Customer Reviews

Imax Credit Repair Firm
5.0
Based on 145 Reviews
John D.
John D.
2023-12-04 17:33:21
Wouldn't offer to help. Said creditors listed are difficult to deal with. Makes question if any of these reviews are real.
Tyra M.
Tyra M.
2023-09-15 14:37:00
Juan is the best. He successfully removed my auto late payment from my credit report and I got my points back!This is the best credit repair service and I...
J R.
J R.
2023-09-14 10:38:12
IMAX Credit has done an incredible job in removing a negative item I had on my credit. They kept in contact with me the whole time and anytime I wanted to...
Tom D.
Tom D.
2023-09-01 13:03:48
iMax credit repair is the real deal. The team is super transparent about what actions they can help perform, the process and timing to do so, and the fees...
Uilliam M.
Uilliam M.
2023-08-20 11:49:45
Rebuilding my credit and was approved for 5700 with a 680 credit score, shocked was an understatement.I APPLED BACK ON MARCH 2023 and they told me to many...
Jim C.
Jim C.
2023-06-28 05:11:16
I was sitting on my couch on a Sunday morning when I overheard them talking about Clever Credit Fix. I had to make more inquiry about how I could get this...
Max J.
Max J.
2023-06-02 02:10:08
Trust me, there are still good and genuine hackers amongst all, and I can boldly tell you that PARAGON CREDIT SOLUTION is one among the best out there, 2...
Delta A.
Delta A.
2023-05-05 14:02:28
I'm concerned with all of these great reviews for this individual. I 1st contacted this business around 3 years ago, based from your reviews. I advised him...
Kelly Jean M.
Kelly Jean M.
2023-04-25 18:37:43
I only came to the website cuz they offered a free dispute letter. NOWHERE...this letter is NOWHERE... so right out the gate... they lied to get you to...
Hountman J.
Hountman J.
2022-12-15 07:43:42
I have worked with several credit repair companies for my credit yet they were not real, and so far it's not horrible although for some reason the numbers...
Regina H.
Regina H.
2022-12-10 14:37:32
Wonderful guy and service. I reached out to get critical help on my credit. His assistant first reached out and requested additional info but then did not...
Evelyn C.
Evelyn C.
2022-11-28 13:21:52
Having a credit card debts can actually be a very bad experience. I didn't get approved because of my debts, I mailed JEFFCLOUD about my credit issues. He...
Kenzo B.
Kenzo B.
2022-11-14 17:11:34
Don't miss out on getting your credit repaired with SKYPLUS760 credit specialist. He gave a very great help to me and my old time friend to fix our credit...
Chris W.
Chris W.
2022-11-10 05:35:25
I recently got in contact with an ethical hacker that erased negative report off my credit and increase my bad score from 500 to 790 excellent score and...
Wilson M.
Wilson M.
2022-11-08 12:15:07
I'll like to share my story too. 2 months ago I was homeless, I desperately needed help in increasing my credit score to be able to obtain a new place to...
Alice K.
Alice K.
2022-11-08 04:47:32
I have never been this happy in my life. I contacted JEFFCLOUD CREDIT SOLUTION 3 weeks ago to fix my credit and the process was supposed to last for 14...
Mylon H.
Mylon H.
2022-11-03 13:30:06
Ali is amazing. He is very proactive and keeps his word. I had a fraudulent account on my credit report and he got it removed and won me a nice settlement...
Anna T.
Anna T.
2022-10-28 16:57:30
A good credit profile is a very important tool for anyone who needs financial freedom. SKYLINK CYBER SERVICES helped me to achieve optimum credit profile....
Jollina D.
Jollina D.
2022-10-22 19:02:55
I came across so many reviews about PARAGON CREDIT SOLUTION for the great job they are doing. And I was very need of a good hacking company to help Me and...
Gordon W.
Gordon W.
2022-10-15 08:35:23
I strongly recommend the immense service of JEFFCLOUD CREDIT SOLUTION, He improved on my FICO ratings from 565 to 802 in 7days across all the 3 credit...
Charlotte S.
Charlotte S.
2022-10-14 13:42:01
I encountered challenges of getting a new home because of awful financial records, I entered a credit repair deal with JEFFCLOUD CREDIT SOLUTION, the...
Allison C.
Allison C.
2022-10-12 14:37:49
After my marriage 3 months ago, I applied for a home loan, so that I and my wife could move to a better apartment, but I got a negative reply, which I was...
Alice L.
Alice L.
2022-10-11 06:03:42
Having a messy credit is definitely one of the biggest financial problem one can have, I needed a loan to get a car so has boost my bad financial condition...
Gordon W.
Gordon W.
2022-10-05 21:06:09
Don't fall Victim like i did, I've been ripped off a couple times before I luckily got a reliable contact named JEFFCLOUD CREDIT SOLUTION that works with...
John R.
John R.
2022-09-13 11:18:37
I had an issue with my BMW account that was not under my control. I spoke to Ali (he even gave his mobile number) and he was professional and optimistic he...
