By Walter Nunez & Yhordan Serpentini
Why is your business credit important? Well, there is no FCRA in the business world, so lenders will never disclose to you that they pull your business credit when you apply for business financing; however, they DO pull your business credit!
Just think, you are applying for money for your business, and your business has its own credit profile and score. So of course they will want to see how the business pays its bills on top of how you do as the owner.
Not having established business credit makes you look like a rookie, a startup, or a “non-established” business. This will lead to denial so ensure you have at least 5-10 reported accounts and that you are paying them as agreed.
With business credit established you can qualify for more loans, leases, and government contracts!
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