Complete a Compliance Review. Before business credit is built on a business it is a must to complete a company compliance review within the business credit bureaus. If you build business credit with vendors without your company being in compliance it may be “red flagged” by the business credit bureaus and they are very difficult to change or update.
Start Getting Approvals for Funding. Access to different lending options for your qualified. As you improve personally and at a business level, you will qualify for more options. The options available to you are based upon the 4 C’s of credit; Credit (personal), Credit (business), Collateral and Cash Flow.
Build Business Credit Profiles. Once compliance is established, then an actual business credit file is created. The file establishes a unique profile with D&B®, Corporate Experian® and Corporate Equifax® to facilitate the tracking of credit history and the development of a business credit score.
Build Vendor and Cash Lines of Credit. After a credit file is established, the business has the opportunity to build a credit history by working with credit and financial institutions who report to D&B®. Approximately 10% of all credit and lending institutions report to D&B®.