There are simply too many people who hire business credit building companies that are not happy with the results. Before choosing another company, asking these 8 questions will ensure that you will be working with a legitimate company who can help you build business credit. Why is it so important to work with knowledgeable advisor? Why can’t you do it on your own?
First of all, the Fair Credit Reporting Act does not apply to the business credit bureaus. This means that if you make a mistake, skip a step, or try to take short cuts, your business credit file can be “Red Flagged.” It also means that your company may be prohibited from receiving credit.
There is a proven step-by-step process that must be followed if you plan on properly building your business credit. If you don’t follow the proven process then you can be put into the “High risk” category. When this happens, no lending institution will lend your business money and there is nothing you can do to remove it. Make sure to choose a honest credit building company that has the knowledge, experience and proven systems to support your business before you decide who you will work with. Also, make sure to ask them these 8 vital questions:
Question #1: Will I be obtaining only trade credit or CASH credit?
Question #2: Will a trained coach show me, step by step, how to incorporate my business and build my business credit? Question #3: If I get stuck while I’m taking all the necessary steps, will I have to pay hundreds or even thousands of dollars to help me figure it out?
Question #4: Will I have the ability to set up my credit files, and monitor the development of my business credit score with all major business credit agencies all within your coaching platform? Question #5: When companies promise to get you cash credit, ask them one simple question: “What type of paperwork is required to get cash lines of credit?"
Question #6: How are your business credit coaches paid? Question #7: When it comes time to apply for financing, are you going to pass me off from lender to lender? Question #8: What kind of a guarantee do you offer?
This is not, by any means, a comprehensive list of all the questions entrepreneurs should ask when it comes to building corporate credit. However, if you address these costly and dangerous areas, you will be on your way to building a safe, secure, and financially sound business—the business you always dreamed of! Hopefully, these questions will help ensure that you work with a credit building company that will be honest, upfront, and help you successfully establish your business credit and leverage it into new financing opportunities for your business.
Contact us for a complimentary business credit strategy session to learn exactly how to properly build your business credit, get the correct answers to the questions above, and make sure you don't jeopardize your company's financing opportunities.
About the Author Kylon J. Trower is 20+ year serial entrepreneur with a background in residential and commercial lending, business credit development and financing. Most recently, he's built a national network of financial professionals dedicated to preserving the lifeblood of our economy, the American small business sector.
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