Esseff P.
Esseff P.
2022-09-02 12:21:23
So if you notice my reviews I specifically reserve yelp for horrible experiences. So that should go a long way when I post this incredibly positive...
Addison C.
Addison C.
2022-06-22 07:32:59
I was very VERY skeptical when I set out to have a late payment that was incorrectly posted to my credit removed. I was even skeptical of all of the 5 star...
Shelby L.
Shelby L.
2022-02-12 09:03:57
If you have long term financial goals but are feeling discouraged, then I can assure you that Ali's Team is where you'll find hope. During my initial...
Lazaro V.
Lazaro V.
2022-01-25 15:34:17
Amazing results Ali got 3 collections removed from my credit in very short time worth every penny
Elizabeth K.
Elizabeth K.
2021-10-25 03:44:15
I wish I would have read the reviews before I pick this company. There's a review of mine on there with my picture. I have called the Business Bureau and...
John R.
John R.
2021-10-21 02:21:14
What I expected from the website was more than the service I was rendered, my score is pretty much in the bads and with this company its going to take me...
Alfred H.
Alfred H.
2021-10-20 16:52:02
The last time I had a credit card score increment through a third-party was in 2018 because I needed it for an emergency then and there was no alternative....
Napoleon M.
Napoleon M.
2021-10-20 00:50:36
I wish I would have read the reviews before I pick this company. There's a review of mine on there with my picture. I have called the Business Bureau and...
Cindy G.
Cindy G.
2021-10-19 06:09:49
I'm so grateful to those who recommended [email protected] to me !!! When I say it's one of the best investments I made in myself this year....
Judith W.
Judith W.
2021-10-18 08:12:02
The truth is increasing a credit card score is not a child's play, it requires a level of sophisticated tech skills. Credit cards are designed with complex...
Joshua S.
Joshua S.
2021-10-18 02:55:51
I wish I would have read the reviews before I pick this company. There's a review of mine on there with my picture. I have called the Business Bureau and...
Elmer W.
Elmer W.
2021-09-27 12:58:20
If you have been the victim of an unregulated binary options scam or any scam at all then you are 100% eligible according to the law to recover what was...
Meg O.
Meg O.
2021-09-09 07:52:43
I had a consult with Ali a few weeks ago. He was incredibly thorough and responsive to the concerns I had with items on my credit report. He advised me to...
Rhonda W.
Rhonda W.
2021-08-17 18:45:43
8 Months back I needed to pay up my mortgage and as well change my car so I applied for a long and was declined because my credit was bad and got lots of...
Mary M.
Mary M.
2021-08-03 18:56:45
I went through a divorce with my husband and I was in a terrible situation that I urgently needed to repair my credit. I was able to find a hacker called...
Binny M.
Binny M.
2021-06-30 08:58:47
I've used Ali several times over the years for my own clients and he's been nothing short of amazing. He responds quickly, gives honest feedback, and is...
Shane B.
Shane B.
2021-02-18 12:59:02
Ali and his team work miracles ! I had an American Express business debt that was being listed on my personal credit. Couldn't get anyone to remove it and...
Jeffrey S.
Jeffrey S.
2021-01-11 19:22:22
The other reviews speak for themselves. This guy is who he says he is and is truly a gem. The amount of money Ali saved me will equate to hundreds of...
Ted j.
Ted j.
2020-11-01 03:02:59
This company was very helpful answered all my questions and even said if anything came up on my report that I was not sure about to contact them and they...
Anthony B.
Anthony B.
2020-10-30 19:28:21
Ali is truly amazing. I have been trying for years to get rid of 2 bad accounts on my credit. Within 1 month, he was able to get Capital One to completely...
Mary M.
Mary M.
2020-10-23 02:04:19
I am very thankful to [email protected] for helping me regain control over my online reputation and look forward to working with them in the...
Theresa Y.
Theresa Y.
2020-09-03 21:29:08
What can I say other then Ali is simply amazing. So very helpful and knowledgeable! My situation didn't require me to hire Ali but he sure did take the...
Rein d.
Rein d.
2020-08-24 14:33:24
thank you so much for the help Mr. Ali, It was such a blessing to meet you and helping me out for our credit needs. You Have a heart to help people like me...
Tyson L.
Tyson L.
2020-07-13 09:46:01
I don't really leave reviews, but Ali was exceptional. Ali was patience and very professional. He was quick at responding back to me even during COVID 19. I...
Abdullah S.
Abdullah S.
2020-07-10 12:31:08
Very honest person and ultra professional If you looking for honest advice and good work this is the place you put your trust in
Luke H.
Luke H.
2020-06-26 18:15:48
