BUSINESS SOLUTIONS

Business Credit

WHAT ON EARTH IS BUSINESS CREDIT?

Your business credit score is similar to your personal credit score. However, business credit determines your company’s creditworthiness instead of your personal creditworthiness. There are some other significant differences between business and personal credit scores as well. For example:

  • Your business score will typically be between 0-100 instead of 300-850
  • There is no industry standard for business credit bureau algorithms
  • Business credit scores only look at all the accounts you have in your company’s name – however, credit card companies, affiliates, and lenders may evaluate your business and personal credit scores when deciding if they will work with you
  • You will always have to pay to see your company’s credit score
  • Your business credit score is public information available to anyone

“FUN FACTS” ABOUT BUSINESS CREDIT:

  • Having a business doesn’t actually mean you have business credit
  • A strong personal credit score isn’t enough to secure a good business credit score
  • Your payments are listed on your credit report if a vendor doesn’t report them
  • Each credit bureau collects and verifies information differently
  • It is not uncommon for the data in your business credit report to be incorrect

BENEFITS OF BUILDING BUSINESS CREDIT:

  • Obtain vendor credit immediately, and HIGH limit store credit cards shortly after
  • Get access to fleet credit, cash credit cards, and auto vehicle financing
  • Get access to credit with no personal credit check or guarantee
  • Obtain credit that reports to the business reporting agencies, not on your consumer credit reports
  • Eliminate your personal liability on the business accounts you obtain
  • Get approved even as a startup, with no collateral requirements

WHY DO I NEED BUSINESS CREDIT? HOW DO I GET IT?

Your business credit score helps lenders analyze your business’s creditworthiness and determine the kind of loans you will be offered, along with the interest rates and terms associated with those loan products. With a strong credit score, more lending options are available to you and it enables you to fund your business at a much more appealing cost.

Even if your business strategy is to avoid loans and credit entirely and only use cash on hand, business credit can still prove essential to your business. Know that your credit score is accessible to anyone who is willing to pay for it and often times vendors, suppliers, and affiliates will check your business’s credit score before deciding whether or not they will work with you. So, while you avoiding using loans, it’s a sound strategy to monitor and try to improve your score.

GET BUSINESS CREDIT THAT’S NOT LINKED TO YOUR SSN

Building a business takes capital; the more money you have access to the faster your business can grow. Business owners typically use their own personal credit, or they drain their personal savings and borrow money from family and friends to fund their business. But why do this if you don’t need to?

Our Business Credit Builder program was designed to help you start and grow your business without using your own personal credit or your own funds whether it be from your family or friends. TCS can help you build credit with your EIN that’s not linked to your personal social security number. This credit doesn’t require cash flow, collateral, or good personal credit to qualify. So, you can get approved even as a startup business, and regardless of your personal credit quality.

You can build your business credit quickly and obtain access to working capital as you go. Your business credit strength and quality will determine if you get approved for a business loan, the amount you’ll be approved for, and the rates and terms you’ll pay. So, as your business credit is established your business becomes more eligible and more qualify and can get the best terms on the funds that the business obtain.

We provide you with an easy step-by-step system to build business credit through our cutting-edge finance credit suite. Once you become our client, within our suite you’ll find a custom experience built exclusively for you to obtain credit and financing for your company. You’ll be guided by our Financial Advisors through the process as they help you with all aspects of building your business credit.

HOW IS BUSINESS CREDIT CALCULATED? HOW CAN I IMPROVE MY SCORE?

There are three primary credit bureaus for business credit: Experian, Equifax, and Dun & Bradstreet. Each of these bureaus uses its own algorithms and methods to calculate your business’s creditworthiness.

Experian

Experian provides a credit score report, which is a combination of a business credit score and other information, such as payment trends, account histories, and public records. Your score will be a number between 0-100 and will take multiple factors into account. These factors include but are not limited to:

  • Years in business
  • Credit lines you’ve applied for in the last 9 months
  • Credit lines you’ve opened in the last 6 months
  • Past 12 months of payment history
  • Percentage of your available credit used
  • Number of payments 1-30 days late, or 31+ days late

Equifax

Equifax assesses credit scores with a combination of their payment index, credit score, and business failure score. Equifax’s payment index is similar to Experian’s business credit score, reflecting the number of payments your company made on time to both vendors and creditors. It will also read as a number between 0-100.

