Posts Tagged Business Credit
Instant Credit Report
Paul Abbey asked:
Today actually getting hold of an instant credit report is much easier to achieve than it was a couple of years ago. As we are all beginning to realize being able to know where we stand in relation to how credit worthiness is extremely important to many of us today. Unfortunately if your credit history is poor or bad actually getting a loan or mortgage is very difficult to achieve.
But by getting hold of a copy of your credit report from any of the three major credit reporting agencies you will be able to see just where you stand when it comes to your credit worthiness. Today not only are there personal credit reports a person can obtain but there are also business credit reports available.
The main feature of any of these types of reports is that they contain data relating to either you or your business which the various credit reporting agencies have collected. It contains information relating to your financial position and will show if you have any problems relating to late payments or debts remaining unpaid.
But when it comes to you getting hold of a copy of your credit report you need to be very careful when you are trying to obtain it. This is because the report will contain very important and personal information about you including details of your name, your address, any contact numbers and your date of birth. Plus it will also contain your social security number all of which can be extremely beneficial to those people who like to use other people personal details to obtain funds and goods fraudulently.
Therefore if you choose to arrange to get hold of your credit report through one of the many online services that offer such a facility you need to make sure that it is a completely secure website. With a site such as Experian they have a padlock which they use to denote that this is a secure site and no one else will be able to gain access to your personal and financial information.
The biggest advantage to be had from getting hold of a copy of your instant credit report especially if you are considering taking out some form of credit (loan or mortgage) is you will be able to see whether you are likely to be declined or approved. Certainly by keeping abreast of your credit history and how you are being scored will ensure that when it does come time to take out any kind of loan or mortgage you will be able to do so more easily. Plus it allows you the chance to help to improve your credit history if at any time you find that your financial situation changes.
Minnie
Today actually getting hold of an instant credit report is much easier to achieve than it was a couple of years ago. As we are all beginning to realize being able to know where we stand in relation to how credit worthiness is extremely important to many of us today. Unfortunately if your credit history is poor or bad actually getting a loan or mortgage is very difficult to achieve.
But by getting hold of a copy of your credit report from any of the three major credit reporting agencies you will be able to see just where you stand when it comes to your credit worthiness. Today not only are there personal credit reports a person can obtain but there are also business credit reports available.
The main feature of any of these types of reports is that they contain data relating to either you or your business which the various credit reporting agencies have collected. It contains information relating to your financial position and will show if you have any problems relating to late payments or debts remaining unpaid.
But when it comes to you getting hold of a copy of your credit report you need to be very careful when you are trying to obtain it. This is because the report will contain very important and personal information about you including details of your name, your address, any contact numbers and your date of birth. Plus it will also contain your social security number all of which can be extremely beneficial to those people who like to use other people personal details to obtain funds and goods fraudulently.
Therefore if you choose to arrange to get hold of your credit report through one of the many online services that offer such a facility you need to make sure that it is a completely secure website. With a site such as Experian they have a padlock which they use to denote that this is a secure site and no one else will be able to gain access to your personal and financial information.
The biggest advantage to be had from getting hold of a copy of your instant credit report especially if you are considering taking out some form of credit (loan or mortgage) is you will be able to see whether you are likely to be declined or approved. Certainly by keeping abreast of your credit history and how you are being scored will ensure that when it does come time to take out any kind of loan or mortgage you will be able to do so more easily. Plus it allows you the chance to help to improve your credit history if at any time you find that your financial situation changes.
Minnie
Improve Your Personal and Business Credit Using UCC Filings
Aiman Zul asked:
Credit improvement using UCC filings:
Any document that is filed with your state is considered a public filing. That document is now public knowledge. Anyone can search through these public records and find these documents/information.
Credit bureaus are connected to a public filing database that updates every 24- 72 hours. They automatically receive all liens and bankruptcy information after it is filed at the county state or federal level.
