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Six Steps to Establishing a Business Credit Report and Score

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1. Form a corporation or LLC to operate your business under and obtain an FIN or EIN from the IRS.

Apply for EIN at the IRS Website

Forming Corporation or LLC has benefits

► Liability protection

► Build a separate Business Credit Profile

► Apply for credit under business name

As a sole proprietor or partnership, you are personally liable for debts

Personal assets are at risk

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2. Comply with the business credit market requirements.

Important for businesses to meet all the requirements

Ensures a higher likelihood of approval

Compliance issues raise red flags

Could be a simple thing such as not having business license or a phone line

Most businesses will not grant credit to another business that has not taken the steps to set company up with proper licenses etc.

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BusinessPlan

3. Prepare financial statements and a professional business plan.

These documents are often required by many credit grantors

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4. Find companies willing to grant credit to your business without a personal credit check or guarantee

Be sure credit grantors report their payment experiences to credit bureaus, like Experian

This helps to build your business credit report and financial foundation

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5. Manage your debt so you don't fall into trouble making your payments, which will negatively affect your business credit score.

Monitor your report for changes

Especially when you are building a business credit profile

Consider Experian business credit reporting solutions

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6. Make monthly payments to credit grantors to keep your business credit profile active.

At some point, every business needs some type of credit

Start the steps necessary to build business credit now

Be proactive

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