Companies that help build business credit assist entrepreneurs with a variety of tasks that can seem overwhelming. It's important to develop and maintain an excellent business credit rating because it allows your company to access business credit lines and business loans that are needed to meet payroll, acquire inventory, maintain operations, and grow into the future.
Get EIN Credit Unrelated to Your Social Security Number
Most business lenders check your FICO credit score. If you have poor personal credit, then it will likely affect your capacity to build business credit. If you do manage to get approved for a business loan, then the interest rates will likely be significantly higher, which can have a big effect on your operations.
Business owners can visit the IRS's website
and apply for an Employer Identification Number (EIN). Once you have an EIN, you can use it to apply for a Data Universal Numbering System (DUNS) Number from Dun & Bradstreet (D&B). The DUNS Number is a 9-digit identification code used to represent your business.
When vendors, suppliers, creditors, and lenders extend your company credit, they can report your payment history to business credit reporting agencies like D&B, Experian Business, and Equifax Business. Dun & Bradstreet use information about your company to formulate a PAYDEX
score, which is essentially a credit rating for your business. PAYDEX scores range between 1 - 100 with 100 being the best.
Companies that help build business credit assist with:
● Setting up your company to meet credit issuer and lender fundability standards
● Establishing and activating credit history with D&B, Experian, and Equifax
● Teaching you how to monitor and self-correct your business credit score
● Setting up accounts with starter vendors and Net 30 vendors
● Building business credit unrelated to consumer credit scores
● Obtaining EIN and DUNS numbers
They can also help business owners get pre-approved for business loans and business lines of credit - something that every entrepreneur can certainly use.
Various Types of Credit
Companies that help build business credit teach their customers how to obtain various types of credit to sustain and grow their ventures. The primary types are:
● Store business credit lines with retailers like Amazon, Walmart, Staples & Home Depot
● Mastercard, Visa & other major business credit cards that can be used anywhere
● Fleet credit cards for vehicle purchasing, repairs fueling
● Tradelines with vendors & suppliers
● Lump-sum cash loans Genesis Business Credit
is one of the most successful companies that help build business credit for entrepreneurs in all sectors. We have helped hundreds of clients to obtain business lines of credit and business loans between $5,000 - $50,000 - with NO COLLATERAL! Call or email our team today to learn more. Sources D&B IRS