Getting listed by using one of DNB’s business credit builder products is one way to get your company on the fast track to build business credit history fast. Once you’re listed you should focus your attention on getting positive payment experiences added to your file in order to generate history and favorable business credit scores.
This can seem like a tough task because you have to make sure that the suppliers, vendors, and lenders you have an already existing payment experience with will now start reporting to your newly established business credit files.
In addition, there is no way for you to confirm which company is reporting to your file because the business credit bureaus do not disclose what business is supplying the payment data.
Plus, you have to worry about new vendors and suppliers reporting as well. One of the biggest mistakes made by small business owners is assuming that every vendor reports their payment history to their corporate credit file.
Last but not least what if the specific vendor or supplier your business has a good history of payment experience with is not set up to supply payment data to the business credit bureaus? One of my new clients who had been in business for over 15 years recently got listed with Dun & Bradstreet and contacted one of his suppliers to let them know of his new DUNS number. He was excited because he had a 10 year solid track record of payment experience with them and knew that this could benefit his newly established corporate credit file. Unfortunately this supplier was not a trade reporter with D&B so needless to say he was not happy.
Fortunately for you and my client there is a way to solve all these challenges and build company credit in record time!
One of the largest credit builder companies, Dun & Bradstreet offers a unique program ideal for new businesses that need to quickly build business credit history. With this program you have the ability to submit your company’s trade references that D&B will contact to collect payment experiences and report them to your file.
This allows you the opportunity to add your company’s good trade references to your business credit file with D&B and it doesn’t even require them to be a trade reporter with D&B. Best of all you can establish a Paydex score in a matter of weeks depending on how many references you supply to D&B to contact.
One very important thing to keep in mind is you cannot submit credit cards, gas or utilities as trade references to D&B.
This is how you can build a business credit file in record time and benefit from doing what you’ve always done as a business owner. The only difference is now you have a business credit report that shows how responsible your business is in handling its financial responsibilities. This can make the process of obtaining credit and business financing for your company much easier.
*You can add trade experiences using D&B’s program but be prepared to pay a substantial fee. This is an option but keep in mind there are other business credit bureaus you will also need to establish a file with such as Corporate Experian and Small Business Equifax. To access premium vendors, leasing companies, business credit cards, and lenders that report to all the major business credit bureaus become a member of my Business Credit Insider’s Circle. Submit your name and email below for details and receive a free audio seminar ($597 value) =>
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About the Author
Marco Carbajo is a business credit specialist, author, speaker, and founder of the Business Credit Insider’s Circle. He is a weekly columnist for Dun & Bradstreet Small Business Solutions, a business credit blogger for All Business & American Express Small Business and author of “Eight Steps to Ultimate Business Credit” and “How to Build Business Credit with No Personal Guarantee.” His articles and blogs have also been featured in The Scotsman Guide, Alltop, Entrepreneur Connect, and Active Rain.