A guide to how and why to build strong business credit scores the fastest possible way so that your business can stand on its own for financing.
Let's Look At How You Build Your Business Credit Scores
Your business needs to have strong business credit scores that are separate from you personally but you do not need to pay someone thousands of dollars to make that happen. Building your business credit profiles and developing strong scores is easy and can be accomplished fairly quickly.
Make sure all your Lender Compliance items have been completed
These are a series of about 20 items that are basic to every business. Inside our business finance and credit system, we give you a complete list of them and show you which ones need your attention.
Check to make sure your business credit files exist with all 3 agencies
There are 3 primary business credit reporting agencies that lender and credit providers use to pull reports on your business. You need to know that those reports exist and what is in them. Inside our business success system, you can access those reports and see what they say about your business now.
Your business must have at least 10 reporting tradelines showing on each report
Just like with your personal credit, your scores and profiles are built by others reporting how you pay your bills. If your business credit reports only have 2 or 3 reporting tradelines, that is not enough to show a solid payment history or to build strong business credit scores.
It matters how you pay your business bills
Unlike personal credit, business credit tracks when you pay your bills "to the day". Pay 10 days early and get better scores. Pay 10 days late and get worse scores. Business credit scores of 70 tell everybody that you pay your bills "on time". To get business credit scores of 80 you need to pay all your bills at least 10 days early.
Inside our business success system, you will have access to step-by-step comprehensive business credit building instruction to obtain everything you need to build and maintain strong business credit scores.