Ali and Jose were amazing to work with even during covid19. There was an issue with one of my credit cards that was impacting my credit score that I didn't...
Brainard C.
Brainard C.
2020-05-31 14:30:56
Permit me to introduce this life saver Lexington Law is so frustrating because I was with them for 3 years and my score only jumped by 20 points, only 3...
Alireza S.
Alireza S.
2020-05-13 20:49:13
Ali is great! Smart and responsive! I really enjoyed working with him. I found an issue in my credit history, which I had no idea about it, when applied for...
Annette N.
Annette N.
2020-04-28 15:52:21
Mr Zane has provided me the assistance without charging me a penny. He asks for what the prob is and gave me step by step instructions since with the...
Patrick R.
Patrick R.
2020-04-13 19:50:17
I really loved and enjoyed the generosity, 100% responsive and 100% credit repair service offered me at Debooth Credit Solution. Hit them up for credit...
Robert O.
Robert O.
2020-04-07 14:15:15
[email protected] is real and good to recommend. I review comment and testimonies about him in trust and also the name 760PLUS motivated my...
Julie R.
Julie R.
2020-03-19 04:03:05
Ali was amazingly generous with his time and knowledge. He provided me with much needed information about a complex credit problem I was having. It was a...
Girish B.
Girish B.
2020-03-02 13:12:41
I had worked with Ali 2 years ago to clear up my credit report. Ali was very thorough, informative, and easy to work with. He was also super transparent and...
Malcom W.
Malcom W.
2020-02-15 17:00:07
My credit score moved from below 500 to over 780 across all credit bureaus. Not just that, he also helped me take down some major debts. This is not a joke,...
Brenda P.
Brenda P.
2020-02-13 16:04:52
Hi Folks my name is Brenda Parker; few weeks I was looking for possible means to get my credit fixed searched online followed instruction on YouTube video...
John O.
John O.
2020-02-07 02:05:22
I cleared my debt total of 40,000 dollars last year. It was very easy for me with the help of Globaltechnologies46 (AT) G mail (dot) Com. I contacted him...
Austin B.
Austin B.
2020-01-18 23:52:57
Happy to have honored my mother in-law's invitation last week for she helped introduce me to 760PLUS CREDIT SCORE who did a wonderful job by clearing all...
Joan C.
Joan C.
2020-01-04 14:38:02
I am Joan Cole from Texas just want to inform everyone out here seeking for a lasting solution on credit repair to contact OCTOPUS CREDIT SOLUTION on...
Fatima L.
Fatima L.
2019-12-02 23:38:31
Team XAP did me a great deal with less the amount these scammers took from me. XAP CREDIT SOLUTION increased my score to 800 removed all the negatives...
Audrey K.
Audrey K.
2019-11-20 13:01:18
Recently we applied for a mortgage loan, due to sub-prime mortgage mess, we had approval and then overnight the bank went belly-up. Our credit score was...
Sherry K.
Sherry K.
2019-11-12 15:59:49
With joy in my heart I'm happy and a proud owner of a brand new SUV, Few months back I was in a very terrible situation couldn't turn right or left my...
Bradley M.
Bradley M.
2019-11-11 18:09:41
DEBOOTH is splendid and offers reliable, and fast services. My bad financial record was written off within 8days of contact. DEBOOTHCREDITSOLUTION helped me...
Margret L.
Margret L.
2019-10-28 16:31:26
Greetings, I want to use this medium to appreciate Ghost Virus for helping me clear all negative items on my credit depriving me from a lot of things I...
Betty L.
Betty L.
2019-10-23 07:59:36
I 'm using this opportunity to recommend and show my gratitude to a professional hacker OCTOPUS CREDIT SOLUTION who has proven his professionalism by...
Glad D.
Glad D.
2019-10-19 20:12:28
I had a nasty company report an 89 cent and 4 dollar payment as late to the bureaus. This effectively resulted in my score dropping 159 points. Did my...
Angelina S.
Angelina S.
2019-10-17 23:53:16
I finally got my credit fixed through the help of a credit company XAP CREDIT SOLUTION, this company prides itself with various levels of credit repair....
Emily R.
Emily R.
2019-10-17 13:48:31
I just want to share this testimony to encourage those with bad credit report whose life seems unbearable and uncomfortable. I have been battling with same...
Scott L.
Scott L.
2019-10-15 22:17:26
Am Scott Lewis, I really want to appreciate the Almighty God for restoring my financial status through the help a stranger who is into hacking,credit repair...
Kathy P.
Kathy P.
2019-10-14 14:15:48
Kathy Potter West Virginia, I'm writing this review to appreciate Ghost Virus the credit repair specialist. Few weeks back I needed an urgent credit repair...
Rose J.
Rose J.
2019-10-11 00:44:47
I came across a credit specialist on a beautiful morning while searching for a hacker to fix my credit so as to enable me apply for a business loan to...
Cheri P.
Cheri P.
