Even if you have accounts with vendors they must report your account to the business bureaus for you to establish a business credit profile. Or to put it another way, in the business credit world, if the vendors you have accounts with do not report to Dun & Bradstreet (especially), Experian and Equifax, you do NOT have business credit. It does not matter if you have been doing business with them for 20 years. Why? Because if it’s not reported, you don’t have a history or rating for lenders to know about to make a judgement on whether or not you are creditworthy. Alpha Business Credit’s consulting side helps business owners with a systematic method of building business credit the right way, in proper order and sequence so that real business credit is built for your business. There are short term and long term objectives to this process. Short term: to increase the number of credit an loan sources available to you so you can take advantage of more sources of funding to find more favorable rates, terms and conditions. This typically take a short six months to accomplish, but if you have already have some of the steps in place, it can take a little less time. Long term: to be able to obtain larger amounts of money through your business by obtaining true business loans that you do not have to personally guarantee. We will have another post on this subject soon.
Posted on: Wed, 06 Aug 2014 12:14:06 +0000
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