Many people know Vietnam as one of the most popular tourist destinations in the world while others know the country as a manufacturing hub for electronics and textiles among other things. However, there are still people who know Vietnam because of the Vietnam war. When you want to do business in Vietnam, you will have to get registered with some or all of the local credit referencing bureaus (CRBs). This will make it easier for you to procure goods and services on credit. It will also make it possible for you to borrow money cheaply from local lenders.

A business credit report Vietnam residents should know, is a reflection of the ability of a business to meet their debt obligations. A high credit rating shows that a business is able to procure credit and pay the debt fully in a timely manner. The following are tips for boosting the credit rating of your business:

i) Have Errors and Omissions Corrected

When a business defaults in paying its bills or servicing its debts, creditors, suppliers and utility companies usually seek to have the company listed as a defaulter. Consequently, these firms are also required to report all timely payment of debts and bills. If you have paid off a couple of business loans without default, make sure the business credit report Vietnam reflects this. In case there is a wrong entry, be sure to contact the credit referencing bureau to have it corrected. This will help to ensure your credit report is positive and your score is high.

ii) Pay Bills on Time

If you have business debts, be sure to settle them in a timely manner. Similarly, all utility bills should be settled without default. Suppliers also expect pending invoices to be settled in a timely manner. To ensure your credit rating is decent, be sure to stay current on all your debt obligations.

iii) Reduce Frequency of Loan Applications

When you apply for business loans and get rejected, your report will show that you frequently applied for loans and got rejected. After all, what other reason would you have for applying for a loan with every lender out there. To ensure you have a positive credit report, limit your credit applications.

Business owners are advised to pull their credit reports regularly. This will help to ensure that there are no errors on their credit reports. If there are errors, they can be fixed in a timely manner.