UCC stands for Uniform Commercial code. UCC filings is a VERY powerful tool in improving both business and personal credit. The amazing thing is that most people do not know about this technique. Well. most people do not even know that you do NOT need a lawyer to incorporate a business. Lawyers might charge you up to 4 times more than if you incorporate yourself. There are many such examples, lawyers being paid for something that can easily be done yourself. You will be amazed how easy some of these things are.Moreover the purpose of UCC filings is NOT to build credit – the credit building part is a by-product. If you really think about it, most credit building methods are just that.
What you have to understand about UCC filings is that they are not new. Public filings, in one shape or form, have always been around. UCC filing basically shows the public that a collateral is being held between parties for an agreement between the parties. So if I get into a monetary agreement with you I can file a UCC to give details of the collateral that will secure that agreement.. Of course when the UCC is filed it will be public knowledge and any good data collection agency or credit beauru will pick that up. That is when the “fun” starts.
For now, long story made short, UCC is a form of public filing that will help you develop both your business and personal credit. As the collateral is released and the UCC eventually terminated your credit will improve. This is true for both personal and business credit. The effect is similar to getting a bank loan and paying it off.
Personally I think that this method will work for another 1 to 2 years max. I believe that this “loop-hole” (for the lack of a better word) will eventually close. Remember at present anyone can file a UCC and the requirements are not that hard to meet. This is very similar to when people could improve their credit by becoming authorized users of another persons credit card. Even if they had bad credit a mere phone call would make them authorize users. I remember witnessing a person build a 5 year credit history by getting his friend to make him an authorized user on one of his cards. Of course the “trick” became common practice and now that method is almost obsolete. You can still become an authorized user BUT it does not effect your credit the way it used to. There is a good chance that UCC filings would follow the same pattern (for credit repair that is) but for now I believe that any intelligent person should make full use of this method. Knowing the law and than using the law is the “way” of the corporation. Both personal and business credit can be improved using UCC filings.
Vanessa
Credit improvement using UCC filings:
Any document that is filed with your state is considered a public filing. That document is now public knowledge. Anyone can search through these public records and find these documents/information.
Credit bureaus are connected to a public filing database that updates every 24- 72 hours. They automatically receive all liens and bankruptcy information after it is filed at the county state or federal level.
UCC stands for Uniform Commercial code. UCC filings is a VERY powerful tool in improving both business and personal credit. The amazing thing is that most people do not know about this technique. Well. most people do not even know that you do NOT need a lawyer to incorporate a business. Lawyers might charge you up to 4 times more than if you incorporate yourself. There are many such examples, lawyers being paid for something that can easily be done yourself. You will be amazed how easy some of these things are.Moreover the purpose of UCC filings is NOT to build credit – the credit building part is a by-product. If you really think about it, most credit building methods are just that.
What you have to understand about UCC filings is that they are not new. Public filings, in one shape or form, have always been around. UCC filing basically shows the public that a collateral is being held between parties for an agreement between the parties. So if I get into a monetary agreement with you I can file a UCC to give details of the collateral that will secure that agreement.. Of course when the UCC is filed it will be public knowledge and any good data collection agency or credit beauru will pick that up. That is when the “fun” starts.
For now, long story made short, UCC is a form of public filing that will help you develop both your business and personal credit. As the collateral is released and the UCC eventually terminated your credit will improve. This is true for both personal and business credit. The effect is similar to getting a bank loan and paying it off.
Personally I think that this method will work for another 1 to 2 years max. I believe that this “loop-hole” (for the lack of a better word) will eventually close. Remember at present anyone can file a UCC and the requirements are not that hard to meet. This is very similar to when people could improve their credit by becoming authorized users of another persons credit card. Even if they had bad credit a mere phone call would make them authorize users. I remember witnessing a person build a 5 year credit history by getting his friend to make him an authorized user on one of his cards. Of course the “trick” became common practice and now that method is almost obsolete. You can still become an authorized user BUT it does not effect your credit the way it used to. There is a good chance that UCC filings would follow the same pattern (for credit repair that is) but for now I believe that any intelligent person should make full use of this method. Knowing the law and than using the law is the “way” of the corporation. Both personal and business credit can be improved using UCC filings.
