Business Credit Boost

Along with our business services, there are additional ways for you to boost your business credit and get financial payment histories reported to some of the major business credit bureaus.

With some of these programs, you will get secured credit in the name of your business and under your EIN, instead of your SSN. In order to qualify for these programs, you need to have your business registered as its own legal entity such as an LLC, LLP or corporation. A sole proprietorship is not acceptable for these programs. If you do not have an LLC, we can set one up for you. You also need to have some available cash for one of the programs, to be used to back up the up front loans that your business is getting credit for, typically for making payments for other business goods or services. If you don’t have any available working capital that you can use as security, then perhaps you may be able to get a family member or partner to help you with this.

One of the other programs involves you getting a loan from a certain bank where the loan proceeds get “locked” in an account under the name of your business. Your business will be making a monthly payment to a bank, where that payment gets reported to the business credit agencies. At the end of this payment program, you get full access to the borrowed money. This is a great way to build real business credit from a Tier Three provider if you have a couple of hundred dollars per month available to repay this “loan”.

A different business capital credit builder program is based on getting a line of credit where the balance must be paid in full each month. You get a payment history that is reported to the business credit agencies for this payment. There is another option where you preload money into an account, and this money is used to may payments for goods and services that you purchase. Essentially, you are getting a credit card that draws from your daily available balance like a debit card. Again, you build a solid business credit history with this service.  

If your business has utility accounts set up in the name of the business, then you can get your payment history reported to the major business credit reporting agencies by using one of our other available programs. Eligible utility company account types typically include certain Mobile Phones, Cable TV, Satellite TV, Internet Services, Landline Phone, Electricity, Water and Gas accounts for which you are the responsible party for payment.  

If you are interested in any of these programs, please contact us so that we can discuss your needs, review these programs with you, and perhaps set you up with the right program. There is NO COST for this consultation.