Hi Ron,
If you have a DUNs number than you have a file with DNB. It may be a simple marketing file if no trades have been reported. To check you file go to => https://eupdate.dnb.com/ and enter your DUNs number and password. If you don’t have one then click on the ‘not registered’ tab to request one.
All business credit cards will require your company’s Tax ID# on the application but some will also require your DUNs number as well. Ideally you will want to apply for credit cards that will base their approval on your business credit not your personal credit.
To open a business checking account you will need to supply your EIN or Tax ID number. Your DUNs number is used when applying for credit. Banks will run a chex systems report when you open a checking account which is based off of your drivers license ID#.
If you have the opportunity to settle these outstanding debts then I would suggest doing so. A six year old corporation is much better than a start up. While you can still obtain credit with either keep in mind some specific vendors and lenders will only extend credit to companies that are more than 2 years old.
However, there are many others that will extend credit for start ups too. Purchasing a shelf corporation is another option but in your case you may be better off working on the existing corporation you already have.
Your corporation has bad debt not you personally. However, if you personally guaranteed those particular accounts using your social security number then the bad debt may have been reported to your personal credit. If the accounts are charged off as bad debt which most likely they are and they are reporting on your personal credit files then it would be better to dismiss them rather than re activate them by paying them simply from the fact that they are more than 2 years old. These accounts will not affect you if you establish a new corporation because it is a totally separate entity.
Hi Ron,
If you have a DUNs number than you have a file with DNB. It may be a simple marketing file if no trades have been reported. To check you file go to => https://eupdate.dnb.com/ and enter your DUNs number and password. If you don’t have one then click on the ‘not registered’ tab to request one.
Hi Martin,
All business credit cards will require your company’s Tax ID# on the application but some will also require your DUNs number as well. Ideally you will want to apply for credit cards that will base their approval on your business credit not your personal credit.
To open a business checking account you will need to supply your EIN or Tax ID number. Your DUNs number is used when applying for credit. Banks will run a chex systems report when you open a checking account which is based off of your drivers license ID#.
If you have the opportunity to settle these outstanding debts then I would suggest doing so. A six year old corporation is much better than a start up. While you can still obtain credit with either keep in mind some specific vendors and lenders will only extend credit to companies that are more than 2 years old.
However, there are many others that will extend credit for start ups too. Purchasing a shelf corporation is another option but in your case you may be better off working on the existing corporation you already have.
All the best,
Marco
Hi Rey,
Your corporation has bad debt not you personally. However, if you personally guaranteed those particular accounts using your social security number then the bad debt may have been reported to your personal credit. If the accounts are charged off as bad debt which most likely they are and they are reporting on your personal credit files then it would be better to dismiss them rather than re activate them by paying them simply from the fact that they are more than 2 years old. These accounts will not affect you if you establish a new corporation because it is a totally separate entity.
Sincerely,
BCIC Support