Vanessa
Get And Maintain Good Business Credit
Renee Cloud asked:
Credit is important for business success & business image. Few entrepreneurs know about or really understand how business credit is established, how it’s tracked and how it affects their lives and their business. Personal credit is different from business credit. You don’t have to rely only on your personal credit to build, grow or maintain your business. That’s why it’s good to maintain good business credit.
You can build, acquire and maintain business credit and personal credit separate from each other. In business without interrupting your cash flow, borrowing can allow you to build your company in good times. In slow times credit can help maintain a company’s smooth operation. You need a strong company credit profile to increase your company’s borrowing potential.
A good company credit rating begins as soon as you start your company. A good way to start & maintain good company credit is by:
1. DEVELOP A BUSINESS PLAN
If you have a new company or already in business, this is an important first step, it helps you company start in a professional manner. Many business owners never develop a business plan or they wait until it’s too late. You should always have a business plan. A business plan is usually required by lenders. If you are past the start-up phase in your business, update your plan regularly to take into account its growth and future needs. If you don’t plan to borrow, you need to update your plan regularly throughout every year.
2. SELECT A BUSINESS STRUCTURE
This step is completed along with the business plan. If you plan to borrow & show lenders that you are operating in a professional manner, establish a proper business structure, in addition to facilitating your operation. From a credit standpoint, a corporation or LLC could be beneficial. A partnership or sole proprietorship, personal credit information could be included on your business credit report.
3. OPEN A BUSINESS BANK ACCOUNT
It is very unprofessional to mix business & personal accounts. Mixing the two could ruin or damage your personal credit if your company has a problem. A business-only bank account is a way to build business credit since banks offer debit, check or credit cards in connection to that account. Most people that you do business with (if you are exchanging funds) will look for that and it makes your business look more professional.
4. ESTABLISH BUSINESS CREDIT
Every business needs supplies. If you need to, check with major office supply store chains about setting up an account. Wholesale clubs are another good option to setting up credit accounts. If a credit card was not a part of your bank account, apply for one because you never know when you may need to use it. The main point to these credit options is to manage them wisely.
5. REVIEW YOUR CREDIT PROFILES
Regularly review the information collected by credit reporting agencies on your company. Make sure you business credit profile has up-to-date & accurate information. Dispute & report incorrect information in your credit file. Follow-up to ensure that mistakes or errors were corrected in your credit report.
There are specific business credit reporting agencies. Lenders & vendors rely on this information to determine if they want to do business with you. Business credit reports are different from personal reports. Personal credit reports are maintained by three different credit reporting bureaus: Experian, TransUnion & Equifax. Company creditors voluntarily send information to the agencies.
When you open a new account with a creditor, make sure that they report it and your positive payment history to the business credit bureaus to help build your profile. Business credit profiles include :
Payment histories Information on legal actions involving your company Business license and registrations Corporate financial reports Government contracts or grants Media reports Data from directory listings
Sometimes business credit bureaus conduct direct investigations, interviews with business executives and the companies that they do business with. The major business credit bureaus are:
DUN&BRADSTREET (also known as D&B)
A household name & a major company in business ratings. You should contact them to get a DUNS NUMBER, you may need it with most places that you may do business with. If you do business with the government it is a requirement to have a DUNS NUMBER. D&B creates a profile based on information provided by business owners with your DUNS NUMBER and their vendors, also they create a rating called a DUNS rating based on the financial statements of a business. They issue a PAYDEX score, it’s similar to a FICO score of a personal credit report from Fair Isaac & Company.
EXPERIAN BUSINESS
Experian tracks business credit just as well as personal credit. For businesses they only use information from vendors. Then they give what’s called an Intelliscore number.
EQUIFAX BUSINESS
Equifax tracks business credit and personal credit. They produce a variety of business scores based on banking & lease payment performance information provided by the Small Business Financial Exchange, INC. Some of the business scores come from the Small Business Financial Account Acquisition Score and the Small Business Financial Account Management Score.
