Let us understand what Personal Credit and Business Credit mean…
Personal Credit is your dependability and trustworthiness when paying off your debts, including credit card balances, auto loans, and mortgages. Personal Credit Score is a number from 300 to 850 that represents your credit worthiness. Equifax, Experian, and TransUnion are the three principal credit agencies that manage the information that goes into your credit scores.
Business lenders use personal credit reports as a measure of risk of default and a gauge of character of the owners.
Business lenders look at a borrower from a much different view point than do consumer lenders. With consumer lenders (cars, furniture, homes, credit cards) credit decisions are mostly about personal credit scores. Have a 720 or above and you are most likely approved and are now just talking about the terms. Consumer lenders are therefore primarily personal credit score driven while business lender credit decisions are much more about what is in the business owner’s credit report than simply just their scores.
When applying for a small business loan most small business lenders are looking at the factors that are common to higher risk borrowers and that therefore make up higher risk business loans.
Many times personal credit reports can have items that are inaccurate, incorrect, misrepresented, or just simply do not belong to you. Studies have shown that as high as one in every four personal credit reports contained inaccurate, incorrect, or simply items in complete error.
An example is you went shopping over a week for a new car and the dealers failed to tell you they were shot gunning your possible auto loan to multiple lenders. Now you have one car loan, but 10 credit inquiries. Another might be that you had a $300,000 mortgage with an $80,000 balance which had a great positive impact on your credit score. But a new loan servicer took the loan over and after it reports as an $80,000 loan with an $80,000 balance and your scores drop by 60 points due to the new high debt to limit ratio.
If you find yourself in a situation such as one of these, it might be time to get some professional help to make sure everything on your reports is accurate and belongs to you.
Order your Credit Report for $49.95 and get a Free Credit Analysis and Consultation today!
Business Credit is a company’s ability to make a purchase now and make a payment later. Below are the four agencies that need to be optimized:
If your file is open in Experian, here are some of the information you can get when you run your Experian business credit report:
Your Experian business credit report and score is most important if you are looking for a bank loan, credit cards or vehicle financing/leasing. Experian credit reports are looked at by many revolving credit account issuers such as store and fleet credit cards.
CreditSafe Rating
The Creditsafe Rating measures your business’s ability to pay on-time. It combines variables such as: trade payment information, public information, lender compliance, and other performance indicators to predict the likelihood of your business default. Default is defined as the likelihood your business will default (over 90 days past due) within the next 12 months or that your business will go bankrupt.
The Creditsafe Rating scores businesses from 0 to 100 scale where a 70 or higher score indicates a lower risk of default and a score of under 60 identifies your business as a high risk of default.
Creditsafe also provides Credit Limit recommendations to lenders or vendors considering extending your business financing. This limit is the total amount of credit that should be outstanding at any one time.
Currently Creditsafe is primarly used by landlords and service companies such as alarm companies, internet providers, phone providers, which makes it still important to develop their report and score.
Equifax Small Business Credit Report
Currently, most U.S. banks report to Equifax on their business loans as well as most business credit cards that are underwritten by banks. Therefore, by opening accounts with many of the business credit cards in our system you will also be building your Equifax small business credit score and profile.
There is a good chance your credit profile will not be available. This is especially true if your business is newer. It typically takes more time to create a file with Equifax Small Business. This is why it’s important to apply with the credit providers who report to Equifax wherever possible. It is mostly banks and larger commercial lenders that report to Equifax so if you have not had a bank or commercial loan you will most likely not have an Equifax business report yet.
Equifax used to be the exclusive business credit reporting agency for all U.S. banks, however that is not the case any more with many banks now using Experian business credit reports. Equifax still has a large footprint in commercial bank lending so it is important to develop their rpeort and score for your business if you intend to go after bank related lending.
Dun & Bradstreet Business Credit Reporting
You need a D&B credit file number, or D-U-N-S #, whether your business has an active file or not.
D&B compiles the most reporting data on Net-Terms trade credit and can be the quickest profile to build. Obtaining a Dun and Bradstreet number (D-U-N-S #) begins the process of building your business credit profile with them. Your D-U-N-S # will also play an important role in enabling your business to borrow without a personal guarantor.
