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Have You Been Turned Down for Credit?

Small business owners: have you been turned down for credit? Starting and growing a business is tough. Getting credit to pay for needed materials, supplies, equipment, facilities and services can be made easier if you help yourself by building your credit profile.

The key to getting credit is to build and manage your credit profile. For business owners that are using personal guarantees, that means two credit profiles – a business credit profile and a personal consumer credit profile. Once the business credit profile is strong enough, the personal guarantee may no longer be necessary with trade creditors.

There are two types of credit – financial and non-financial (or trade) credit. Financial credit includes bank loans, leases, lines of credit and credit cards. Trade credit is credit you receive from your suppliers. Utilities also fall under trade credit.

Step one of building your business credit profile is to pull your own business credit report to see what it says about your company. Is it complete? Is it accurate? Are all of your current creditors sharing your good payment history with the credit bureaus? How about your utilities and landlord?

If there are any errors in your credit report, get in touch with the credit bureau that is reporting the error. You want to get this cleared up so the companies that are looking at your credit profile get an accurate picture of your good payment habits.

If any of your current credit relationships do not appear on your credit report, ask that lender or supplier to report your payments to the credit bureaus. Not only will they be helping you build your credit profile, they will be helping all of their customers to grow stronger. Companies that report credit data to the credit bureaus also get paid faster, so they stand to benefit as well.

Business owners can pull their company’s credit report at Business Credit Reports, or BCR, is the largest independent provider of business credit reports and is uniquely licensed to provide reports that include information from all three top business credit bureaus – Experian, Dun & Bradstreet and Equifax. Their team of business credit experts have over 100 years of experience and can guide you through the process of strengthening your company’s credit profile.

For more information on building your business credit, read BCR’s article on Building Business Credit.

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