Comprehensive Compliance Review

How to Get a Low 5

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If you don’t have the $10,000 required for the low 5 rating, consider borrowing it from friends or family. Maybe pull it off personal credit cards or out of the equity in your home. If you borrow it from friends or family, explain to them you will not be “using” the money, but that it will just be sitting in your business checking account. Tell them you can return it to them in six (6) months. Maybe offer to pay interest. In the steps that follow, we will be looking at other creative ways to get the money you need.

Don’t Have $10,000? Don’t Worry … Bank ratings are totally separate from building business credit and have no effect on your ability to build strong scores. So if you don’t have the $10,000, or can’t get access to the $10,000 to secure a Low 5 Bank Rating, it will have no impact whatsoever on your ability to build strong business credit scores. However, bank ratings can definitely have an impact on your ability to secure larger business loans and credit lines in the future. So when your business starts making money remember to keep your daily balance above $10,000 in order to maintain at least a Low 5 Rating.

  1. Planning on doing business with the Federal Government? If so, your business will need a Central Contractor Registration before being awarded a contract. Central Contractor Registration (CCR) is the official, online registrant database for the United States Federal Government. Its sole purpose is to collect, validate, store and distribute information to federal finance offices, procurement and electronic business systems. If your company plans to do business with the federal government then you will need CCR registration before being awarded a contract.

There are four key items that you will need before beginning your CCR registration:

  1. Employer Identification Number (EIN) or Tax Identification Number (TIN) – If you have a number then it will take 3-5 business days to clear the CCR taxpayer match process.

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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?

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[/learn_more][learn_more caption=”Personal Credit Training”]

  • Personal Credit Repair
  • Comprehensive Budgeting

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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

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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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