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Expert Weighs in on Credit Suite Reviews: Is the Service Worthwhile?

Since the onset of COVID, many businesses have been scrambling to access capital to keep their doors open. PPP loans and other Coronavirus relief can only get companies so far. More than ever, owners turn to creative ways to finance their operations. Now, Credit Suite is an increasingly popular option. So, can you trust all of the positive reviews? 

Credit Suite Reviews

As of August , less than 1% of users on TrustPilot have reported bad service from the brand. And, it’s pretty much the same on BBB and SoTellUs. Now, Before you take other peoples’ word for it, let’s examine the offering, determine what you would get yourself into if you signed up, and compare the service to other options. 

This is what you’ll find here: 

So, let’s get to it… 

First, What is Credit Suite? 

Credit Suite is a system, powered by Finance Suite™ software, designed to help businesses build credit and obtain capital through lines of credit and loans. Via their Partner Program, they also offer the software as a white label solution for B2B companies to help get capital for their customers. 

In a nutshell, there are three services offered: 

  1. Business credit building consultation
  2. White label business credit software 
  3. Credit monitoring 

Learn more about the complete offer before you decide if it’s right for you. 

What Will the Service Help You Accomplish? 

The goal of leveraging the Credit Suite system is to build and obtain credit for your EIN that is not linked to your SSN (no personal guarantee/credit check). You will learn about a DUNS number, discover a few net 30 vendors, and the rest of the basics of business credit. 

Business Credit Building Framework

The system used is based on a simple, 4-step framework: 

  1. Build Business Credibility
  2. Establish Business Credit Reports
  3. Get Initial Business Credit
  4. Get revolving credit

Recommended: 7 most important steps of building your business credit profile so you can obtain business credit without showing financials!

By the end of your journey, the brand claims to help you get multiple revolving lines of credit from $5K to $50K each. And, their users seem to be pleased. Here are some of the features boasted by clients.  

  • Continuous contact from support via call, text, & email
  • Business credit education
  • An offer of $20K in personal credit 
  • A 5-month business credit program
  • Exceptional customer service

And, as far as resources go, the blog has some decent info for beginners who want to learn about expanding their business credit options. For example, one recent topic is “Crowdfunding Terms You Should Know in a Recession.” They also share content about trade references and NAICS and SIC codes.

How Much Does Credit Suite Cost? 

Credit Suite’s core offer to help you build business credit costs either $2, or 7 payments of $ ($4,). 

The Partner Program, on the other hand, is classified as an investment and will cost more. This offer is broken down into two tiers: 

  1. VIP: $4, or 8 payments of $ ($5,)
    1. Get business credit and financing
    2. Become a licensed partner (Finance Suite™ user) 
    3. Leverage direct funding for your customers
  2. Ultimate: $6, or 9 payments of $ ($8,)
    1. Everything above 
    2. Marketing funnels to boost your sales

Credit Suite’s Credit Monitoring Overview

If you’re only interested in seeing your business credit scores, the brand has a less expensive intro offer. Credit Suite’s credit monitoring software enables companies to monitor credit through D&B, Experian, and Equifax. 

Business Credit Building Software

As a standalone product, the software costs $24 per month after a day free trial. So, let’s compare this choice to your other business credit monitoring service options. 

MonitoringServiceD&BReportExperian ReportEquifax ReportCost
Credit Suite YesYesYes$24/mo
NavYesYesYesFree to $/mo
ExperianNoYesNoFree+
EquifaxNoNoYesFree+
D&BYesNoNoFree+
FunderaNoNoYesFree+

As the above comparison shows, you have several free options to pull business credit reports. While you can pay to upgrade with most of these services to see advanced insights, including your business credit scores, I don’t usually recommend it. If, however, you might have some negative history to clear up, it can be a good idea. 

The top competitor for Credit Suite’s credit monitoring solution is probably Nav. And, Nav’s paid monitoring services range from $30 to $ While you might pay a few more dollars per month to access full reports and scores, you can see basic summaries at no cost. So, subscribe to Credit Suite’s monitoring service at your own risk.  

