Credit Articles & Information
| |
| |
|
All Bad Credit Credit Articles & Information |
| Translate: |  |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
|
|
Building Business Credit
Most businesses want to be able to borrow money when they need it, without the owners having to guarantee the loans personally. This means less risk to the owners. But wanting to get credit for your business and actually getting it can be two different things. One company recently approached us because over the past two years they had created a successful business, with over twenty employees. But they couldn't get a business loan because they hadn't taken the time to build a business credit profile and didn't know where to start. You may have seen marketing hype about how a business credit profile can overcome a bad personal credit file. In most cases, however, it's important that small businesses have both good business credit, as well as solid personal credit on the part of the owners. This is especially true in the current environment where investors and venture capitalists aren't handing money out to just anyone who can breathe and has a business idea! Even established businesses will find it necessary in some cases to provide the business owner's personal guarantees on some loans or credit cards. Building business credit is completely different from building personal credit, though your personal credit may be linked in some ways. For example, credit reporting giant Experian sells a business credit score that is based on both the risk of the business and the personal credit of the owner of the company. In addition, you don't have the same credit protection laws with business credit that you do with personal credit. So you want to make sure you start out on the right foot, or it can be difficult to make corrections. The key to properly establishing business credit is twofold: 1. Set up the proper business structure and take basic steps to ensure your business appears "real" and stable to the business credit bureaus. That means getting the proper occupational licenses, and a phone number that is listed with directory assistance in the businesses' name, among other things. Your business will generally need some form of corporate structure to effectively build a business credit rating. 2. Borrow or buy products and services from companies that will report your credit history to the major business credit reporting agencies such as Dunn & Bradstreet and Experian. Unlike personal credit ratings, where you can have a small income yet get a top FICO credit score, the best business credit scores are reserved for large stable businesses, those with several million dollars in sales a year and 25-50 or more employees. But don't let that stop you! By taking a few careful steps, you can start small and still build a decent business credit rating to get you the borrowing power your venture needs. A few warnings: 1. Don't try to "buy" good credit! Some companies will offer to "sell" trade references for a large sum of money. This is a rip off and if the credit reporting agencies find out, they will purge those references. 2. Don't spend large sums of money on a shelf corporation from a company that "guarantees" you will be able to use it to get loans. More often than not, the company won't have the kind of credit rating you'll need to be successful. 3. Don't try to get business credit as a substitute for bad personal credit. If you have damaged personal credit, work on rebuilding it while you're building business credit. Entrepreneurs are usually hard-working, creative and willing to get the job done. Fortunately, those are the same qualities that will help you through the process of building strong business credit. Get started now! For more information about building business credit, visit www.BusinessCreditSuccess.com About The Author Gerri Detweiler is considered one of the country's top credit experts. She has been interviewed for thousands of radio, television and print newstories including USA Today, The Wall Street Journal, The New York Times, Dateline NBC and many others. She has testified before Congress several times and worked on reform of the national credit reporting laws. MORE RESOURCES:
Google News |  | | | SOCIAL BOOKMARKING
GOOGLE SEARCH Improving Your Credit Report Even if you think you have a wonderful credit report, be wary of the error factor. Just as you receive mail with your name and address misspelled, your credit report can have errors as well. How To Repair Your Credit Report A credit report is run on a buyer when he or she needs to buy something that will take a long-term loan, such as an automobile or a house. The credit report can come from one of three agencies - Equifax, Experian, and Trans Union. Building Your Credit History Today, credit is an indispensable part of our lives. In order to get the things you need, such as a home or a car, you have to apply for a credit. Credit Card Security Advice Which of the following is the biggest threat to your credit card security?a) Shopping online with a credit cardb) Shopping in a real store with your credit cardc) Ordering something over the phone with your credit cardThe answer may surprise you. It's b - shopping in a real store with a credit card. Credit Reports: Find out why you have been refused Credit. You may already have 2 or more credit cards in your purse or wallet and you have just applied for a third and been declined. This can be very frustrating considering you pay off your other credit cards regularly and you are continually having your credit limit raised. The Next Person With Credit Problems Got Their First Credit Card Today! One of the focus areas of my information is the absolute necessity of changing the way a person thinks about money and debt while in the process of repairing their credit. I have seen cases where a couple will work really hard for months, and finally get their credit report to the place they can borrow again and go out and buy something on credit just because they can. 5 Killer Steps to avoid Credit Card SCAMS! In August, 2004, the Federal Trade Commission issued their findings of a recent study, which showed that nearly 25 million adults were victims of fraud.Now, most importantly, If you are a victim of fraud, please do not feel like you did anything wrong. Five Credit Card Billing Problems and How to Fix Them It goes without saying that your first and best defense against paying fraudulent or unfair charges on your credit card is knowing what your bill says! When you receive your credit card statement each month, sit down with it and check each item to make sure that you actually DID purchase it. If you do run into inaccuracies or problems, there are procedures to follow to report and deal with the charges. Good Credit is King, When Qualifying for Mortgage Programs If you want to purchase a new home or refinance your current mortgage, be sure to check out the wide array of loan programs available. If you have less than excellent or even poor credit, you can still qualify for a loan. Its Your Credit - Take Care of It! Thanks to the Fair and Accurate Credit Act, American consumers can receive a free annual credit report from each of the three major credit bureaus-Experian, TransUnion and Equifax. You can order your free credit report by visiting www. How You Can Help Prevent Identity Theft How can I prevent Identity theft from happening to me? Never leave your receipt or slip in the ATM or gas pump. Pay attention to your habits, lock up or organize and file your bills, and bank statements. The Best Strategy To Erase Credit Card Debt Credit card debt is a growing sickness in the United States and Europe. It is very important to eliminate debt and take control of your financial health. Credit Repair, How To Credit repair, is in a word, vital to reestablishing your credit. Unless you plan to never use your credit again, then you have to find a way to fix it. Maximizing Credit Card Rewards We spend money every single day on many different types of products and services and the banks' newest offer is that of saving when spending if you use their services; that is if you pay for your expenditures with special credit cards. These credit cards are part of a wide offer and the best thing to do is read as many bank-offers as possible before choosing a particular card. Getting Your Credit Report and Understanding Whats On It If you intend to apply for a loan, you need to obtain your credit score. Understanding what this score means will allow you to make the loan process easier and quicker. Identity Theft - How to Protect Yourself "Like the tan? I got tons of sun on that Caribbean cruise. First class tickets to Florida and back! Nope, not an airline upgrade. Some Truth About Credit Credit is currently and has been historically an integral component of our economy. Credit contribute a person's net worth, and financial power. 4 Steps to Creating Good Credit As a consumer you've learned the importance ofestablishing a good credit rating with your lenders. Whether you are shopping for a new home or auto, or searching for the best deals on insurance, your credit worthiness will be judged by your credit rating or credit score. Errors on Your Credit Report: What You Should Do There are times when you may be turned down for credit and you do not understand why. According to the Fair Credit Reporting Act you are entitled to a free copy of your credit report if you have been denied credit because of negative items on your credit report within 60 days of the request for credit, if you are unemployed but looking for work, are on welfare, or believe that your credit report is incorrect because of fraud. What is a Credit Card? A credit card allows you to buy things even though you might not have the money to pay for it right away. The company that gave you the card lets you spend up to an agreed sum and then makes additional money available to you as you pay off what you've spent. |
| home | site map |
| All Bad Credit © 2008 - All Rights Reserved Worldwide |
