Question by Done 1: How do I establish a credit report for my business?
I have an established LLC that has been register with the state now for 5+ years. I have several business accounts that are in good standing but a recent check with the credit bureaus show that my business is not listed with them. D&B has issued me a number but basically wants to charge me a fee to investigate my credit and report it. What can I do to get my credit reported on TransUnion and Experian.
Best answer:
Answer by R J
Borrow money and/or buy goods/services on extended terms in the LLC’s name. RJ
Know better? Leave your own answer in the comments!
The three credit bureaus (Equifax, TransUnion, and Experian) are CONSUMER credit. They don’t do business credit. Business credit goes thru D&B and yes, they do charge a fee and require you to supply all sorts of paperwork including complete income, asset, and liablility reports.
You don’t really have to be listed in D&B. You can set up business accounts by giving credit references (bank and 3 or more trades). Many business still do actual credit inquiries by calling for individual trade references.
Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments – freecreditreport.hotusa.org