What is business credit, and how do you build a Business Credit Profile?
There are three primary tasks to create a business credit Profile.
Step 1: Establish your business as being credible with major credit agencies.
Businesses must comply with the corporate guidelines established by agencies and financial institutions, including Dun & Bradstreet and Experian, in order to establish credit. These agencies want to ensure that the entity is a real business and require that it be incorporated (LLC, S Corp or C Corp), have a physical address, a valid phone number, a website and other limited guidelines.
Step 2: Create a credit file.
Once compliance is established, then an actual business credit file is created. The file establishes a unique profile with D&B and Experian to facilitate the tracking of credit history and the development of a business credit score. In the case of D&B, a PayDex score is the assigned numerical evaluation of a company or organization’s credit-worthiness.
Step 3: Build a business credit history.
After a credit file is established, the business has the opportunity to build a credit history by working with credit and financial institutions who report to D&B. Approximately 10% of all credit and lending institutions report to D&B, so it’s critical that a business owner is properly guided through building a business credit history that maximizes access to credit and lending – while creating the strongest credit score possible.
The business credit score is analogous to a personal credit score except for one fundamental issue — the business credit score is not limited by the personal credit limits that are established for all consumers.
Your Business Credit Development Platform
CCC is the first fully integrated platform dedicated to education and coaching for the development of business credit assets. Our technology incorporates over 15 years of experience in business credit and is backed by a world-class engineering development team. With a highly intuitive, easy to use platform, business users work with a certified coach to lead, track and accelerate the stages of creating a business credit asset.
This is the only platform that has invested in the development of a database that accelerates business credit building. CCC’s critical and powerful intellectual property enables us to target the financial institutions that are going to expedite clients through the creation and building of their business credit history.
Clients are assigned a personal credit coach that will guide them through the business credit building process. Through an innovative, state-of-the-art back office system, clients are able to review the overall program, identify where they are in the process and the necessary next steps.
After logging in the client is taken to their dashboard. Steps completed are in bold on the right of the dashboard and steps to be completed are grayed out on the list.
For each step, the client has access to the needed explanations and short videos that will help them complete the necessary actions to move closer to success.
The platform’s real-time integration with the business credit reporting agencies, allow clients to easily access each Business Credit Reporting Agency to see if they have:
This is real-time information that is updated automatically as the file changes.
In addition, clients can order a full report or sign up for business credit monitoring so they are always in the know on their score.
When a business first signs up, they are shown whether or not their company already has an open profile with the credit reporting agencies.
Since our system is integrated with the business reporting agencies, clients are able to easily search agency databases to see if they have a business credit score and how many trade lines are reporting.
Six Steps to Stronger Scores
Our program is based on 6 specific steps that have proven successful in strengthening business credit scores.
The entire program and back-end platform is built in a step-by-step format that guides users through the completion of each step. To ensure that clients stay on the path to success, the system does not allow users to jump around or skip steps.
All through the process users work with a personal credit coach. Upon completing each of the 6 steps, users are sent emails congratulating them on their accomplishments review their progress and describe the next step.
The program constantly encourages users. If they haven’t logged in for more than 2 weeks, users receive an email and call from their coach prompting them to return and continue.
In addition to business credit building there are many other useful tools the users can access throughout the program, including:
Our proven certified coaching led program provides every business owner a path to achieving business and financial credibility and to leverage that credibility to tap a life time of commercial credit based funding.
The Business Credit Builder program and your personal Certified Coach will provide you with a system and support to successfully establish your business credit and ensure you can obtain lines of credit. With this foundation, businesses will be able to establish trade or vendor credit, and build their Business Credit Scores to the highest level possible. Our Financial Consultants will provide advice on how best to leverage your Business Credit Asset™ to obtain the cash and trade credit to help your business grow and thrive.
Business Credit Builder Commercial Funding Guidelines: Our goal is to provide each of our customers with the widest array of commercial lending opportunities tied to their business credit. Lending criteria is based on 4 factors including owners FICO score, business credit score, business revenues and assets. Each business is unique; however one way to estimate commercial funding opportunities is to use the owners FICO score or current business revenue as a measure. Here are a few examples of funding products based on owners FICO score or business revenues:
|Trade Credit – up to $40,000||(Based on Business Score Only)|
|Equipment Lease – up to $100,000||(When Qualified – 640+ FICO)|
|Small Business Loan – up to $25,000||(When Qualified – 580+ FICO, business revenue required, no personal guarantee required)|
|No P.G. Credit card– up to $75,000||When Qualified – 580+ FICO, business revenue required, no personal guarantee required)|
|Business Credit Cards – up to $150,000||(When Qualified – 580+ FICO)|
|Lines of Credit – up to $20,000 to $50,000||(When Qualified – 680+ FICO)|