Most consumers are unaware that in addition to consumer credit reports, both Experian and Equifax own and operate business credit reporting services. By creating a business credit profile a consumer can now create an alternate credit file legally. While some creditors such as residential utility companies will not allow you to use business credit in place of personal credit, we have had numerous clients who have successfully used business
credit to obtain credit cards, automotive leases and loans. This technique (although controversial) can be very effective when done properly.
IMPORTANT NOTE:
Creating an alternate credit file with an EIN IS A FELONY!
The basics of building business credit involve:
1.)Setting up the proper structure for your business (i.e. Corporation, LLC, etc.)
2.)Obtaining an EIN as well as a DUNS number (Dunn and Bradstreet).
3.)Borrow and/or buy products and services from vendors who reports to business credit reporting agencies such as Experian, Equifax and Dunn & Bradstreet. While building business credit requires time just like personal credit, don’t get discouraged. Remember, when you set out to begin building your business credit you are starting with a clean slate. This is when it becomes imperative that one learn from the mistakes of their past. Remember, in the credit world those who do not learn from their past are (inevitably) doomed to repeat it.
credit to obtain credit cards, automotive leases and loans. This technique (although controversial) can be very effective when done properly.
IMPORTANT NOTE:
Creating an alternate credit file with an EIN IS A FELONY!
The basics of building business credit involve:
1.)Setting up the proper structure for your business (i.e. Corporation, LLC, etc.)
2.)Obtaining an EIN as well as a DUNS number (Dunn and Bradstreet).
3.)Borrow and/or buy products and services from vendors who reports to business credit reporting agencies such as Experian, Equifax and Dunn & Bradstreet. While building business credit requires time just like personal credit, don’t get discouraged. Remember, when you set out to begin building your business credit you are starting with a clean slate. This is when it becomes imperative that one learn from the mistakes of their past. Remember, in the credit world those who do not learn from their past are (inevitably) doomed to repeat it.