 

Their credit risk score focuses on the chances of your business becoming severely delinquent on payments. This number will range between 101-992. This takes into account the size of your company, available revolving credit, and the time since your first financial account was opened, among other things.

 

Equifax’s business failure score determines the likelihood of your business closing. This score will be between 1000-1880, evaluating things such as your balance to credit limit ratio in the past three months, the time since your first financial account was opened, and the worst payment status among your transactions in the previous 24 months.

Dun & Bradstreet

Dun & Bradstreet calculates their score with what’s called a PAYDEX score, between 0-100. This is a number designed to recommend how much credit a lender should offer you based on your payment data. You don’t automatically have this score, however. In order to obtain one, you must file for a DUNS number through Dun & Bradstreet’s website. This is free and relatively simple, though Dun & Bradstreet must have records of your payments with at least four vendors.

 

Their credit score is a number between 1-5, the lower the number, the better. This number compares your company with those that have similar payment histories in order to help lenders determine your business’s strength, though it doesn’t directly reflect any payment history from your small business.

 

Similarly, Dun & Bradstreet’s financial stress score also ranges between 1-5, evaluating your company against similar businesses in terms of financial other business statistics. This includes size, payment delinquency, and other factors. This rating is designed to express a broader picture of your overall company’s position as opposed to purely evaluating payment history.

SO WHAT CAN WE DO FOR YOU?

With our experienced business advising team, we can help you obtain the credit and capital you need to fuel your dreams. Whether you are just starting your business or looking for millions in capital to expand, we have solutions that can help you fund your endeavors. Plus, you also have access to our cutting-edge finance suite technology to help expedite your results.

Through your Finance Suite you can:

  • Years in business
  • Walk through all the necessary steps to setup your business credibly to meet credit issuer and lender approval criteria
  • Get access to your Experian Smart Business data so you can track your business credit building in real time
  • Learn how your business credit reports and scores work, and access paid credit monitoring through Dun & Bradstreet, Experian, and Equifax
  • Get access to vendors who will give you credit that reports to the business reporting agencies, even if you have no credit reported now
  • Get HIGH limit, revolving, store credit cards in your business name including Amazon, Walmart, BP, Chevron, Staples, Office Depot, Sam’s Club, BJ’s, Best Buy, and most other major retailers
  • Get access to fleet credit, cash credit cards, and auto vehicle financing without a personal credit check or personal guarantee

So what are you waiting for? Let’s set up your business credibility, establish a positive business credit profile and score quickly, obtain vendor, store, fleet, and cash credit in your business name with business reporting, and become more qualified and lendable by building your business credit.

Contact us today to learn more about how you can get credit for your business EIN that’s not linked to your personal social security number.

GET CREDIT AND FINANCING TO GROW YOUR BUSINESS

There are so many different loan options today can become overwhelming when you don’t know which loan program or loan source to apply with. Conventional banks will only approve you if you have a well-established, profitable business. Some alternative lenders will only lend to you if you have a certain amount of revenue, while others only care about the quality of your personal credit. Some lenders will lend you money based on your collateral, and others insist you have excellent business credit to get approved.

With so many business loan options available today, do you know how to get the most amount of money with the best terms?

Our team and finance suite platform pull together all legitimate business lending programs into one marketplace. We work with several different lenders that offer unique loan programs that work for all different types of borrowers.

Here are some of the loan options available to you now:

  • Low-interest credit lines
  • Long-term conventional bank loans
  • Term loans
  • Cash flow financing up to $500,000 with no collateral or personal credit requirements
  • Unsecured financing up to $150,000, even for startups
  • Asset-based lending with rates less than 5%
  • Private money and alternative SBA loans of $1 million and higher

 

By working with all legitimate loan programs and an arsenal of lenders, we can get you the most amount of business financing at the best terms. We often help clients secure multiple types of loans and credit lines through different sources to maximize approvals.

Our Finance Advisor team will also negotiate lender rates and terms for you to ensure you get the best terms available. We use the volume of loans we close as leverage to get you even better terms. You finance team works hand-in-hand with you, and directly with lenders to get your loan approved and closed quickly.

You can get funding in as little as 72 hours, and get rates even lower than 5% on some funding. Our entire team of Finance Advisors and Loan Processors will work together towards one common goal, which is getting you the most money with the best terms.

BUSINESS CONSULTING

Free Business Credit & Funding Consultation!

Enter your details below for a no-obligation consultation with one of our credit expert! Your dreams are the reality of a profitable growing business with TCS One-on-One Consulting.

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