How to check your business credit score and report

Transcript: Hey what's up investors it's Juan Pablo the people's mentor today I'm going to share some light in regard to how you yes you can build business credit aka corporate credit now banks are willing to lend money to businesses in the form of an LLC which is a lot of credit which is pretty much like a revolving account right where you can charge it up pay it down charger to pay it off and they give you somewhat of a checkbook right a lot of credit or they'll be able to extend business credits to your business in the form of physical credit cards but either one is great that you can use for your businesses or real estate investing all right now a few things about this banks are willing to lend money to your business for specific reasons right one of those reasons maybe that is in compliance they want to make sure your business is legit meaning do you happen to have a physical address for your business do you have a 1-800 number for your business is it registered with the 401 directory do you have a pay debt score of 80 things that... See more →

Key quotes:

• "A great way to build your business credit history is to take out a small business loan and practice stellar borrowing behavior, paying in full and on time — every time."
• "But unfortunately, only some small business lenders report your borrowing habits to the business credit bureaus."
• "When you pay on time and in full — or on the other hand, miss loan repayments fairly regularly — you can be sure that these 7 small business lenders will report your borrowing behavior."
• "Fundation offers both short- and medium-term loans for businesses that have greater financing needs."
• "When you’re approved for a line of credit from The Business Backer, you can be sure that they’ll report to the business credit bureaus — specifically Dun & Bradstreet and Equifax."
• "Seek Capital is one of the growing number of alternative lenders offering fast business funding for entrepreneurs who don’t qualify for longer-term business loans."

Key quotes:

• "“Past-due payments can negatively affect your business credit scores and ratings and sour relationships with vendors,” says Marco Carbajo for Dun & Bradstreet."
• "“Paying your debts on time can help demonstrate a record of financial responsibility, which may help you repair your business credit scores and ratings.” If you’re not in a position to pay off all of your debts on time, Carbajo suggests that you start with the largest invoices."
• "For instance, the D&B PAYDEX® Score is dollar-weighted, “so you may be able to limit damage to your business credit file if you first cover the costliest debts owed to trade references.” Furthermore, if you’re struggling with making timely payments, you should reach out to your creditors and negotiate more favorable terms."
• "Keeping an account open increases your overall debt availability, which raises your business credit.” “Adding positive payment experiences that your company has with suppliers, vendors or business partners may have a positive impact on your business credit ratings and scores,” says our friend Marco Carbajo in an article for SBA.gov."
• "For example, negative marks on your personal account could lower your business’s credit score if they are not separated."

Transcript: Hello everybody and welcome to our special webinar today I'm really glad everybody could join us so I don't do this a lot it's going to be pretty rare walkthrough of a couple different things today we're going to be talking about how you get business credit step-by-step we're also going to be talking about how you get loans and credit lines we're also going to be diving into talking more in depth about the fastest way to be able to get both so today we're going to talk about how you get $20,000 in business credit for your EIN it's not linked to your social and we're also going to talk about how to get business loans and credit lines even when you think you can't qualify at a bank so I'll be your host today my name is ty crandall and if I haven't had the luxury of meeting you talking with you you don't know much about me I'll tell you a little bit about myself before we jump in I have been in the finance industry for about 17 years I finished high school I went into the military love the military when I got out... See more →

Key quotes:

• "While there is a great deal of statistics available that cover a wide range of areas, in this article we’ve collected 10 statistics that explain why business credit is important for small business owners today."
• "Think of your business credit report as a gauge for the financial reputation of your business."
• "Here are ten statistics that make the case on the importance of establishing credit for your business."
• "Having access to business credit is the lifeline for a business."
• "By taking the necessary steps to build business credit the more financial opportunities your business will have."
• "Banks, lenders and suppliers rely on business credit reports to assess the creditworthiness of a company."

Key quotes:

• "Applying for a loan or credit card requires a hard check, which usually affects your score by less than five points."
• "You’re welcome to check your own credit as often as you like, and your credit score will not be affected."
• "It’s a good idea to regularly check your credit to ensure your reports are error-free."
• "Each report may vary slightly, but should include all your credit cards and loans, how long your accounts have been open and your payment history for each."
• "You’d think your credit reports would include your credit score, but they don’t."
• "Since the credit bureaus don’t make money off providing you a free credit report, they try to get you to pay for your score."

Key quotes:

• "When you’re ready to open a credit card or take out a loan, the credit card company or lender will check your credit report and credit score to learn about how you’ve managed credit in the past."
• "If you have a long history of effectively managing credit and making payments on time, you’re likely to have a good credit score and will be more likely to be awarded the credit card or loan with favorable terms and rates."
• "The best way to build and improve credit is to do so steadily, by paying all your bills on time every month, managing your credit utilization ratio and ensuring you use a mix of credit types wisely."
• "Your credit report and credit score reflect how well you managed your financial responsibilities over a certain period of time."
• "(You can check your 3-bureau credit report.) Your credit report will generally contain the following types of information: If you’re looking for ways to improve your credit, taking care of negative information can help."

Transcript: So periscope ty crandall here with credit suite today we're talking about how to check your business credit scores with all three so first of all what apologize for being a little bit late to the scope for those of you that come in regularly you know I'm not one to be late I'm always pretty accurately right at time right about four o'clock I got hung up in a really important meeting that I couldn't get out of so again my apology for being about ten minutes late I'm not one to be late for these I did not forget even though some of you like Kevin were kind enough to message me and remind me I didn't forget about you I just got caught up on another meeting so my apology I'm not one to usually be late for periscope so today what we're gonna do is we're gonna talk about how you can get your business credit score's we're going to talk about Experian dun and Bradstreet Equifax what you need to know what kind of things you're going to get on your reports the easiest best most affordable way to check these reports so this way... See more →