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Sabotage Your Business Credit Report in 4 Easy Steps

February 9, 2022
Business
Credit score

So you decided that you will never need to get funding - at least not at a low interest rate. You do not care if you work with the best suppliers and trade partners. So it is okay if you sabotage your business credit report. Whatever the reason is - maybe you just woke up wanting to do your competition a favor - here are four easy steps to help you make this terrible mistake. 


Warning: We do not actually advise sabotaging your business credit report, so consider NOT following ANY of these steps


Let’s get started! 

1. Stop making payments. 

Missing payments is probably the fastest way to sabotage your business credit report. Credit card payments, loan payments, even some supplier payments are all fair game. Just make sure that the entity is one that reports missed payments to credit bureaus. Not to worry - most creditors do this. The more payments you miss, the faster your business credit will go down! And the missed payment will likely stay on your report for seven years, so the damage you are doing is long term.

Make sure that you cancel any automatic payments. Automatic payments can go a long way to getting payments made on time, and undoing this automation can be the first step to a quality business credit report sabotage.

2. Spend as much of your credit limit as you possibly can

The more money you spend on credit, the higher your credit utilization ratio goes. This is called “maxing out your credit” and this will definitely tank your credit score. The more you spend, the harder it will be to make payments, which will also help you with step one. A very destructive cycle that you can enter very easily!

There are many ways to rack up company debt really quickly. You could change your cubicles into open office space, and then change them back to cubicles. Who cares that no one is coming to the office because of the pandemic?  Your objective is spending as much money as possible. Fly everyone out to Hawaii on a corporate jet for some quality bonding time. Swag bags should definitely include company logos made of diamonds.   

3. Never read your business credit report.

There could be some errors in your business credit report that make it go down. If you read your business credit report, you might identify these errors. Then you could be tempted to contact the credit bureaus (they make it pretty easy) to correct these errors, thus improving your business credit report. If sabotage is the name of your game, just don’t bother reading the business credit report at all to avoid such temptations. 

4. Don’t take advantage of modern credit tools

With the increasing focus on fintech (or financial technologies) there are a lot of interesting tools out there for small businesses that help improve your business. One of them, CreditPush, specifically modernizes the business credit boosting mechanism by allowing you to report your company’s multiple app data to credit bureaus. This only helps your business credit score, it never sabotages it. So if you want to sabotage your business credit, avoid this type of modern credit tool.

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Whether your business credit is sabotaged on purpose, or by accident, the day may come when you regret it. You may realize that you actually want to grow your business, and need funding to do so. And banks want to see strong business credit reports! Or you may want to work with another trade partner requiring a great credit score. 

When the day comes that you want to improve your business credit score and business credit report, sign up for CreditPush. We can help you boost your business credit score and business credit report even if it has been sabotaged. It’s easy to get started, and free!

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