Recommended: Nav Review: A Tool to Build Your Business Credit Score

Now, Let’s Look at Credit Suite Complaints

While the system mostly seems to satisfy users, it is not free from grievances. The most dirt I could find on Credit Suite had to do with their refund policies. Users who were apparently speaking to the Partner Program (not the core business credit building services) complained of being overcharged and/or not receiving a refund when they believed they were entitled to one. 

Yet, in at least one case, a Credit Suite representative replied and claimed to have made an attempt to process the refund after all. So, this criticism should be taken with a grain of salt. All in all, the service maintains out of 5 stars across the board. 

If you are interested in the white-label business financing software options, I recommend shopping around. Check out Funding CEO, Blue Street Capital, and Mulligan Funding just to get an idea of how many fish swim in this sea. 

And, How Does Credit Suite’s Core Offer Stack Up to the Key Competitors? 

To play the devil’s advocate here, I might argue that businesses could save themselves a couple thousand dollars by diligently researching their options. These business owners would make sure they have the right fit because there are several worthy Credit Suite competitors. For example, Fund&Grow, LenCred, and many others offer similar business credit acquisition solutions. 

CompanyFunding ClaimCost
Credit SuiteMultiple revolving lines from $5K to $50K$2, to $4,
Fund&Grow$K to $K $3, or 9% of Funding Obtained 
LenCred$25K to $K5 to 10% of Funding Obtained
Business Credit Builders$50K to $K $3,
One-Stop Funding Solutions$25K to $K$99 to $3,
Midwest Corporate CreditUp to $K8% of Funding Obtained


Plus, some contenders have pretty amazing bonuses. Fund&Grow, for example, offers private getaways and vacations. So, I recommend studying the business credit building marketplace before you sign up. 

Final Takeaway

The answer you&#;ve been waiting for: Can you believe the positive Credit Suite reviews? Probably.

It sounds like users are happy with their results and that Credit Suite&#;s customer service is impressive. The service is legitimate and seems capable of coaching you to get large lines of business credit, as long as you work the program. Furthermore, the white label service is a standout feature not offered by direct competitors.

However, I wouldn’t recommend the credit monitoring software that Credit Suite offers &#; I say check out Nav instead. And, if you’re interested in the white label product, reach out and talk to some people who have purchased it because there are many comparable finance software products that could be a better fit. Now, if you’re looking to boost your business credit score and obtain large business lines of credit without paying high origination fees, learn how to obtain $K in business credit in 30 days.

Filed Under: ArticlesTagged With: business credit building, credit suite, financial service review

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Credit Suite Review [Requirements + Loan Breakdown]

Credit Suite is a company you can trust to deliver exceptional customer service and to help you build your business credit. Short-term business loans aren’t linked to your SSN but rather the business’s EIN and have no collateral or cash flow requirements.

In this review, we’ll go over types of loans, the loan application process, requirements, pricing, and more.

Credit Suite Overview

Looking at hundreds of recent Credit Suite reviews it is clear that the company’s main aim is to help entrepreneurs obtain loans, credit lines, and business credit to grow their small businesses, whichaccording to statistics start with less than $10, This is done through a big network of investors. Credit Suite’s innovative white label Business Finance Suite gives clients the opportunity to provide financing and credit to customers.

What Does Credit Suite Offer to Borrowers

With 14 different financing plans, you are bound to find the perfect fit. Considering hundreds of reviews of Credit Suite business loans, it is clear that many small business owners who get a ‘No’ from banks, can get a ‘Yes’ from Credit Suite.

Regardless of your revenue, credit quality, or collateral, all small business owners are eligible for one or more of the financing options. Credit Suite connects borrowers to hundreds of lenders (who individually have their own terms and conditions) in their network. Giving borrowers with all kinds of backgrounds a few options to choose from and guaranteed results.

Let’s have a closer look at the various financing options:

Credit Line Hybrid Financing

This option is perfect for startups and entrepreneurs who need acash injection to make sure they stay afloat. Funding amounts range between $5,$,. Many people in their Credit Suite customer reviews claim that the qualification process is easy and the lender will only look at yourcredit score, which should be at least Luckily, that&#;s below the average in the US. If your credit score is low, you can qualify with a personal guarantor. The entire application and funding process can take between days.

