Forums: Discussions for entrepreneurs and small business.

Well, first of all, it will likely take years for your C-Corporation to become credit worthy to an extent where creditors won’t require you personally to secure corporate debt. Just think, otherwise everybody with some blemishes on their personal credit history would quickly set up a business, establish corporate credit, and live happily ever after.

As far as obtaining your DUNS number for your business is concerned, you will be fine. They don’t allocate their DUNS numbers based on any other criteria than having legally established a business. Let’s not forget DNB sells this information to anybody who’s interested in it. So, by applying for a DUNS number, you’re essentially doing their homework for them.

If I were you, I wouldn’t spend the money on any of their credit monitoring plans/solutions, especially since your business seems to be brand new. Moreover, under the Fair Credit Reporting Act, you are entitled to review information that credit-reporting agencies such as Experian, EquiFax, and TransUnion have on file about you, at least every 12 months.

DNB works based on a similar principle and once you have been assigned a DNB #, you will be able to logon to their website and either review or update information they have on file for their business.

As far as building your business credit is concerned, many of the same principles that apply to building personal credit, apply here as well. Start putting a phone, perhaps a cell phone in the name of the business, and after 6 months, try to go for a Staples Credit Card.

And perhaps most importantly, pay on time!

I hope this helps.


Mark



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Jackson Steiner
http://www.JacksonSteiner.com

Advanced Document Design for entrepreneurs, intermediaries, and the financial services industry.
http://www.Publications.FastVentures.com

Your personal credit score will have no effect on you obtaining a business credit score, they are 2 completely seperate things. However if you do not have a strong personal credit score, then a strong business credit score is necessary to obtain any financing. There are many different companies that will assist you in building a strong business credit score, and help you to obtain financing. Just make sure you are working with a credible company that has references that you can actually speak with.

You can start by finding vendors that report to Experian Business.

For example, we are a web design firm.  We report all of our accounts receivables each month to Experian Business to assist our clients in establishing or building their business credit. Most of our clients really do not care about their business credit, but we have a lot that do.

Most of our clients qualify for net 30 terms without a personal guarantee.
It is something that you might want to check out.  Since every business needs a good website, you might as well get a website that will also help you with getting your business credit established as well.

In addition, we can be used as a trade reference with DNB.

www.bitwavedesign.com