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The following article was published in our article directory on July 27, 2012.
Learn more about SpinDistribute Article Distribution System.

Poor Credit Business Owners: Building Up Trust and Credit-worthiness

Article Category: Business

Author Name: Valerie Whitt

Start-up loans for new business proposals are not easy to acquire but it is a lot harder for anyone to obtain loans when he is identified as belonging to poor credit business owners. Banks are more lenient with starters for as long as they can prove that their business is worth taking the risk; that is, their business is feasible. On the other hand, it is quick for banks to refuse by just looking at a poor credit record. Thus, building a good credit record is a must if you intend to do business for long.

Why Build a Good Business Credit Record

You must build a good business profile which includes credit records. It must be a kind that is consists of one s financial obligations and tells how good someone is in handling those fees. Business profiles are created through information that come from credit card companies, banks, vendors and a lot of other private and public institutions. Business profiles are assembled by many credit rating agencies.

Creating a good business profile is essential as this tells others whether it is worth dealing with your company or not. For example, it will be easy to find business partners if your business credit rating is good. Other instances include:

Vendors will only deal with companies that are capable of paying on time.

Investors are likely to turn down company owners that don t seem to know how to handle money properly.

Should you sell your company, you will not succeed if your company has bad credit report.
Banks and other commercial lenders look through credit reports first before they approve loan applications.

How to Build a Good Business Credit Record

The following are simple things to do but many poor credit business owners must have missed out in one or two of them.

Choose the business structure that works best for your company and make sure your company is recognized. No matter how small your company is, don't forget to have it recognized in the business world. It means that you will have to name it a corporation, or a sole proprietorship, or a partnership and so on. There are websites that can help you identifying the structure of your business. You ll never receive investments or business loans without identifying your business structure.

Get a Tax Identification Number. Banks will ask for the borrower s EIN number every time a loan application is made. This number is also important for credit rating agencies. Without it, you cannot start building your business credit.

Keep yourself updated with what s going on with different credit bureaus. You must be familiar with these names: Experian, TransUnion, Equifax and Dun & Bradstreet. These are the agencies which are in charge for keeping companies business profiles. If you think you are doing well with your payments, then you must have seen a business credit report. If you haven t, consult with them and verify if there s already a score for your business.

Keep track of your own personal credit. A good personal credit score is advantageous to your business. Business credit score and personal credit score complement each other because they both indicate how you manage your life and your business. Keep a good personal credit even if you are running a small business.

Lastly, make sure that you hire an accountant who can help you in figuring your company s cash outflow and perhaps, keep you updated about your financial obligations.

It is hoped that through this discussion, you ll be guided enough for you not to suffer the same fate that befell those poor credit business owners.

Keywords: business cash advance, merchant cash advance, poor credit business owners

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