Learning how to establish business credit is vital to the success of your company.
In addition to personal credit, creditors and suppliers are increasingly using business credit reports to make lending and credit decisions. That’s why it’s important to establish a separate credit report for your business.
If your business is new, or if you haven’t yet established business credit, we can help you begin building your business credit report. The first step is to make sure your business information can be validated by creditors and suppliers.
How to ensure creditors and suppliers can validate your business information
- Incorporate or form an LLC to ensure you company is seen as a separate business entity
- Obtain a federal EIN (Employer Identification Number)
- Open business bank accounts in your legal business name
- Setup a dedicated business phone line in your business name and make sure it’s listed
How to establish business credit
Once you’ve completed the steps above, you can request business credit in your company name. Your business trades are then reported to Experian, creating a robust business credit report that gives lenders and suppliers quality information about your company and boosts your ability to obtain loans, increased credit lines and more favorable credit terms.
Review your Experian business credit report today to see what lenders and suppliers see.
Start with a business search.
