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Six Steps to Establishing a Business Credit Report and Score
Six Steps to Establishing a Business Credit Report and Score
Six Steps to Establishing a Business Credit Report and Score
Six Steps to Establishing a Business Credit Report and Score
Six Steps to Establishing a Business Credit Report and Score
Six Steps to Establishing a Business Credit Report and Score
Six Steps to Establishing a Business Credit Report and Score
Six Steps to Establishing a Business Credit Report and Score
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Six Steps to Establishing a Business Credit Report and Score

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In this tutorial we offer six steps to establishing a business credit report and score. http://www.experian.com/b2b

In this tutorial we offer six steps to establishing a business credit report and score. http://www.experian.com/b2b

Published in: Business, Economy & Finance
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  • 1. ©2013 Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian. Experian Public. Six Steps to Establishing a Business Credit Report and Score
  • 2. 2©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 1. Form a corporation or LLC to operate your business under and obtain an FIN or EIN from the IRS.  Apply for EIN at the IRS Website  Forming Corporation or LLC has benefits ► Liability protection ► Build a separate Business Credit Profile ► Apply for credit under business name  As a sole proprietor or partnership, you are personally liable for debts  Personal assets are at risk
  • 3. 3©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 2. Comply with the business credit market requirements.  Important for businesses to meet all the requirements  Ensures a higher likelihood of approval  Compliance issues raise red flags  Could be a simple thing such as not having business license or a phone line  Most businesses will not grant credit to another business that has not taken the steps to set company up with proper licenses etc.
  • 4. 4©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. Business Plan 3. Prepare financial statements and a professional business plan.  These documents are often required by many credit grantors
  • 5. 5©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 4. Find companies willing to grant credit to your business without a personal credit check or guarantee  Be sure credit grantors report their payment experiences to credit bureaus, like Experian  This helps to build your business credit report and financial foundation
  • 6. 6©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 5. Manage your debt so you don't fall into trouble making your payments, which will negatively affect your business credit score.  Monitor your report for changes  Especially when you are building a business credit profile  Consider Experian business credit reporting solutions
  • 7. 7©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 6. Make monthly payments to credit grantors to keep your business credit profile active.  At some point, every business needs some type of credit  Start the steps necessary to build business credit now  Be proactive
  • 8. 8©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. experian.com/b2b

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