Building Business Credit for Small Business
Have you registered with Dun and Bradstreet’s new iupdate?
In the previous post I covered how DNB eupdate is being replaced by iupdate and how to register your company with the new system.
Assuming that you’ve already registered with iupdate let’s cover the two major components of the platform which are updating your profile and investigating a payment experience.
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Does your company have a DUNs number?
Are you registered with eUpdate?
If so, did you know that on December 20th, 2010 eUpdate will no longer be available?
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Does your business account with your bank or credit union have an active Twitter feed?
Would you find it extremely helpful if your bank engaged with you on Twitter and answered questions and/or issues you have regarding your account?
Do you think regular updates of events, special deals, new bank products, tools, and other helpful information would be of value to your business?
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Why is it so important?
First of all, before you apply for credit with a supplier or lender you should know firsthand where you stand with your reports and scores. This will give you better insight into what type of financing you may qualify for ahead of time and whether or not the time is right to apply.
Secondly, consumers are not the only target when it comes to identity theft so in order to protect your company you must keep a close eye on any unusual activity on your reports.
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What is the largest source of capital from business to business and remains the #1 alternative to personal and small business loans? 
Here’s another hint.
The SBA reports it as the single largest source of small business lending in America today.
Still not sure what it is?
It’s called trade lines of credit also known as ‘vendor credit’ or ‘supplier credit’.
Did you know that trade credit is the second largest source of capital for Wal-Mart? It’s used trade credit as its largest source of capital than even its bank borrowings!
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