FDIinsight
FDIinsight is a part of the Factual Data Corp, a business-to-business information service. They started out as a personal credit reporting agency for mortgage brokers. Their reports contain information supplied by the company itself or a third party. The staff of FDIinsight, verifies the information independently.
CREDIT.NET
They were formerly known as Business Credit USA, a subsidiary of INFOUSA. They get information from business owners & verify the data before putting it in the reports. Their ratings are based on a “grade” Scale A%2B (95 to 100 points ) to C ( 70 to 74 points).
CLIENT CHECKER
They provided credit about small businesses and only use information provided by vendors. They turn the information into a PAYQUO score which is based on payment histories.
It can take time to build a credit rating for your company, so maintain a good rating. A strong business credit profile will enhance your company’s creditworthiness, and also your professional reputation.
Cecil
Credit is important for business success & business image. Few entrepreneurs know about or really understand how business credit is established, how it’s tracked and how it affects their lives and their business. Personal credit is different from business credit. You don’t have to rely only on your personal credit to build, grow or maintain your business. That’s why it’s good to maintain good business credit.
You can build, acquire and maintain business credit and personal credit separate from each other. In business without interrupting your cash flow, borrowing can allow you to build your company in good times. In slow times credit can help maintain a company’s smooth operation. You need a strong company credit profile to increase your company’s borrowing potential.
A good company credit rating begins as soon as you start your company. A good way to start & maintain good company credit is by:
1. DEVELOP A BUSINESS PLAN
If you have a new company or already in business, this is an important first step, it helps you company start in a professional manner. Many business owners never develop a business plan or they wait until it’s too late. You should always have a business plan. A business plan is usually required by lenders. If you are past the start-up phase in your business, update your plan regularly to take into account its growth and future needs. If you don’t plan to borrow, you need to update your plan regularly throughout every year.
2. SELECT A BUSINESS STRUCTURE
This step is completed along with the business plan. If you plan to borrow & show lenders that you are operating in a professional manner, establish a proper business structure, in addition to facilitating your operation. From a credit standpoint, a corporation or LLC could be beneficial. A partnership or sole proprietorship, personal credit information could be included on your business credit report.
3. OPEN A BUSINESS BANK ACCOUNT
It is very unprofessional to mix business & personal accounts. Mixing the two could ruin or damage your personal credit if your company has a problem. A business-only bank account is a way to build business credit since banks offer debit, check or credit cards in connection to that account. Most people that you do business with (if you are exchanging funds) will look for that and it makes your business look more professional.
4. ESTABLISH BUSINESS CREDIT
Every business needs supplies. If you need to, check with major office supply store chains about setting up an account. Wholesale clubs are another good option to setting up credit accounts. If a credit card was not a part of your bank account, apply for one because you never know when you may need to use it. The main point to these credit options is to manage them wisely.
5. REVIEW YOUR CREDIT PROFILES
Regularly review the information collected by credit reporting agencies on your company. Make sure you business credit profile has up-to-date & accurate information. Dispute & report incorrect information in your credit file. Follow-up to ensure that mistakes or errors were corrected in your credit report.
There are specific business credit reporting agencies. Lenders & vendors rely on this information to determine if they want to do business with you. Business credit reports are different from personal reports. Personal credit reports are maintained by three different credit reporting bureaus: Experian, TransUnion & Equifax. Company creditors voluntarily send information to the agencies.
When you open a new account with a creditor, make sure that they report it and your positive payment history to the business credit bureaus to help build your profile. Business credit profiles include :
Payment histories Information on legal actions involving your company Business license and registrations Corporate financial reports Government contracts or grants Media reports Data from directory listings
Sometimes business credit bureaus conduct direct investigations, interviews with business executives and the companies that they do business with. The major business credit bureaus are:
DUN&BRADSTREET (also known as D&B)
A household name & a major company in business ratings. You should contact them to get a DUNS NUMBER, you may need it with most places that you may do business with. If you do business with the government it is a requirement to have a DUNS NUMBER. D&B creates a profile based on information provided by business owners with your DUNS NUMBER and their vendors, also they create a rating called a DUNS rating based on the financial statements of a business. They issue a PAYDEX score, it’s similar to a FICO score of a personal credit report from Fair Isaac & Company.
