Business credit reports are just as important as personal credit reports, especially if you are running a small or mid-size privately owned business.
Keep Payment Trade Data Clean
Secure your payment data with a history of net 30s and satisfactory status on your business credit report, the trades who report you over net 30 affect your business lending opportunities
Fleet Financing
Fleet financing is an alternative way of shifting your auto loans that are used for business to your business credit report, instead of your personal credit report. Minor fleet financing companies start with five vehicles or more, majority start with 10 vehicles that are registered under the business.
Business Credit Cards
Depending on your business model, like a small business owner versus a mid-size company, we suggest minimal utilization for your business credit cards. Business credit cards are tied to your personal credit, because the cards require to input your social security number, since the cards are personally guaranteed with some lending institutions. Going over 30 days will not only affect your business credit report, but in some cases, also your personal credit.
Non Bank Business Loans
Utilizing non bank business loans and keeping them in satisfactory standing will not only help your business credit, but also obtain larger and better bankable terms in the very near future. For example: “I didn’t get approved for a short term business loan, so now what? Start with a quick and very short term business loan to build your business credit or possibly build back your business credit. Non bank business loans can be your stepping stone to your future asset based loan, SBA or a new junior lien, which is business line of credit behind your SBA or ABL.
A Compromised Business Credit Report
Experian Business has an affordable business credit monitoring service for the business owner. It is a great tool to utilize because you have unlimited access throughout the year. Most business credit report agencies are flexible to take your request and make certain adjustments on your business credit report, if it was or has been compromised. Dun and Bradstreet also has business “Credit Monitor” that is just $39.00 a month, which costs much less than an identity theft disaster, finding out later your business credit report has been compromised
A low risk standing on your business credit report is the key to your successful business lending application.
Free business credit consultation for the entire state of Florida. Accessible in Destin, Fort Walton Beach, Miramar Beach and Pensacola. Please fill out the online contact form about your concerns or give us a call at 239.260.4602, locally owned and operated in Naples, Florida. Read what our valued clients have to say about First Pro Capital and Credit Consulting Experts on our Testimonials page.
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