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You are here: Home / 2014 / Archives for November 2014

Archives for November 2014

Do I Build Business Credit? Five Reasons Why You Should

November 26, 2014 By Marco Carbajo

Do I Build Business Credit

In a recent post for the Small Business Administration (SBA) I covered five key reasons to start building business credit for your startup or existing business. If you have been following my blog for some time I know we’ve talked about this at length, but there have been a few additions recently, I thought you may find helpful. do i build business credit

When it comes to building credit in your company’s name, Marc Kirshbaum, president of Experian’s Business Information Solutions group says “Just as your personal credit has a big impact on your financial health, your business credit can help you get competitive business loan rates and terms from potential suppliers.”

Let’s recap the five key reasons:

Business Credit Reports – According to Creditera, in the first 6 months of 2013, Dun & Bradstreet had 45 million business credit report requests and Equifax Commercial had 35 million. It’s clear that suppliers and lenders conduct business credit checks. If your business does not build its own credit then your personal credit will always play a major role in credit granting decisions for your company.
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The Best Way to Build Business Credit (Part 2 of 2)

November 11, 2014 By Marco Carbajo

Best Way to Build Business Credit

In Part 1 of the Best Way to Building Business Credit we covered credit listings, creditworthiness, credit categories, and Tier 1.best way to build business credit

Part 2 of this series we’ll cover the remaining tiers of the structure. As a quick recap, Tier 1 should consist of 4-5 reporting trade lines made up of service providers and starter vendors across all three major business credit agencies.

Once you have accomplished this your business will now have a business credit score generated across all three business credit reporting agencies. For example, with Dun & Bradstreet it requires a minimum of three reporting trade experiences to generate a Paydex® Score. Like your personal FICO® score, a business credit score is a statistical measurement of your company’s creditworthiness.

Now keep in mind, a business credit score is only one indicator that lenders and suppliers use to assess the creditworthiness of a business. In Part 1 we discussed the other key factors that contribute to creditworthiness.
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Filed Under: Business Credit Tagged With: best way to build business credit

The Best Way to Build Business Credit (Part 1 of 2)

November 3, 2014 By Marco Carbajo

Best Way to Build Business Credit

Is your startup or existing business ready to build business credit?

Do you know what crucial business credit building components you need before your company starts applying for credit? best way to build business credit

Well, the good news is in today’s post we’re going to take out all the guesswork and show you the best way to build business credit. According to Wells Fargo Bank, “The longer you delay establishing business credit, the longer you delay taking advantage of business financing.”

So let’s get started.
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Filed Under: Business Credit Tagged With: best way to build business credit

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