Comprehensive Compliance Review

After you complete your Business Credit Builder Questionnaire and your 30-minute business credit evaluation you will be ready for the comprehensive compliance review. It is very important that you maximize the criteria you meet on the business credit compliance checklist before you start to build business credit and before vendors begin reporting on your new entity and business.

Your entity may not meet all of these criteria but the more, the better. Keep in mind that the business credit bureaus and providers of both vendor and cash lines of credit have varying standards for what they consider to be in compliance. Our goal is to provide you with a complete checklist along with alternative solutions if your business is out of compliance.

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  1. A separate legal entity filed with the secretary of state. Building business credit on a sole proprietorship or DBA (doing business as) linked to you will NOT be effective.
  1. An EIN (Employer Identification Number) is also known as a Federal Tax Identification Number. It is used to identify a business entity. Any time you form a separate legal entity like an LLC or corporation a NEW EIN number is required (there are some exceptions, see at http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Do-You-Need-an-EIN%3F). The EIN number is equivalent to a SSN for a business. An EIN number may be obtained online through the IRS web site at http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online. Most incorporating companies will obtain an EIN for your entity as part of the incorporating process.
  1. (A list of officers/managers filed with the secretary of state. Some states like Alabama, Alaska, Nevada, California, Connecticut and New Mexico require some type of list of officers/managers, statement of information or initial report to be filed after the formation of the entity. It is very important your entity is listed as in “good standing” with the state or its equivalent. Not sure if your entity is in good standing? You can search in Google: _______(state) Secretary of State, find their corporation or LLC division, do a name search on your entity and click on it to find its status. You may also call the Secretary of State directly and ask them to look up your entity.
  1. A business address. A real separate business address, not a PO box for your business would be ideal. Does this mean if you are a home based business that you have to go out and lease a separate office space for $800 per month to build business credit? No. Some vendors will grant credit only if a separate office is listed. If you pay for a virtual office you will want a separate suite number in most cases. You may want to look into http://www.regus.com/ as a resource for office space around the U.S. or www.davincivirtual.com is another option (they are most focused on a virtual address).
  1. Matching the business address on all records. It is very important that every application form you fill out for your business entity is carefully matched in every detail – this includes filing articles for your business entity, obtaining an EIN from the IRS, filing any statement of information, applying for business licenses, bank accounts or merchant accounts. In particular, your BUSINESS ADDRESS MUST BE CONSISTENT! For example, 2412 E. 5th St., is DIFFERENT than 2412 East 5th Street from the perspective of the business credit bureaus. If you start filling out applications with different abbreviations, spelling or even different addresses, conflicting information will appear in business credit bureau databases that could lead to adverse credit decisions. This is why it is vitally important to be CONSISTENT on ALL applications. If your information is NOT consistent take the time at each level to update the correct business address for your company.

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7 Steps to Our Ultimate Business Credit Building System:

[learn_more caption=”Business Questioner and Evaluation:”]

  • What type of business credit funding will I receive for my business? Cash or vendor lines?
  • How much funding will I receive?
  • How fast will I receive the funding?

Read More..
[/learn_more][learn_more caption=”Personal Credit Training”]

  • Personal Credit Repair
  • Comprehensive Budgeting

Read More..
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[learn_more caption=”Compliance Process”]

  • Separate Legal Entity
  • EIN
  • Initial List Filed
  • Business Address (combine 4 and 5)
  • 411 Listing
  • Local Phone
  • E-mail
  • Business License
  • Web Site
  • Fax Number
  • Business Plan
  • Bank Rating
  • Business Classification Code

Read More..
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[learn_more caption=”Business Credit Bureaus”]

  • D&B® set up
  • Steps to Report to D&B®, Corporate Experian® and Corporate Equifax®

Read More..
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[learn_more caption=”Cash Funding and Vendor Lines of Credit”]

  • Funding Specialist
  • Funding Options
  • Starter Vendors & Applications
  • Vendors for Office Supplies, Marketing, Print & Applications
  • Vendors for Building & Industrial Supplies & Applications
  • Revolving Credit Accounts & Applications
  • Revolving Accounts for Office Resources & Supplies
  • Revolving Accounts for Building & Décor Supplies
  • Revolving Accounts with No Personal Guarantee
  • Additional Vendors

Read More..
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[learn_more caption=”Business Credit Coaching”]

  • Certified Business Credit Coach
  • Contact information & Hours

Read More..
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[learn_more caption=”Business Credit Training and Support”]

  • The 55 Secrets to Secure Business Credit (CA$H) for Your Business AND Keep
  • 100% Ownership of Your Company
  • The 29 Credit Score and Repair Secrets, Plus 10 Bonus Secrets to Save Your Home
  • CEO Scott Letourneau’s “Golden Rolodex” of Business Credit Vendors & Resources
  • Business Credit
  • Triple Overlap
  • Valuation
  • Joint Ventures
  • Raising Money
  • Incorporate Webinar
  • Business Credit Webinar
  • Call- in-days with Scott Letourneau

Read More..
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