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5 Strategies to Build Business Credit Easily and Quickly

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Build Business Credit

In today’s post we share five key strategies for building business credit easily and quickly. These five strategies provide a fast and efficient way to establish your business credit file with major business credit reporting agencies.

If your new to building business credit it’s important to recap on why it’s an essential step in the success of your business. So, what is business credit?

Business credit is the ability for a business to borrow money or access products or services with the understanding that the business will re-pay at a later date.

Building business credit allows a business owner to protect personal credit while establishing the creditworthiness of the business itself. building business credit

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.

Your company’s Employer Identification Number (EIN) is used to identify your business entity to the IRS, banks, lenders, suppliers, vendors and other businesses.

Your EIN is also used to create a credit file for the business with business credit reporting agencies such as Dun & Bradstreet, Experian Commercial, Equifax Business, Creditsafe and Ansonia.

Think of your company’s EIN as the social security number for the business.

Here are 5 strategies to start building business credit easily and quickly.
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How to Build Business Credit When Paying Your Business Expenses

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How to Build Business Credit

In today’s post we’re going to talk about a key fundamental step for building business credit for your company.

While acquiring credit from vendors, suppliers and other businesses that report to the business credit agencies is a widely known practice for establishing business credit; why not also have your business expenses build business credit too? How to Build Business Credit

The fact is, if you have a business, you will have business expenses. These are costs you have in the ordinary course of running your business day-to-day. For example, putting gas in your car to go to a business appointment, taking a client out to lunch, paying utility bills, paying for postage to ship a product, etc.

When you pay for these expenses, it’s crucial to keep your personal finances separate from your business finances. You don’t want to commingle these expenses because it will cause a real challenge during tax time.

In addition, you should establish a budget, keep good records and implement an effective business credit building strategy.
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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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How to Build Business Credit in 30 Days

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How to Build Business Credit in 30 Days

Today, we’re talking about how to build business credit in 30 days. In this post, you’re going to learn step-by-step how to establish anywhere from 12 to 15 accounts reporting on your company’s business credit reports whether you’re a start-up or an existing business in 30 days or less. how to build business credit in 30 days

So, let’s get started.

Why build business credit? Building business credit allows a business owner to protect their personal credit while establishing the creditworthiness of the business itself. With a separate legal entity such as a corporation or limited liability company, you have the unique ability to create a credit identity for the business also known as a business credit profile with the business credit reporting agencies.

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. It’s treated as a separate being. Basically, you have the ability to create a credit file in your company’s name using your EIN number.

As you know you have a Social Security Number. Your social security number is used when you apply for personal credit while a business has an EIN number which is also known as your Employer Identification Number.

Your EIN is used by the IRS for tax purposes, but this also gives you the ability to create a business credit report with the business credit reporting agencies. This credit profile for your business is vital if you plan on acquiring credit or funding using your company’s credit report as a qualifier.
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