2019-10-10 02:56:05
I consulted with Hack West Credit Repair ([email protected] and +1 (424) 307 2638) early this year when I first started a career in the oil and gas...
Margarida B.
Margarida B.
2019-07-15 05:16:16
My husband was fighting cancer and it almost crucified us, I needed my credit cleaned so I can get a place to live with my family. I had repos, late...
Maui ..
Maui ..
2019-07-12 14:15:26
I did not get to use Ali's services (yet) but I inquired about a potential credit situation and whether he would be able to help. Ali was responsive to my...
Godson W.
Godson W.
2019-07-10 00:08:14
How do I appreciate [email protected]/+1 424 307 2638? Hack West helped in raising my credit card limit from $10000 to $20,000 limit in couple of days....
Alexander D.
Alexander D.
2019-06-28 16:27:42
I rarely leave a Yelp review, but Ali and his team fully deserve it. I had a late payment posted from Credit One bank after 5 months of my account being...
John A.
John A.
2019-06-27 14:49:33
I must have talked to 10 credit counselors/advisors before I found one I was comfortable working with. When I talked to Ali, I knew immediately I wanted to...
M P.
M P.
2019-06-27 07:13:02
Amazing! Did EXACTLY what they sought out to do. I'm actually quite shocked as I didn't think they would get rid of as many negative accounts as they did....
Sean P.
Sean P.
2019-06-19 16:44:37
These guys are the most reputable and honest company around. Ali and his team go out of there way to help and give great advice. They helped me with my...
Shiran K.
Shiran K.
2019-05-28 10:11:46
Hands-on the best talented individual I have ever had the pleasure to work with. It's not only the final result which was removing late payment on my credit...
Joan B.
Joan B.
2019-05-21 14:59:47
I have been researching people who could help me get out of this debt quickly and I stumbled across several positive reviews about HACK WEST CREDIT REPAIR....
Joseph S.
Joseph S.
2019-05-21 02:35:18
Hello, My unprofaned gratitude goes to Dr. Ahmed Krishna, Investment/Loan adviser to some Arab Investors Based in Saudi Arabia Middle East. They have funds...
Juliet S.
Juliet S.
2019-05-20 07:08:31
My husband and I were trying to get a VA mortgage. My scores changed fast, major ups and downs to the extent it dropped 123 points when my student loan...
Juli H.
Juli H.
2019-04-24 17:56:13
I had a few questions about hard inquiries and Ali was very helpful and honest and he said that at this point my credit issues can only solved by me paying...
Irvinne O.
Irvinne O.
2019-03-27 15:39:08
Ali got back to me asap and explained to me that his team could not help me with my financial needs but he pointed me in the right direction and he was very...
Lan M.
Lan M.
2019-02-16 23:18:20
Ali was able to remove the collection item on my credit report within 45 days! My credit scroe is now back to 750 from 660. He was very patient and...
Fred T.
Fred T.
2018-12-03 12:10:36
Ok let me tell you my story: Last October I made a payment for my vehicle on their app. 30 days later I logged in to make the payment for month of...
Shiran K.
Shiran K.
2018-11-02 10:56:15
Hands-on the best talented individual I have ever had the pleasure to work with. It's not only the final result which was removing late payment on my credit...
Nino J V.
Nino J V.
2018-09-21 21:05:28
I consulted with Mr. Ali Zane over the phone 9/7 about my post bankruptcy 6 years ago where some of the accounts are reflecting negatively and...
Zoey S.
Zoey S.
2018-09-11 10:21:01
Ali Zane was extremely helpful. He answered all of our emails and returned our voicemails quickly. He took his time to explain things we had questions about...
Shiran K.
Shiran K.
2018-09-05 13:44:58
Hands-on the best talented individual I have ever had the pleasure to work with. It's not only the final result which was removing the late payment on my...
Rachael M.
Rachael M.
2018-07-25 09:25:59
Something popped up on my report that wasn't mine. Ali's advice is clear and concise. It was way easier than I anticipated. I will refer all my friends to...
Allen R.
Allen R.
2018-05-21 16:53:12
Ali was really helpful and honest. I called to check if its possible to remove one negative item that I have in my credit report. Ali was asking me to get...
Preston T.
Preston T.
2018-04-25 11:12:08
I called Ali to review my credit report to make sure everything was in line. First, he was very proactive and responded very quickly to my voicemail. After...
Deborah K.
Deborah K.
2018-03-12 14:31:50
Super straightforward, easy and helpful. Gave me odds on whether or not they'd be able to get two delinquencies removed from my report.I They got them...
Charles K.
Charles K.
2018-03-02 14:15:43
Ali gave me a free short 2 minute consultation on the issues I was facing with my credit and told me to wait a month before checking with him. If I do have...
Next Reviews