EXPERIAN BUSINESS
Experian tracks business credit just as well as personal credit. For businesses they only use information from vendors. Then they give what’s called an Intelliscore number.
EQUIFAX BUSINESS
Equifax tracks business credit and personal credit. They produce a variety of business scores based on banking & lease payment performance information provided by the Small Business Financial Exchange, INC. Some of the business scores come from the Small Business Financial Account Acquisition Score and the Small Business Financial Account Management Score.
FDIinsight
FDIinsight is a part of the Factual Data Corp, a business-to-business information service. They started out as a personal credit reporting agency for mortgage brokers. Their reports contain information supplied by the company itself or a third party. The staff of FDIinsight, verifies the information independently.
CREDIT.NET
They were formerly known as Business Credit USA, a subsidiary of INFOUSA. They get information from business owners & verify the data before putting it in the reports. Their ratings are based on a “grade” Scale A%2B (95 to 100 points ) to C ( 70 to 74 points).
CLIENT CHECKER
They provided credit about small businesses and only use information provided by vendors. They turn the information into a PAYQUO score which is based on payment histories.
It can take time to build a credit rating for your company, so maintain a good rating. A strong business credit profile will enhance your company’s creditworthiness, and also your professional reputation.
Cecil
Why doesn’t my American Express Business card show up on my credit reports?
Posted by admin in Business Advice on November 9, 2010
Manns2001 asked:
Own my own business (not incorporated). Does my American Express Business get rolled in with my personal card on the credit report, or does it not go on my report at all?
Corey
Own my own business (not incorporated). Does my American Express Business get rolled in with my personal card on the credit report, or does it not go on my report at all?
Corey
Unsecured Business Credit – How to Obtain Business Credit
unsecuredbizcredit asked:
Welcome to www.UnsecuredBizCredit.Com Have you ever thought of the benefit of having the financing capability you need to either start a business or grow your existing business? Well now you can. Its time for you to play in the big leagues. Let http help you obtain up to $1000000 in unsecured business credit. The powerful information in this program will allow you to quickly and easily obtain up to $1000000 with no tax returns, no collateral, no financials, no business plan and no pay check stubs. Because these are business lines of credit, nothing shows up on your personal credit report. In 30 to 90 days you will now be able to obtain unsecured lines of business credit up to $1000000 with your good personal credit scores of 700+. If your credit scores are not 700+ you will be able to repair your personal credit reports within 30 to 90 days. You also be able to access a list of national banks that are still providing unsecured business lines of credit from $10000 to $100000 per bank. Save years of trial and error to obtain the maximum unsecured lines of business credit. Have banks send you pre-approved unsecured business lines of credit without a personal guarantee.
Bernice
Personal Credit vs Business Credit
Robbi A. Gunter asked:
You have a fabulous business idea, you’ve done all the planning and projections and you have confidence that your business start up is sound. There’s only one thing missing. The cash to get it off the ground! You may be thinking that good ole’ Dad or good ole’ Aunt Betty will front you the investment capital you need. After all, they believe in you, right? Well, whether or not your family and friends have faith in you is not really the issue at stake here. Unless you are willing to negotiate a partnership with your family, or they simply have extra money they are looking to invest in a sure thing, you may want to consider the potential strain of borrowing money from people you know can put on your relationships. What if your plan does not go according to plan and you are not able to meet your agreement to repay the personal loan?
You could consider hitting up your local banker for funding, but a) maybe your personal credit score will result in a big fat rejection letter from your personal lending institution, or b) maybe you just don’t want to put your personal assets (your home where you live, for example) at risk.
What we as small business owner often fail to remember when starting up a business is that the act of incorporation with the state means that your business is no longer YOU! Once a business is incorporated, it now is an entity separate from you and despite the fact that you sired and birthed it, it needs to get up and walk on its own and be financially responsible for itself. You go into business to make money, right? So your business needs not be financially tied to your apron strings once you have filed with the state. You no longer need to be personally liable for financial burdens incurred by the business.
