Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Business Credit Credibility Checklist

By David Zabawa Subscribe to RSS | July 18th 2012 | Views:
loading
 
  



Creating a business credit file and building a strong business credit score is vital to the long term success of your business. However, the very first step a Lender takes to process your application for funding or credit will be to verify your business profile for fraud and proper business procedures.

So prior to seeking business funding & credit, a business owner would be wise to get a business “checkup”. While some of these items might seem minor to you it is imperative you address each item on the list before talking to the lender.

Below is the overview of what most banks and lenders will require to see that your business is in lending compliance.

1. State Records: Your entity must be open, active and in good standing.

2. Federal EIN: Your Employer Identification number filing must match your state filing exactly.

3. Bank Account: The day you open your "business" bank account is the day your business starts in the eyes of lenders.

4. Business Licenses: All applicable business licenses must be filed.

5. DBA: Any dba's must be on all state/federal/banking records.

6. Separate business phone: Your business must have its own phone number.

7. 411 Directory: Business phone number must be listed with 411 under the exact legal name.

8. Experian: File must be open with a credit history and good score.

9. Dun & Bradstreet: File must be open with a credit history and good score.

10. Equifax: File must be open with a credit history and good score.

11. Business Credit Histories: No lates or derogatories on the business reports.

12. Physical Address: The business needs its own physical address.

13. Bank Rating: Your business bank rating should be a minimum of a low 5.

14. Tax Returns: All applicable business tax returns must have been filed.

15. Public Records: There can be no unsettled liens, judgments, or lis pendens against the business.

16. Credit Cards: At least 3 business credit cards with payments made early.

17. Vendor Credit: At least 5 vendor lines of credit with payments made early.

18. No personal email addresses with Yahoo or Gmail.

19. Websites: A professional business website with matching email addresses project professionalism.

20. Business Model: A summary of your business plan with revenue projections.

While conducting a business “checkup” may be tedious and frustrating at times, it will bear much fruit. Compliance with this list will distinguish your business from most others and project an aura of professionalism that indicates to the lender you are thorough and responsible. And, hence, you will be a good credit risk.

David Zabawa - About Author:
David Zabawa is founder and President of Business Assistance Foundation, Inc., Denver, Co.BAF, inc.,(division of HomeBuyers Assistance Foundation, Inc. a Non Profit since 1999), has specialized in helping business owners establish excellent business credit scores and then leverage those scores to access cash and credit for their businesses regardless of their personal credit history. For more information on business credit scoring and business credit visit: www.CreditForSmallBusinesses.com.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/finance-articles/business-credit-credibility-checklist.htm

Related Finance Articles Subscribe to RSS

Unsecured business loans are funds with fast approval
Published by Macrobusinesscapital@gmail.com on February 3rd 2012 | Finance
There may be several reasons for someone to look for additional or basic finance for his or her firm...
 
Top tips for money management and using a credit card
Published by Jesse Wallace on June 6th 2012 | Finance

Learning how to use your credit card effectively could help you balance and manage your debts....
 
Get an absolute idea before opting for business credit loans
Published by Macrobusinesscapital@gmail.com on January 15th 2012 | Finance
The growing world and the rapid increase in the technology have completely changed the life of human...
 
Loan Calculator- What you require to recognize about a credit sum calculator
Published by Ian Foster on January 27th 2012 | Finance
Loan Calculator have lots of abundant websites on the internet that make available to their visits w...
 
Instant loans with bad credit: Cash facility with poor creditors
Published by Calvien Peter on December 5th 2011 | Finance
These finances are the best way to get the fast cash. Applicant can avail fast cash without pledging...
 
Unsecured business loans your funding option for urgent business funding
Published by Macrobusinesscapital@gmail.com on December 21st 2011 | Finance
There are certainly such times with business people, no matter whatever kind business they are deali...
 
Procuring credit card in Australia had never been so easy
Published by John Matthew on December 27th 2011 | Finance
One of the best things that could have happened to the man in the present times was the easy availab...
 
Get fast business funding within days of applying
Published by Merchant Cash on March 29th 2012 | Finance
As with any business, your organisation is all about your ability to manage your customers and your ...
 
Consider outsourcing your debt settlement business
Published by John Taylor on December 5th 2011 | Finance
If your business involves debt resolution services, the business may quickly spin out of control due...
 
Locating Added Capital for the Small business
Published by Timothy Powell on June 15th 2012 | Finance
At times, 1 of the most hard tasks faced by business owners is acquiring sufficient capital to opera...
 
Merchant cash advance is the new kind of business loan
Published by Sadie Rad on April 16th 2012 | Finance
Small businesses are on the rise everywhere and all they need is funding. It is absolutely necessary...
 
What best practices are available for me to boost my credit rating?
Published by Jesse Wallace on June 6th 2012 | Finance
Improving your credit rating can be the best way to get discounted rates on credit cards and loans....
 
Bookkeeping performs an extremely important role in every business
Published by Nelson on February 29th 2012 | Finance
Complete End to End Business Solution offering various services such as Incorporation, Bookkeeping, ...
 
Welcome Finance Loans- Unsecured credit for helpful Roadmap
Published by Mark Fulton on January 26th 2012 | Finance
Welcome finance loans explicit information about finding it out may not be simple but we have gather...
 
Christian credit counseling and credit counseling services
Published by James Blee on December 14th 2011 | Finance
This recession has been very tough for people who have especially taken loans against their credit c...
 
Getting settlement when it comes to credit card
Published by Rajkumar Kaushal on June 19th 2012 | Finance
Getting settlement when it comes to credit card is not very easy sometimes because of the details an...
 
Make business simplified with Bookkeeping Services
Published by Nelson on April 25th 2012 | Finance
Complete End to End Business Solution offering various services such as Incorporation, Bookkeeping, ...
 
No credit Check Loans: Easy Cash, Impaired Credit No Matter
Published by Amarjeet Singh on July 11th 2012 | Finance
No credit check loans are a kind of finance programs which the people of Canada look for. No credit ...
 
Finance for worst credit sanctioned within a day of filling
Published by Ross Sorin on March 2nd 2012 | Finance
Online financial aid is available for bad creditors through which they can get easy cash without fac...
 
Benefits of using business lines of credit
Published by Kemar Roach on June 12th 2012 | Finance
Small business line of credit is a kind of financing that is offered by a lot of business banks and ...