How to Build Business Credit Without Using Personal Credit

10 min read

No Comments
build business credit

Small business owners often rely on personal credit to keep their businesses operational during the early stages of growth. This can be convenient, but it can also lead to significant personal financial liability if the business incurs debt that it cannot pay. One of the ways to avoid this is to begin establishing and building a positive credit history for the business itself, but this can seem confusing and even intimidating for many people.

The biggest challenge to using business credit is building a credit history for the business when none currently exists. However, once this initial hurdle is cleared, your business will be able to rely solely on business credit for its operation. This can help reduce interest rates on loans or credit cards in the name of the business, and it can help limit liability for defaults. Here is a step-by-step guide on how you can begin building your business credit immediately.

Is your business credit related to your personal credit?

If you operate your business as a sole proprietorship, your business credit is related to your personal credit but is not strictly based on it. They are closely related, in fact, but since the credit bureaus collect different information for business credit reports and personal credit reports, the credit scores generated by the two credit histories will not be firmly linked to each other.

The catch, however, is that in the case of most sole proprietorships, any loans or credit that is applied for will generally require a personal credit check. This is often done to see how your personal finances and debts are handled before making a decision to lend funds to your business or extend a line of credit for your business. They use your personal credit as an indication of how likely your business will be to manage its debts responsibly.

