Want to Build Your Business Credit Score?
Worried About Your Credit Score?
MC² Finance is here to guide you!
What is the Difference between your Business Credit Score and your Personal Credit Score?
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Building Your Business Credit
Business credit scores are completely separate from your personal credit. It is very important to establish your business credit as soon as possible. Until your business credit has been established, you may be asked to be a "guarantor" on a business loan to guaranty, as a person, that your business invoice is paid. After you have established business credit, however, you will no longer be required to use your social security number to apply for a loan. You can apply for a loan with your Federal Tax ID number (EIN) and secure a loan with your business credit alone.
The first step to establishing business credit is to establish a D&B Number (D-U-N-S Number aka Dun & Bradstreet Number). This separates your personal credit from your business credit. Good news, it is free! This will help your business to build its very own PAYDEX score (similar to a FICO score, but for a business). It works differently from FICO so it is very important to understand the differences. Click the link below to get your own D&B number for your business so that you can begin building your business credit now.
Found Out that Your Bank Didn't Report To the Credit Bureau for your Business Credit?
Don't worry, you can still build your business credit even if your lender does not report to the credit bureau. You can "self report" or manually add trade references to your business credit file. Trade references are companies that you have worked with that report their credit experience with your business to Dun and Bradstreet.
Make sure that you monitor your business credit and report any trade references that will help to establish your business credit reputation.