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Most businesses start out as a single person operation. However, a business can only grow so much before the owner needs to start establishing it as a separate entity. Once the owner incorporates the business or [url=http://www.moncleroutletosterblade.com]moncler[/url] makes it into an LLC that will start making its identity the one that creditors look towards, not the owner's personal guarantees. That is why the owner should build a corporate credit file as soon as possible. Bringing in a corporate credit expert is a smart business move.
Understanding the Basics
What is the difference between a personal line of credit and one based on the corporate file? A personal credit file is solely about the owner's creditworthiness and personal financial situation. The owner may have all of their finances tied up into the company. So, what the owner ties up in the corporation does not count towards their personal credit. If the business obtains any credit, it is only on the owner's personal finances, not the company's.
To grow the business, the [url=http://www.mnfruit.com/louboutinpascher.php]louboutin pas cher[/url] company's owner needs to develop a corporate credit file for the business. It will open up higher lines of credit at better rates than the [url=http://www.jordanpascherofficiele.com]air jordan[/url] business can get with the owner's personal credit. With a larger line of credit, the business will have the funds to expand the inventory and take on larger customers. With time and building more credit for the company, the business's credit lines will expand and it will see lower fees as well.
How can the company establish a corporate credit file separate from the owner's finances? To understand this, it requires understanding of the difference between the two. For personal credit, there are three major credit agencies: Experian, TransUnion, and Equifax. For corporate credit, there are some differences. The three credit agencies for corporations are Dun & Bradstreet, Equifax Small Business Financial Exchange, and Experian Smart Business. In order to get corporate credit, those three agencies have to know the business.
Establishing the Business as a Legal Entity
What makes those credit agencies know the business? Owning a sole proprietorship will not get their notice. While a sole proprietorship can establish a score with Dun & Bradstreet, it will not get the notice of the other two reporting agencies for businesses. The owner has to establish the company as a legally separate entity for that to happen. The owner does [url=http://www.sandvikfw.net/shopuk.php]hollister outlet sale[/url] this by either [url=http://www.mquin.com/gzparis.php]giuseppe zanotti sneakers[/url] making the business a corporation or a limited liability company [url=http://www.mxitcms.com/abercrombie/]abercrombie[/url] (LLC). But that is only the first step in building the business's corporate credit. The company has to establish credit reports with each of the three business credit agencies.
Establishing a line of credit with each credit agency is not rocket science. However, it can take some time and knowledge [url=http://www.achbanker.com/hollister.php]hollister[/url] to get it established. The company's ownership has a couple of options. The first is trying to do it themselves without any help. That may get things done, in time. However, the company can shorten that time with a bit of help from a corporate credit expert. That expert can help the company establish its corporate credit file and help the owners make smart decisions to build the company's credit rating and history rapidly.
Building the Company's Credit Score
What can help build the business's scores once the credit files are open with each of the three credit agencies? The company needs the right combination of business loans, reported vendor accounts, and business credit cards to get an optimal score with each of the credit agencies. The number of [url=http://www.gotprintsigns.com/abercrombiepascher/‎]abercrombie pas cher[/url] accounts is not hard to [url=http://www.mnfruit.com/airjordan.php]jordan pas cher[/url] get once the company has an established credit file. The problem is that many vendors and some business lenders do not report to the business credit agencies. That means that all the hard work the owners put into getting credit and paying as expected is for naught when it comes to establishing a corporate credit file.
The company needs to establish credit with vendors and lending agencies that report to the credit agencies. This will build the company's credit report. Figuring out those vendors can be difficult without experience. The business can try to find these vendors on their own or make it easy and bring in a corporate credit expert who knows the vendors and businesses with which to do business.
Getting a Good Score Can Take Only a Few Months
Establishing a solid credit file requires dedication and time. It typically takes at least four months to establish a solid file. Some businesses will take a bit longer to get the file started. However, a four-month period will establish the basis of a good corporate file.
The process starts out slowly. Once the corporation has credit files with the three reporting agencies, some vendors will start offering a minimal line of credit. The owners of the business can start purchasing items with vendors who report to the credit agencies. After a couple of cycles with purchasing and paying these vendors on credit lines, the reports start going to the agencies. This will start building the base of the credit file. This opens up more potential lines of credit. The cycle continues.
The biggest challenge is getting the process started in the first place. In order to keep the time line short and to maximize results, the company would be smart to bring in a [url=http://www.thehygienerevolution.com/barbourparis.php]barbour paris[/url] corporate credit expert that knows how to get the process done quickly. That smart business move can give the company a strong credit line within a few months of starting the process. In comparison, if the owners tried to do it themselves, it might take a year or two to get the results they want. A [url=http://www.gotprintsigns.com/abercrombiepascher/‎]abercrombie soldes[/url] small investment in front will offer faster [url=http://www.mquin.com/gzparis.php]giuseppe zanotti pas cher[/url] credit and the chance to grow faster. That is a wise investment.
You need a corporate credit expert today in order to get a good score in a few months.
At BusinessFinanceCoach.com, we offer you our business credit building system to help your business obtain a strong corporate credit file easily and efficiently. Our business credit builders will guide you step by step to a better corporate credit file in order to be eligible for the funding your business needs.
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