What’s The Difference Between Business Credit And Personal Credit?

There are some very significant differences between business credit and personal credit. The first is that there has been strict legislation put in place to regulate consumer or personal credit and how it is reported to the credit bureaus, while business credit reporting does not have as much regulation, and vendors are not even required to report to the bureaus.

Another major difference between the two types of credit is the scoring system. The standard FICO credit scoring system for individual consumers has a scale that runs from 300 to 850. There are several different types of business credit scoring models, and many of them range from 0 to 100. The method of calculation is also much different for business credit than it is for personal credit.

How Long Does It Take To Establish Business Credit?

For those that are diligent, and intensely focused on improving their business credit with the help of a credit repair company, it can take between six months and a year to begin to see definitive improvement. You will need to make sure that on-time payments are made every single month to your various tradelines, which will require you to effectively manage multiple accounts, keep utilization rates relatively low, and even make some payments early.

The behavior and habits that are required to build business credit can be challenging for some business owners to develop, particularly if they are relatively new business owners or have never been good at account management. Some people will catch on to this fairly easily, but for others, it may take longer to build the habits needed to move the credit score in the right direction.

Many people feel that once your business has built up good credit, the hardest part is over. Others may find that building the credit was easier and that maintaining it is more challenging. Either way, once you have built the credit, it will need to be monitored and maintained.

What steps do I need to follow?

Step 1: Choose A Company Name And Contact Information

This may seem obvious to some, but many small business owners try to do things backward and try to find funding and loans before their business is considered to be legitimate or official. Your lenders, and especially your customers or clients, will need to be able to identify your business, as well as communicate with it. This means you’ll need to have established a name for your company, have given it appropriate contact information, and potentially even a digital presence.

Getting a name that hasn’t already been used in some form may be the most challenging task for some small business owners. However, most states have an online tool that can be used to search for available business or company names before starting the registration process. Once you have a name, you’ll also need a phone number, business headquarters address, business email, and in many cases, a web presence as well.

Step 2: Establish a Business Entity

Once you have a business name and pertinent contact information, you can begin the business registration process with your state. You must register your business entity with the state in which you plan to operate, not only to begin legitimate operation but also to separate your business from you personally.

The registration process is generally very simple and can be done entirely online in many states for a small fee. At this stage, if your business will need any professional licensing, credentialing, or other endorsements, you should have already obtained those and have them on hand for registration.

If you stick with the sole proprietor business type, you will not be able to completely differentiate your business entity from you as a person. This can be done, however, by leveraging one of the other business types such as a limited liability company, S-Corporation, or C-Corporation. Once your business has been properly registered and licensed by the state, you are ready to begin building business credit.

Step 3: Get An EIN Number For Your Business

Now that you officially have a business, you will need an Employer Identification Number or EIN. Getting an EIN is free and can be done easily in just a few minutes on the IRS website. This is a crucial step since it signals to both the government and the credit bureaus that you have opened a new business. If the credit bureaus aren’t notified that you have a new business, they can’t create a credit profile for the business.

Your EIN will also be important since it will be required for your business in many of the same ways that your social security number is needed for financial products as a private consumer. It is a unique identifier that will be needed to:

  • Open any business bank accounts
  • Apply for lines of credit for your business
  • Apply for funding as a business, either through loans, grants, or other forms of financing
  • File yearly taxes and report earnings and wages of employees

Step 4: Open Up A Business Bank Account

Now that you have your EIN assigned you will need a bank account for your business. Keeping a separate bank account for your business is essential to keeping a clear separation between personal funds and company money. The mingling of funds can lead to bookkeeping difficulties and can even open up tax liabilities.

While a business account will create a connection and a business relationship with the bank you choose. Having a business bank account is also needed before you can apply for any loans because in most cases, you will need to report current account balances during applications.

Step 5: Apply For A DUNS Number

Some credit bureaus, like Equifax or Experian, will be able to create a credit profile for your business as soon as your lenders and creditors begin reporting your financial products. There is no other registration that is needed. This is not the case, however, with Dun & Bradstreet, which requires an application.

