Business Credit Tips

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Business Credit Tips

Benefits of Aged Corporations for Business Credit

Buying a corporation that is several years old can help you build credit in several ways. Specifically, after your credit profile is created and you have some reported activity of positive payments, other criteria will start coming into play. One of those criteria being the age of your legal entity and business. When you’re building credit for your business, you want to have as many “tie breakers” on your side as you can. If you think of it like that, you will start to see how you can put more on your side with the tools available. This topic is about aged shelf corporations and companies.

Using Personal Credit Scores to Build Business Credit

Building business credit is a journey and can be complex. Using all of your available resources and tools might be within your comfort level. This will depend on every entrepreneur’s position and comfort, however there are some methods that can carry the pace of a fast mover on the credit building path. You can apply for a business credit card and use a personal credit score to be approved. The credit performance does not appear on your personal credit profile and will only appear on your business credit profile in the name of the business. Find out more about using your personal credit to advance you on the corporate credit building journey.

What Credit Compliance Checks Apply to Your Business?

As the topic of business compliance, being the foundation for building business credit, comes up over an over, it raises the question, what compliance items apply to you and your business? The fact is, there are hundreds of items each with a few conditional items… which represents the potential for thousands of compliance checks possible. Narrowing this down is the job of a business credit professional. Having your business evaluated for simple and specific compliance checks has to be done. Learn more about what these checks mean here.

High Risk Business Credit – What is it and How to avoid it

Being labeled “high risk” in business credit is almost the ‘kiss of death’. What defines almost in this case is a complicated and often expensive process of corporate restructuring so that your business can start with a clean credit slate again. Credit reporting agencies and bureaus have intricate methods of assessing your business for thousands of checks and the results of these compliance items or formalities are available to be purchased in the form of a business history or credit report. If your business isn’t prepared for the credit process, and has credit activity being reported without proper compliance, everyone has access to that information from the reporting bureaus. The result? Your business credit profile is labeled high risk. Find out how to avoid this type of disaster.

When Opportunity Knocks… Business Credit Answers

Most of the time business owners look at having credit as a “safety net” or additional resources to get through a tight spot. Having credit for your business will do just that and you can hang onto your cash. But if your business has strong credit, you have an open door to opportunity. Every entrepreneur understands opportunity… but lets examine how business credit plays an important role here.

Business Credit Reporting Agencies

Most of the time when it comes to business credit reporting, you will hear D&B, Experian and Equifax, however more credit reporting agencies are going commercial. You’ll notice business credit scoring, products and services that help business owners manage their credit profile and provide reports and data to those you may be extending credit to. We have put together a list of all credit reporting bureaus and agencies where you will find business credit services.

Importance of Business Credit Compliance

Although its tempting to go out and get credit for your business right away, the preparation of your business’ compliance is probably the most important piece of the business credit building process. When you start working with cash lenders, unsecured credit providers and banks, your business records and organization should be in perfect health. Skipping the credit compliance steps, or what we call the business credit building blocks, could leave you performing these tasks after the fact, which will likely be even more inconvenient. We break down the building blocks in groups and explain the importance of building business credit the right way from the beginning.