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DO YOU HAVE A PAYDEX SCORE?
The exact definition from Dunn & Bradstreet, or D&B is: The D&B PAYDEX® Score is D&B’s unique dollar-weighted numerical indicator of how a firm paid its bills over the past year, based on trade experiences reported to D&B by various vendors.
There are many BIG differences from a business Paydex credit score and an individual FICO credit score. Consumer FICO credit scores range from 350-850. The Paydex Score ranges from 0-100 with 100 being the highest score you can obtain. Having a Paydex business score of 80 or higher is very good, as scores below 70 are very bad. Individual credit scores are calculated based on a number of factors. The Paydex score is calculated based on only one single factor; whether a business makes prompt payments to its suppliers and creditors within the agreed upon terms of payment. For example, prompt payments will produce a Paydex score of 80. A 70 score reflects paying 15 days behind, 60 score is 22 days behind, a 30 score reflects paying 90 days behind, and a 20 Paydex reflects paying bills 120 days late. If you own a business, your Paydex score is essential in establishing new credit and continuing to build credit limits exceeding $100,000. Reference Pinnacle Business Service SC
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May 2023
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