- 1). Go to the Dunn and Bradstreet website. Dunn and Bradstreet is the equivalent of the credit reporting agency for all businesses. This agency reports on the length of time that a business has been in operation, how many accounts that a business currently has in positive and negative standing as well as discloses any judgments.
- 2). After it is determined that a report does not exist, you will need to start building your trade credit. Trade credit is the term used for business credit. To begin building credit, you will need to contact the Internal Revenue Service to request an EIN or FIN. These are terms used for identification of your business as an employer.
- 3). After securing your EIN or FIN, go to each of the credit agencies and register your new business. This will allow your business to be located and reviewed each time you apply for business credit. As with any credit agency, it is important to be mindful of your credit score with the agency. As with personal credit, business credit is monitored in much of the same ways. However, with business credit agencies, instead of monitoring personal accounts, agencies monitor your ability to remain viable within the business industry and how well you maintain essential, items such as location and licenses.
- 4). When your business is registered and in good standing, you will need to locate other businesses who can provide a line of credit to your business. You will need to have set up a business checking account as well as procured all necessary financial statements beforehand. This will enable the credit grantor to determine whether your business is acceptable for credit and whether you as the owner are likely to pay back any loans. Be aware that without a business credit score, some businesses may look to your personal credit score to start off.
- 5). Make sure to pay of all credit payments on time. Delaying the payments of new creditors can cause a delay or denial of subsequent credit requests.
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