How To Build Business Credit
Why Is It Important to Establish Business Credit?
Your business can have its own credit reports and scores. Anyone can check business credit, so it may be used by lenders, suppliers or even companies deciding whether to do business with you. Good business credit may help you qualify for small business loans or financing, as well as help you secure financing at more favorable terms or lower interest rates. Since there is no requirement that companies notify you when your business credit is reviewed, however, you may never know how your credit history has affected your business.
How Business Credit Works
Business credit works much like personal credit. Lenders, vendors and other companies may report payment history to commercial credit reporting agencies.
Other businesses and lenders then purchase a business’s credit report to help decide whether to extend credit or do business with that company.
There are a few key differences though:
​
-
Unlike personal credit, where most loans are reported to credit bureaus, not all companies report payment history to business credit.
-
Anyone can purchase a business credit report, in contrast to personal credit reports which are more tightly regulated.
-
Credit limits and the names of creditors typically aren’t reported. It can sometimes be difficult to ascertain which companies appear on business credit reports.
7 Steps to Establish Business Credit
-
Build your foundation
-
Register your business
-
Business Bank account
-
Get a D-U-N-S number
-
Get accounts that report
-
Open a business credit card
-
Pay on time
-
Monitor your credit
PLATINUM
Just started a business or thinking about starting one? Need credit to help finance your expenses?
$1,599.95
Deposit of $750 / $125 Monthly
-
Business Consulting
-
Business Formation(
-
Business Email ( Professional Business email)
-
Virtual Business Address
- Business Phone Number
-
Business Entity ( LLC , C- Corp , S- Corp )
-
Duns Number
-
Business EIN Number
-
Build Business Credit
-
Business Funding
Anthony, Ball Park Funding
" I am so thankful for The Bizz Box. I have 2 businesses and the bizz box helped me build my business credit for both companies."
Denitra, Phenomenal Touch Cleaning
" I recently had the pleasure of experiencing The Bizz Box, and I must say, it exceeded all my expectations. From the moment I entered the establishment, I was greeted with a warm and inviting atmosphere that instantly put me at ease. The attention to detail and the overall professionalism of the staff truly stood out."
Kat, We Hire Up
" I recently had the opportunity to utilize The Bizz Box for both building business credit and business formation services, and overall, I had a positive experience. The Bizz Box offers a comprehensive suite of services aimed at helping entrepreneurs and businesses establish a strong foundation and achieve financial success."