Your corporate credit rating provides detailed information about the business financial records. This credit report allows lenders to see what type of debt you have taken on in the past and if you have been able to repay this debt in a timely manner. When you manage your business debt responsibly, you will be given a Paydex score. A score is similar to a personal credit score as it show the lender where you rank on the risk factor scale.

The score ranges on a scale of 1-100, which is different from your personal credit which goes up to 850. You need to try and have a score that is above 70 as this shows better payment performance by your business. Here are some things you need to know about your Paydex score:

- Payment pattern. A large part of your Paydex score comes down to your payment patterns. To gain a higher score, always pay your bills ahead of the payment due date. Try to pay them as soon as possible, meaning before the company invoices you. By doing this you are demonstrating the highest level of financial responsibility and it will earn you a higher Paydex score.

- Paydex meaning. As stated above your Paydex score provides lenders with information about the payment patterns and history of your business. The meaning of your Paydex score is basically for a risk assessment. A good score is anything over 75.

- Build your credit. A large part of having a solid Paydex score lies in your ability to build your business credit. How many credit cards do you have? How many vendors report information to the credit bureaus? You need to make sure you are making anticipatory payments to your creditors as well in order to improve your credit rating.

Like your personal finances and credit, you need to manage your business credit properly. Take your Paydex score seriously and make sure you are always trying to make anticipatory payments so you can build a strong background. This will help your business gain a good reputation among lenders and you will have an easier time acquiring the financing you need to grow your business. Having a strong Paydex score could make the difference in getting the funding you need to acquire much-needed business assets to grow your business. Give your business the best chance to succeed by working on and strengthening your Paydex score.