Does your company have a credit score?  If not, there are basic principles to keep in mind.

• All information available about your business must be consistent at all levels.  This means that the information you provide to the bank, suppliers, the Secretary of State, the local municipality, and everyone else, must be consistent and true.   Once this is done, you may proceed to build corporate credit.
• Pay your bills early after you establish an account with the credit reporting agencies and those who provide a score to your business.  Stop only when you're satisfied with your score.
• Verify, verify, verify.  Always verify the accuracy of any report.  Always confirm that the information available about your business is true, correct and consistent.
• Think of everyone that's a vendor to your business.  Ask them to provide you a line of credit.
• Do what you can to obtain a credit agreement between you and the vendor, without serving as a personal guarantor for the business.  This means you are not liable for the account.  In this manner, the business is only liable to pay the account, and the credit built will reflect that.
• As you pay these credit accounts early, report these business relationships to the credit agency, those who score your business (DNB).  This should boost your scores.

 

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