Business Revenue Financing

Perfect for business owners who have bad credit, andthere are a lot of them. A simple online review of your business’ bank statements can have you approved within 3 days for a funding amount of up to $,. Annual revenue should be at least $, and you have to be at least 12 months in business.

Merchant Financing

Perfect for business owners with excellent cash flow. Funding amounts range between $5,$,. As long as you have consistent deposits over the past 6 months, you can be approved within 24 hours and have access to funds within 72 hours. Reviews of Credit Suite borrowers state that 80% of clients return to apply for this plan numerous times.

Account Receivable

If you want to ensure cash-flow because of outstanding account receivables, then this program is for you. Funding amounts range from $10,$20 million. Only requirements are that your business should be at least 1 year old and you should be able to provide collateral of account receivables.

Purchase Order Financing

Excellent financing option for business owners who have large orders to fill without wanting to use their cash flow. Approval amounts range from $5,$20,.

Small Business Loans (SBA)

Get approved for amounts between $,$12 million. Payback terms are much longer and can be taken out on 10,15, and 20 years terms. With a low-interest rate of 5%-6%, CreditSuite.com reviews claim that this is an excellent financing option. Requirements: 50% of the loan amount as collateral, good credit score, and financial statements.

Other

Additionally, you can apply for other more specific financing plans that include:

  • Inventory financing
  • k plan financing
  • Securities-based line of credit
  • Equipment financing and leasing
  • House reseller financing
  • Commercial real estate financing
  • Private money
  • Book-of-business financing

These plans have approval amounts ranging between $5,$12 million. Requirements range from bad FICO scores to average. Pre-approval takes less than 24 hours and funding can take between days.

Before you decide to opt for some of these loans, you should compare the alternatives there are on the market such assmall business credit cards,crowdfunding platforms, andpeer-to-peer lending.

Pricing & Repayment

Credit Suite pricing is very dependent on different lenders’ terms and conditions. Typically exclusive unsecured financing plans offer a very low introductory interest rate of 0% for the first months. After this period, interest rates increase to 5%+.

Application fees are also dependent but range between 9%% once funding has been approved. Verified Credit Suite reviews state that these fees are very low compared to other business loan companies in the industry.

Depending on the kind of financial plan you opt for, you will have repayment terms of between months or 10,15, and 20 years.

A great selling point is that you can get approved from different lenders as much as times, which increases your line of credit.

How to Apply for a Loan With Credit Suite?

The online application process takes only a few minutes and is completely free.
Here is a step-by-step guide to the process:

Step 1: Complete a quick 5-minute pre-qualify application at https://my.creditsuite.com/qualifier-form/

Step 2: Provide the following information:

  • Name and Surname
  • Contact details
  • Birthdate
  • Business name
  • Personal credit score
  • Monthly Gross Revenue
  • Information on business owned collateral

Step 3: Schedule a free minute consultation with a finance officer online, or alternatively phone ()

Step 4: Pick the best suitable financing plan and provide any further information.

Step 5: Upon approval, review, and e-sign closing documents.

Step 6: Receive funds within days.

Credit Suite Alternatives

If you&#;re not sure whether or not to apply with Credit Suite, take a look at how this company competes with others:

CompanyWinLoseBest for
Credit SuiteThere are great educational resources The funding process may be longer than seven daysBusinesses with a bankruptcy claim
National FundingAvailable discount for individuals who can repay earlierTight repayment termsStartups With a Reliable Growth Forecast
Biz2CreditQuick fundingIt’s not a direct lender but a platformSmall businesses
LenCredWith their credit cards, there are 0 cash advance feesHigh feesGetting funds for startups

Credit Suite offers many financial options to businesses, but also it offers them guides and excellent customer support. It’s a suitable choice for anyone because this company doesn’t have a requirement for years in business.

Is Credit Suite Worth It?

