Consumer Credit vs Business Credit Bureaus
Lenders pull business credit reports and scores from Business Credit Bureaus. However, not every business has a business credit report because they haven’t taken the steps to start building their credit profile.
With consumer credit, you’ll have a credit report as soon as you use your first credit card. As long as you pay your bills and continue to use credit responsibly, your credit score continues to improve.
In contrast to consumer credit, business credit does not start building automatically on its own.
The trick is to get set up properly with the business credit bureau so it has legitimate and accurate information about you to track activity relevant to your credit report.
Establishing your credit profile is a process that entails more than filling out a form with your company’s pertinent information. There’s a series of steps involved to get set up “the right way.”
Here are the 3 worst mistakes a business owner can make when getting their business set up with the Business Credit Bureaus.
- Assuming you already have a business credit profile
- Assuming there is just one Business Credit Bureau
- Assuming your credit auto-reports to Business Credit Bureaus
And here’s a bonus mistake that business owners make. They don’t go back and check for errors once your profile is established. Mistakes are very common and can be detrimental to your credit reports if they go unnoticed.
Why not start today?
We get it… You don’t have time to waste and you need to start building business credit ASAP. Many influential voices in the finance industry say building a good credit profile can take 3 years or more, but our guided program can get you there in only 6-9 months on average.
We can make sure you’re set up properly with the Business Credit Bureaus. It’s technically the first and most important step in the process of building a credit profile, and we’ll put you on the fast track to getting your business where you want it financially. Let’s get started right now.