Requesting a DUNS number from Dun & Bradstreet will make your business visible to their bureau, and will allow you to begin receiving a business credit score from them. While getting a DUNS number can give your business considerable new opportunities, like being eligible for federal funding like grants or bidding for government contracts, it can also take up to 30 days to get one, so start the application as soon as you can.

Step 6: Open Business Tradelines

Business tradelines are one of the most powerful tools in building business credit and are lines of credit that are extended to businesses. These lines of credit can be from lenders and creditors, but they can also be from vendors and other businesses. The key to making your tradelines effective is making sure that they report to the major bureaus, making sure that they don’t require personal credit or guarantees, and don’t charge annual fees. Just two or three open tradelines can cause a measurable improvement in your business credit.

Step 7. Request Trade Credit From Vendors and Suppliers

Now that your business is set up and you’re actively building business credit, start applying for trade credit accounts. These are accounts with vendors or suppliers in your company’s industry. A common type of trade credit account is a net-30 account, which gives you 30 days to pay an invoice for inventory, products, or services from that vendor.

Step 8: Make Payments Early And Keep Your Balances Low

In business and personal credit, one of the major factors in good credit is making payments on time. Since your business credit will be difficult to repair once damaged, you should make an effort to make payments early to ensure there’s no way a payment can get logged late. Your utilization rate will also continue to be important, to only add to your balance when you absolutely need to and keep credit usage as low as possible.

Step 9: Monitor Your Business Credit Reports Regularly (For errors)

Just as studious consumers should be checking their credit reports often for errors, the same should be done for your business. After all, the last thing you want is to go through all this trouble and do all this work, make all this effort, only to become a victim of not monitoring. Not only will it help reduce the chance of errors, but it will give you evidence that your work with the tradelines is making progress as well. If an error is found, you can dispute it immediately, to limit the impact it has on your business’s overall credit.

Keep building your personal credit

While you should maintain a solid focus on building and improving your business credit, you should also make an effort to improve your personal credit. Even though your business and personal credit are separate, the line that separates them can be blurred sometimes, and creditors or lenders may still want to view your personal credit history before lending funds.

Why is it important to build your business credit history/score?

You may not realize it if your business has good revenue and a solid cash flow, but building a good business credit history and credit score can have a long list of benefits. Understanding how it can benefit your organization is often helpful in creating the drive to improve its credit score.

1.     Access to finance

Your business credit score is the most common metric by which its reputation and overall creditworthiness will be evaluated. Seeing a good score means that your creditor or lender will be more likely to grant you the funds you need. Business growth is expensive, and having good credit can give your business access to the capital it needs to grow.

2.     Affordable financing

Borrowing capital can be expensive, but having good business credit can drastically reduce the cost of borrowing. Being a good debtor means that you are more likely to get better rates and terms on loans or lines of credit that you apply for. Low-interest loans, fee-free loans, and low-APR credit cards are all possible with good business credit.

3.     Improved business-to-business relationships

In many cases, the credit of a business is often seen as a measure of its reliability and character. It can have a significant effect on how other businesses, industry vendors, and even lenders see your company. Better credit means they are more likely to want to work with you, while worse credit shows your business as a bigger risk for non-payment or default.

4.     Separation of business and personal finances

Maintaining a solid business credit score means you won’t have to put your personal finances on the line when applying for funding. Many businesses with poor credit are required to provide a personal guarantee with their own personal credit, which can hurt both you and your business in the event of a default. Keeping a clear separation is the best way to ensure your personal credit remains as unaffected as possible.

5.     It’s hard to repair business credit

While legislation like the FCRA, or Fair Credit Reporting Act, makes it much easier for consumers to increase their credit scores, no such mechanisms exist for business credit. This means that if your business credit becomes damaged, it becomes very hard to repair. Being proactive is often the best tactic, and building a strong business credit score from the beginning can take much less time and effort.

 

Ali Zane – CEO & Founder Speaker

Ali is a credit repair advocate with nearly 20 years of experience providing his clients with high-level access to resources that resolve their credit problems. Ali became involved in the credit repair industry following his concern for a lack of ethical and effective credit repair services for consumers and mortgage lending professionals. He has written extensively on credit/finance and is a sought-after public speaker.

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