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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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5 Best Business Credit Building Hacks For Maximum Results

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Best Business Credit Building

I’m sure you’ve heard all the same old business credit building tips time and time again. Start with establishing several vendor accounts first; make several purchases; and always pay your invoices on time. We know these rules, and we know there’s much more to it in the real world. best business credit building

While there is a great deal of tips and information on building business credit on the internet, you may discover that most of the information is either outdated, over simplified or just plain wrong. Now don’t get me wrong, there are lots of good resources (here and elsewhere) that you should read up on before you take action.

Once you’ve got the basics down, here are the best tricks that can help you improve the business credit building process and work your way up into a strong business credit file much faster:

Leverage your personal credit to your company’s advantage

During the initial stage of the business credit building process you’ve probably read that getting vendor credit is the best way to start building your company’s credit file. While starter vendors will certainly get you payment experiences reporting on your file the one trick that can also drastically enhance your company’s credit file immediately is also having revolving lines of credit reporting too.
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The Business Credit Building Junkyard: Why So Many Businesses Fail

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Business Credit Building

Why do businesses fail in building business credit the right way? business credit building

One of the major reasons why so many struggle establishing credit for the business effectively is because they don’t know what lenders define as a creditworthy business. In today’s post we’re going to put an end to all the confusion by covering five main areas that cause so many businesses to fail in the business credit building arena.

Take a look at these five key areas:

  1. Company payment history
  2. Depth of business credit
  3. Business credit utilization
  4. Business credit limits
  5. Types of business credit

Let’s explore each one.
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Business Credit Building Made Easy: Free Blueprint for SMBs

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Business Credit Building

Building a creditworthy business is essential for small business owners today. As you know the strength of your FICO® score impacts your ability to acquire personal credit. But did you know the FICO® SBSS Score, Paydex® Score, Experian Business Credit Score℠ and Equifax Business Credit Risk Score℠ impacts your ability to obtain business credit? business credit building

“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,” says Marc Kirshbaum, president of Experian’s Business Information Solutions group.

Now the task of building credit for your business doesn’t have to be a long drawn out process. Instead you can take a proven and systematic approach containing a series of steps in order to establish a creditworthy business. Jeff Stibel, CEO of Dun & Bradstreet Credibility Corp. says, “Today, it takes a very proactive approach to building a strong credit score for your business.”
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