D & B credit profiles are mostly checked by vendors looking to issue your firm a line of credit for their products and services or in the government contracting area. Bank type lenders and those lenders who will provide your business with cash loans or cash lines of credit will rarely pull a D & B credit report on your business.
Run a Free Business Scan to check how does your business would look like in the eyes of the lenders. Know what specific actions you need to take in order to get the maximum funding that you deserve.
Listen, starting a business with a personal and business credit can be very daunting. Am I right?
Before we move forward, let me tell you that whatever income level you may have, whether you are in the standard level, survival level, comfort level, or even financially secure, one of your wildest dreams is to become FINANCIALLY FREE!
YES! FINANCIALLY FREE!…WHERE your bills, expenses, and additional security finances are taken care of each month, WHERE you no longer have to work every day, WHERE You can do what you want, how you want, and with whom you want!
If you are this kind of person wanting to be financially free and happy,
THEN, THIS IS FOR YOU!
A lot times, business owners are challenged with any or all of the following problems:
Employees and funding are the life blood of any successful business and not having highly skilled employees or financing options for your clients can lead to business failures causing you to close your doors and not only lose money but being viewed as a failure which can cause dampening depression and loss of relationships even divorce.
Our Virtual Assistants are highly educated, tech savvy, and customer support specialists that you can trust.
Financing your high ticket course or service is easy with our No Credit Check Financing Options for yourself and your clients.
Stress levels are reduced and scaling your business is a viable option when dealing with properly trained employees.
You might ask, now what? How does it work to make money fast with personal and business credit?
First, the Complete White Label Business Success System assists your clients their way to business success.
Second, you can use the system to add revenue streams to your existing services or as a turnkey business.
With the White Label Business Credit Success System, you can earn up to $15K or more per client.
Now, get a pen and paper.
List the names you can think of that may probably need help in their personal credit, business credit, or funding. Start with your friends, relatives, co-workers, business networks, or your current customer based.
Here, you will find the best options to get you started with your business. Depending on your goals and expectations, you have four packages to choose from:
This package allows you the flexibility of growing and scaling your brand with Personal and Business Credit.
For only $22,500, (almost half the price of a car), you enjoy the following features and benefits:
You get Free Personal and Business Credit Optimization when you pay $22,500 in Full
Here, you make a downpayment of $5,615, balance at $3,475 per month in 6 months
Here, you make a downpayment of $5,615, balance at $1,739 per month in 12 months
This package allows you the flexibility of growing and scaling your business with Personal and Business Credit under the Credsembly Brand.
For only $14,995, you enjoy the following features and benefits:
You get Free Personal and Business Credit Optimization when you pay $14,995 in Full
Here, you make a downpayment of $3,745, balance at $2,367 per month in 6 months
Here, you make a downpayment of $3,745, balance at $1,181 per month in 12 months
This package allows you the flexibility of growing and scaling your business with Business Credit under the Credsembly Brand.
For only $9,995, you enjoy the following features and benefits:
You get Free Business Credit Optimization when you pay $9,995 in Full
Here, you make a downpayment of $2,499, balance at $1,577 per month in 6 months
Here, you make a downpayment of $2,499, balance at $775 per month in 12 months
This package allows you the flexibility of growing and scaling your business with Personal Credit under the Credsembly Brand.
For only $4,995, you enjoy the following features and benefits:
You get Free PersonalCredit Optimization when you pay $4,995 in Full
Here, you make a downpayment of $1,249, balance at $796 per month in 6 months
Here, you make a downpayment of $1,249, balance at $396 per month in 12 months
I’m giving you an opportunity that may not come about again. I am looking forward to welcoming you in my family VERY SOON!
Follow me on Clubhouse, on Instagram, on Facebook, and on YouTube and enjoy free invaluable information from my decades of experience that is not taught on universities on where to get the money, how to get the money, where to invest the money, and eventually, how to maintain and keep the money as a legacy.
Founder & CEO, Credsembly Inc
SBA Award-Winning Business Coach and Author