They told me that they have a "list" of creditors who will establish credit in the corporate/LLC name only. Additonally, they stated that they have a number of such businesses as clients and thus have some leverage in establishing such corporate credit. Again, it seems a bit hard for me to beleive that any one company have a monopoly on such as service. I have asked around quite a bit and could not find anyone to answer this question or provide suggestions.
Here is a link with one possible strategy: http://www.mynewventure.com/question21_business_credit
They recommend applying to Dunn and Bradstreet for a number then approaching certain businesses that have a reputation for extending credit to entrepreneurs.
This is very useful information. I do work with consumer credit and you can make major adjustments to the score in 60-90days. I am willing to take the time it needs to build this business the right way. Great links and blog info from both of you. I am very happy to have found this site, very helpful people here and useful information for someone trying to learn the right way to go.
Hello Ed, and Sue,
I also ran into the same pitfall and found that D&B (D-U-N-S) is the best way to go. After getting your DUN # apply to the CCR (Central Contractor Registrations) this is for Goverment contracts but is just as good for keeping track of business credit
There`s an interesting online article at BusinessFinance.com which describes the action items one must take to build a favorable business credit profile. I think it has some very useful information and outlines specific steps that any business owner can implement on their own with time and effort. Some are more important than others and whether each is needed in every case is for you to decide.
This isn`t an endorsement of any services (including credit profile building) they might be selling and I have no affiliation with the BusinessFinance.com.
I have used D-U-N-S # as well. I am in a very capital intensive business and it has helped our corporate credit alot. I still have to sign guarantees with some of our lendors but that should be ending by the end of this coming year (our third year of operation).