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Top 10 Business Credit Building Updates and News

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Business Credit Building Updates

In today’s post we’re covering the top ten business credit building updates and news that you should know. It’s amazing to see how fast the business credit industry is growing and changing to meet the needs of small business owners like yourself. business credit building

We have compiled a list of some of the most important updates to keep you informed so you can best determine what business credit building strategy is ideal for you.

Remember, when it comes to building business credit and getting funding for your startup or existing business; staying informed with up to date information is essential to your success.

Without further ado, here are our top ten business credit updates:

1 ) Equifax Acquires Paynet – Although Equifax is widely known as a consumer credit reporting agency, did you know they are a business credit reporting agency as well? In fact, they provide business credit evaluations for over 22,000,000 small businesses and corporations.

Their acquisition of Paynet aims to strengthen Equifax’s Business Credit Reporting arm and expand access to capital for small businesses. PayNet is a business credit reporting agency that maintains the largest proprietary database of small business loans, leases and lines of credit with over 24 million contracts worth over $1.6 Trillion.

The addition to PayNet’s commercial leasing payments data, along with Equifax’s business data, can boost growth in small business commercial space for Equifax.
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Building Business Credit Fast: How to Add 8 Tradelines

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Building Business Credit Fast

How do you start building business credit fast? There are several new business credit building strategies that will help you build your business credit reports in record time.

Whether you are a startup or existing business you can start establishing business credit quickly by following the strategies we cover in today’s post.

Be sure to also check out our recent post on How to Build Business Credit in 30 Days for additional strategies. building business credit fast

From the early startup stage all the way to the growth stages, access to business credit and funding is crucial if you want to achieve success in business.

In business, there will always be unforeseen expenses, opportunities to expand into new markets, research & development, etc. that will require additional working capital.

It’s important to realize when you structure your business as a corporation or limited liability company it becomes recognized as a separate legal entity with the ability to enter into contracts.
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Applying for Business Credit Cards with an EIN: Top 10 Factors

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Applying for Business Credit Cards with an EIN

Do you plan on applying for business credit cards with an EIN?

In today’s post we’re going to go over the top ten factors that impact the approval process and size of credit limits you can acquire with our business credit card funding program.

This particular program requires that your company have an employer identification number issued, also known as an EIN. Although the banks require a personal guarantor; at the credit reporting level, none of the activity or cards issued under this program report to your personal credit reports. applying for business credit cards with an ein

Basically, you are leveraging the strength of your personal credit so the company can acquire its own business credit cards under its EIN. Think of it as co-signing for your business without it impacting your personal credit reports.

Once the cards are issued to your company under its EIN, the bank card issuers will report your card activity to business credit reporting agencies such as Experian Commercial and/or Equifax Small Business.

Remember, the ‘dividing line’ between business and personal credit cards must be established at the credit reporting level in order to legitimize true business and personal credit separation.
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Business Credit Cards vs Corporate Credit Cards

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Business Credit Cards vs Corporate Credit Cards

When it comes to making business purchases; business credit cards and corporate credit cards play a vital role. But what is the difference between each one and which is ideal for your bbusiness credit cards vs corporate credit cardsusiness?

In today’s post we are going to talk about everything you need to know about business credit cards vs. corporate credit cards. You’ll learn the similarities, the differences, the qualifications, and which one requires a personal guarantee and which one doesn’t.

Let’s get started.

Both business credit cards and corporate credit cards are similar because they are both a revolving source of funds you can use anywhere Visa®, MasterCard®, Discover, and American Express are accepted.

You get access to a pre-set credit limit that you can borrow against at any time. When you pay down the principal the credit becomes available to use over and over.  Also, you can maintain a revolving balance on both business credit cards and corporate credit cards.
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