One major reason why most businesses in Vietnam are denied funding by banks is because of incorrect credit reporting. If your business credit report either contains outdated information or incorrect entries, chances are that you may be denied a loan based on incorrect credit reporting. Luckily, this issue can be fixed. You need to clean your company credit report Vietnam by updating your information and correcting the wrong entries. As a guide, here are the quick steps for doing it:
Step 1 — Obtain a Copy of Your Business Credit Report
Since you are entitled to at least one business credit report per year, you should take advantage of this opportunity to obtain it. You can get it from the Vietnam Credit report Agency free of charge.
Step 2 — Review Your Business Contact Information
The review process starts with checking your business contact information. Specifically, you should check the business name plus its address to ensure they are entered correctly. The entries have to be spot-on and complete.
Step 3 — Review Your Payment History
You should also go through your payment history to check if every entry is correct. As you do this, take note of the anomalies. The beautiful thing about reviewing payment history is that you can check month-by-month entries.
Step 4 — List the Anomalies
Once you have noted anomalies with the business contact information and payment entries, you should list them. This will help you file a dispute easily and with proof to back you up.
Step 5 — Dispute the Report
You need to contact the Vietnam Credit Reporting Agency to file your dispute. You are expected to write to them and indicate the anomalies that you noted in your business credit report. You may find it necessary to attach supporting documents.
Step 6 — Hold Back from Applying Business Credits
Lastly, it’s damaging to your credit score if you apply for credits and are denied. Creditors may label you irresponsible if you have several denials in your credit report. So, you should hold back until your credit report is clean once again.
As you can see, cleaning any kind company credit report Vietnam government may need is not as complicated as most people take it to be. You just need to follow the quick steps outlined above and you will be sorted. This will ensure that your business credit score is improved in the long run.