Working with legitimate funding programs and lenders, Credit Suite is enabling its clients to be approved for credit lines even if the odds are stacked against them. Using the expertise of financial officers, Credit Suite connects all its potential customers to a vast network of credit providers. While negotiating the best rates and terms on your behalf.

Excellent online Credit Suite reviews are testimony enough that the company is perfect for small business owners looking to build their credit. As well as obtain a line of credit without any requirements and super low rates.

Where Credit Suite Dominates

No collateral 
High funding amounts
Excellent customer support and consultation advice
Low-interest rates
Applicants with low credit scores are eligible 

Where Credit Suite Falls Short

The funding process is lengthy
Too many options might confuse certain users
No 24/7 customer service

Credit Suite is the best for businesses with bankruptcy claims. Additionally, it offers many financial funds with different amounts and requirements.

FAQ

What is the level of customer service availability?

You can phone a Credit Suite loan consultant on () during their office hours, Monday-Friday 9 am-7 pm. Closed on weekends. Alternatively, you can contact them via email on [email&#;protected] Credit Suite has an active social media following, and you can follow them on Instagram, Facebook, and Twitter for the latest news.

What is Credit Suite’s BBB rating? Is it accredited?

Founded in , Credit Suite is not yet accredited. Regardless, Credit Suite reviews on the BBB website are excellent with an A+ rating.

Who is Credit Suite business loan best for?

Best for entrepreneurs and business owners who have bad credit, bankruptcy claims, and who can’t get approval for loans from banks. As well as business owners who need assistance in approaching lenders and negotiating the best terms.

ABOUT AUTHOR

Terry Stancheva

I am a curiosity-driven creature searching for answers — and questions — in the digital realm. From marketing through online business creation to software tools — I am fascinated by everything that can make life easier. When not looking for meaning, yoga and good food keep me grounded.

Sours: https://reviewcom/reviews/business-loans/credit-suite/
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U.S. WEBSHARK

Credit Suite is Worth the Money!

Credit suite is to go to place to make sure you have the list needed to successfully build an outstanding credit portfolio using the experience of professional counselors that have your best interest along the way.

They check in you daily at times , weekly, abd make you accountable if the see you falling behind with your tasks.

I rank them A-Plus in my book.

Monty

Clements Estates LLC

The best Customer Service Team I have ever come across

In my line of business and my years of experience dealing with customer service agents, I haven't seen any other company's CSR that's close to Credit Suites' in the area of consistency in customer service excellence. I sincerely mean every bit of my words! They go, all the way to answer all of your questions with clarity, above to tell you what you are doing well and what you need to improve on, and then beyond by recommending the next steps to take your business credibility and credit worthiness to next level. All these they do without being in a hurry to end phone calls. The Customer Reps are very knowledgeable, courteous, friendly and empathetic. Sometimes, I wonder if there are other incentives Credit Suites' CS representatives get which makes them commit themselves to ensuring that their clients become successful. You undoubtedly have the best agents and this is amazing!

Thanks for your review! We love to hear that you are having a great experience with the business credit builder and our team members.

I'm getting great service from Credit Suite.

I did everything the way credit suite told me, and my results are very rewarding. I have received 3 lines of credit in tier 1 and waiting to see the lenders report my payment history. Credit Suite continues to check to see if I'm on task and if I have any questions. I feel I'm getting the best service on earth.

mark Jungblut

From my first call with Lane

From my first call with Lane. He was great. Explained thing in such a way I did NOT feel pressured. He touched bases with me for, I think about six month. He called one day and I was finally ready and just needed to transfer funds to get the ball rolling. From start to finish he was Awesome to work with. I hope and pray that I can find people of his caliber to be on my team

Because I have been actively studying&#;

