham, Ottawa, Vancouver, Victoria, Richmond, Calgary, Edmonton, Regina, Halifax... and many other towns and cities in Canada.
DISCLAIMER: INFORMATION PROVIDED MAY BE INCOMPLETE. THIS ARTICLE SHOULD NOT BE CONSIDERED A SUBSTITUTE FOR PROFESSIONAL, LEGAL OR FINANCIAL ADVICE. EACH BUSINESS SITUATION IS UNIQUE AND THE ADVICE PROVIDED IS INTENDED TO BE GENERAL. PLEASE CONTACT A LEGAL OR FINANCIAL PROFESSIONAL FOR ADVICE THAT IS BEST SUITED FOR YOUR BUSINESS AND TO MEET THE REQUIREMENTS OF YOUR LOCAL/REGIONAL GOVERNMENT LAWS AND BY-LAWS.