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®.
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.
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.
You must first complete a 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.
In order to secure for funding for your business to grow, you must be able to accomplish a few key items: Make sure your business is in compliance before you build a strong business credit score. Work with vendors that report to the business credit bureaus. Develop a strong business credit score and rating with Read More …
Developing business credit is now more important than ever to your financial health. Read More …
As part of your 2014 business goals, could your business use more funding to stay in the game, build a bigger team or go after profitable new accounts? If you’ve looked into sources of growth funds before, maybe you’ve hit a few challenges:
1. How can you sort out the BEST funding options form the risky or fraudulent ones?
2. When it comes to qualifying for the right source, how can you meet the criteria with confidence?
3. If you’ve made mistakes in the past, how can you turn fear and overwhelm into positive action? Read More …
If you’re serious about building wealth, your personal credit score is a key factor in your short and long term financial success. If all you care about is a comfortable retirement, then the Dave Ramsey approach will be fine for you. Just pay off all your debt and forget about your credit score. Read More …
In the business credit world there are three major business credit agencies: Dun & Bradstreet®, Corporate Experian®, and Corporate Equifax®. Dun & Bradstreet® is the 900-pound gorilla in the business credit world. This is the MOST IMPORTANT one to make sure you establish properly for your business. Unlike personal credit (where if you follow the correct steps to write letters to the personal credit agencies to request information to be verified and if the creditors do not verify the information, it has to be removed by law), the business credit bureaus do not fall under the same set of rules and it is very difficult to update records. Read More …
Sometimes even items like bankruptcies have been removed in cases where they were not properly documented. The restoration process involves writing letters to the credit bureaus asking them to verify each negative item on your personal credit report. The credit bureaus reach out for each negative item to the corresponding bank, credit card company and so on for verification that the item was properly documented. Read More …