Building Business Credit

By Author: Constance Martinez
Total Articles: 623
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Personal Credit
It's always a good idea to make sure your personal credit is in good standing. Spend the necessary time and money to repair it while you are building your business credit. Plus, by keeping your personal credit separate from your business credit, you can start to grow the creditworthiness of your company without having it impact your personal FICO scores. The reverse is also true, if your business starts to struggle or fail, the drop in creditworthiness will not be reported to the major credit bureaus Trans Union, Equifax, and Experian.
Money
Creditors don't want to lend money to businesses in need of it, so start building your business credit profile today. You will save money since your good business credit will mean lower interest rates on business loans. Also, building business credit is a great option for getting money to start your small (or large) business as well. Most businesses want to be able to borrow money when they need it, without the owners having to guarantee the loans personally. Finding the money for your business can be difficult unless you know the process.
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... Loans
When it comes to business loans, you want to eliminate personal guarantees that you use for your business. You can learn to quickly and easily establish a strong business credit rating and get loans for your business without using your personal credit even if your personal credit is bad or you had prior business bankruptcy. Most businesses want to be able to borrow money or get business loans or lines of credit when they need it, without the owners having to give personal guarantee for the loans. The mistake countless business owners make is using their personal information to apply for business credit, leases and loans.
Financing
Establishing and building business credit is the only way to get financing with no personal credit checks and no personal guarantees. Avoid the mistakes that prevent most businesses from successfully receiving credit and financing. Many successful businesses are turned down for financing because they haven't taken the time to set up the business credit or business structure properly.
Take the time to educate yourself and learn about the business credit bureaus (Dun & Bradstreet, Business Experian, and Business Equifax). Understand how their reporting systems work so that you can plug into it and get the most benefit from them.
Conclusion

There are specific steps to building business credit and we know how important it is for you and your business to establish business credit correctly, and quickly. Business credit is the most sought after wealth building tool known today. It is simply a picture of how a business handles its financial obligations with its suppliers and vendors, showing not only the company's ability to pay, but also its willingness to pay. Therefore, the time for building business credit is before you need to use it.
There is a new eBook on the market that reveals all the basic secrets to building business credit. Find out about this exceptional, easy to follow, document that provides all the important steps and processes that will help your business get the money it needs, without personal guarantees. It's called Basics of Business Credit by Susan Carter.
As an added bonus, for a limited time, if you purchase her new eBook, you will receive a Free Credit Restoration Guide for improving your personal credit. It includes over a dozen sample letters that can be sent to the credit bureaus, collection agencies, or businesses that are reporting negative comments on you. Find out more about this exceptional new product by going to http://www.susansbooks.com.

Susan Carter, author of Basics of Business Credit, has created an e-Book that provides instructions on how to set up a business entity correctly from the start. She has the knowledge to help anyone avoid the trap of having to use personal funds and assets to get their business started
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