Are you aware that you can build a business credit score for your business that is in no way associated with your own personal credit? Your business needs a credit score before it can get a commercial business loan. Dun & Bradstreet and Experian are the primary companies in the U.S. that provide reports on the business credit scores of registered companies. Some of the factors used in determining a business credit score are the business location, the number of employees, filing updates with the state of incorporation and vendor relationships. How many times have do we hear the gurus on finance make the statement that business owners with an investor mentality use other people’s money (OPM) to finance their start ups and daily operating cash flow needs. There are plenty of private lenders out there right now that are looking for small business owners like you. Don’t get stuck in the box that says you have to depend on a traditional lender. Once you have built a strong business credit score and you maintain your loan obligations with your private lender, your business is in a much better position to approach the bank for a loan.
Yes, small business loans are available provided you, as the business owner are willing to take the required steps. These steps are relatively easy to do, yet may take some time, so if your business plan included obtaining financing for your start up business, or capital needs for down the road, it is best to begin to establish a business credit score right off the bat. The process can begin even before you incorporate your business. Find yourself a reliable business mentor that can guide you through the process of establishing a business credit score. In the long run, you will save your personal relationships from the stress that often accompanies borrowing money from friends and family, and you will sleep better at night knowing that the roof over your head is not in jeopardy.
Eddie
You have a fabulous business idea, you’ve done all the planning and projections and you have confidence that your business start up is sound. There’s only one thing missing. The cash to get it off the ground! You may be thinking that good ole’ Dad or good ole’ Aunt Betty will front you the investment capital you need. After all, they believe in you, right? Well, whether or not your family and friends have faith in you is not really the issue at stake here. Unless you are willing to negotiate a partnership with your family, or they simply have extra money they are looking to invest in a sure thing, you may want to consider the potential strain of borrowing money from people you know can put on your relationships. What if your plan does not go according to plan and you are not able to meet your agreement to repay the personal loan?
You could consider hitting up your local banker for funding, but a) maybe your personal credit score will result in a big fat rejection letter from your personal lending institution, or b) maybe you just don’t want to put your personal assets (your home where you live, for example) at risk.
What we as small business owner often fail to remember when starting up a business is that the act of incorporation with the state means that your business is no longer YOU! Once a business is incorporated, it now is an entity separate from you and despite the fact that you sired and birthed it, it needs to get up and walk on its own and be financially responsible for itself. You go into business to make money, right? So your business needs not be financially tied to your apron strings once you have filed with the state. You no longer need to be personally liable for financial burdens incurred by the business.
Are you aware that you can build a business credit score for your business that is in no way associated with your own personal credit? Your business needs a credit score before it can get a commercial business loan. Dun & Bradstreet and Experian are the primary companies in the U.S. that provide reports on the business credit scores of registered companies. Some of the factors used in determining a business credit score are the business location, the number of employees, filing updates with the state of incorporation and vendor relationships. How many times have do we hear the gurus on finance make the statement that business owners with an investor mentality use other people’s money (OPM) to finance their start ups and daily operating cash flow needs. There are plenty of private lenders out there right now that are looking for small business owners like you. Don’t get stuck in the box that says you have to depend on a traditional lender. Once you have built a strong business credit score and you maintain your loan obligations with your private lender, your business is in a much better position to approach the bank for a loan.
Yes, small business loans are available provided you, as the business owner are willing to take the required steps. These steps are relatively easy to do, yet may take some time, so if your business plan included obtaining financing for your start up business, or capital needs for down the road, it is best to begin to establish a business credit score right off the bat. The process can begin even before you incorporate your business. Find yourself a reliable business mentor that can guide you through the process of establishing a business credit score. In the long run, you will save your personal relationships from the stress that often accompanies borrowing money from friends and family, and you will sleep better at night knowing that the roof over your head is not in jeopardy.
Eddie