POINTS ON BUIDING BUSINESS CREDIT

Everyone that such a new business, at one point or another, wants to access credit. Building business credit is a cottage industry now, with multitudes of consultants ready to take your money in this regard. But, with some work on your own, you can do most of this yourself.

First of all, make sure that you would properly incorporating get a tax ID number from the IRS. Then, register with Dun & Bradstreet, and include your business information with them. Having a Dun & Bradstreet registration will also help you in getting government contracts.

Ask your suppliers to report your payments to a business credit bureau. Even if you don’t work with a lot of suppliers, you can set up trade lines with any small vendor, such as your water or office supplies distributor., And list them as a trade reference on your Dun & Bradstreet. Dun & Bradstreet will follow up to collector trade data.

Next, make your payments on time will help you have a good corporate credit history. It is estimated that about half of credit refusals from banking institutions are based on a poor business credit rating.

Building a good business credit score does take time and little effort, but, as long as you are having to pay suppliers and trade creditors, one and make it work for you and not against you?