Not only do personal credit reports contain erroneous credit information, but also business commercial credit reports. If you are a small business owner, it is important to maintain personal credit and good business commercial credit. In addition to maintaining decent personal and commercial credit, a business owner should keep the business credit and personal credit separate. If you’re a sole proprietor or a business owner with 20 employees or less, your personal and business credit scores are closely linked in the eyes lending underwriters.
In keeping your personal credit separate from your business credit, you can secure one or the other if one of the two falls into delinquency. For example: You have an investment property with a partner, the investment property becomes delinquent because your partner failed to pay the mortgage. The delinquent mortgage will only report on your personal credit and will not report on your business credit because the mortgage was reported under your personal credit, even though the property was titled under an LLC.
A quick and easy way to keep track of your personal credit and business commercial credit is credit monitoring; this is a helpful tool for both business credit and personal credit which provides email alerts and up to date credit reporting.
We recommend the following companies for credit monitoring (not a paid promotion):
For more information on how we can locally help you fix your business commercial credit and personal credit in Naples FL and Fort Myers FL and Bonita Springs FL please fill out the online contact form about your concerns or give us a call at 855.477-9007. Read what our valued clients have to say about First Pro Capital and Credit Consulting Experts on our Testimonials page.
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