Because I have been actively studying Business Credit Building for at least 10yrs, and also I have founded a corporation about 10 yrs ago and then had to dissolve the corp because I had no idea what to do next. I used another source at 10yrs ago for the process and based on all the things that other sources years ago stated that as a "don't do" when incorporating is exactly what they did to incorporate me. So without remorse, I continued my quest. Now that I have found Credit Suite (CS), that totally complemented much of what I have learned overtime, and more that they have incredibly researched in the most excellent way ever, I had to join their Building Business Credit and Financing for your EIN that is not connected to you SSN (BBC) was a no brainer to join. There is not a day I have no doubt about my future success in achieving my goals in a short time. The program is solid and very creditable. I have seen so many other business credit building gurus on the internet, and none made any sense to me. I cannot tell you how Credit Suite dropped in my lap, what I can say, they had to have dropped from the Sky, of my own creation to my need. Because"OH HEAVENLY GLORY" is the way this program is. Now I have to mention the fact that I trust the BBC program with CS, because of the knowledge and additional information they provide "TY Crandall" specifically in his videos, as well the Advisors of the program is priceless. much more supportive than any programs I have ever been in. Again Priceless. I am the same as Ty Crandall states, I tend to have the weakest strength of being rich in information giving it away for free with no guilt of doing so. I love the Partner program, quite natural, I had to join the Ultimate Partner Program, with my add ons that makes this business venture, and potential of income a great asset probability to a greater way of getting the message to many for free (due to all of the available free content) and income possibilities are equally a value to any client and the Business Credit Building partner to their businesses. There is nothing on the market that is anywhere near what this program offers, Credit Suite is hands down, the best. Oh, before I close, I have to say that because of my additional goal to my income-generating future, Credit Suite is a complement to my knowledge increase prior to my becoming a funding source on another level. I'll already be ahead of the training program, by the time I am ready to actuate that program. I love the Credit Suite platform of valuable products and services. I know you guys really dropped from the skySmile!

Alethia Hines

This company seems to go above and&#;

This company seems to go above and beyond to ensure that everyone has an opportunity to build business credit regardless of their financial situation. Even though I currently can't afford the Core program they have continuously kept in contact with me to keep me posted about other options available. No hard selling or pressure. Just sincere intention to help and now I'm even more motivated to make my business fundable with their Genesis program. I'm so grateful for this and Ty Crandall.

Packed with Value from Day 1

I've just signed on to the program, but I'm truly amazed at how much value Credit Suite offers -- even before you purchase a product from them. The amount of information and resources they give for free is incredible, especially with how many "gurus" are in the space that give no info and expect you to pay a fortune to learn anything. Very much looking forward to seeing what the future holds with Credit Suite in my corner.

Credit Suite is Amazing!!! Small Business Owners one of the best invests you can make

Credit Suite is one of the best investments you can make as a small business owner. I have been an never ending loop in the past trying to figure out our to get access to credit that I am entitled to as a small business owner. I've paid people in the past that has made promise after promise only to be disappointed. Credit Suite lays the blueprint out SOOO crystal clear. They give up the secret sauce. If you follow there well laid out plan step by step you cant fail. Their customer service is exceptional. I got stuck a couple of times and Keith called me right back or was there to assist. Simply said if you are in need of credit repair or establishing credit Credit Suite is where its at and trust me I've been around the credit block trying to establish my credit. Results driven, simple and informative!! I feel like I found a serious gem.

Andre Wheatley

This is the absolute best program I&#;ve&#;

This is the absolute best program I&#;ve ever use for building business credit. Everything is upfront and the customer service is second to none. I was very skeptical about buying a system for credit online seeing as though it seems like everybody and their the third cousin is offering credit strategies however this system has proven to do everything it said it would do plus more.

What a A+ Company created by A+&#;

What a A+ Company created by A+ people!! The white label program is an indication that Credit Suite is not egoistic and very in touch with their humanity. It is quite clear that they want to see all of us win. It feels really proud to be an American and even lucky to have come across such a program! Thank you all!

Sours: https://www.trustpilot.com/review/creditsuite.com

Credibly Review

Check out our Credibly review to learn if this option is right for you. Win more money by knowing all the facts.

This review was updated in August (as were other Credit Suite reviews).

Credibly is one of several online lending companies. They are actually an emerging Fintech platform. They also provide SBA PPP loans. So, is Credibly an SBA lender? The answer is yes; they even provided Credibly PPP loans when available.

They can provide small business funding for working capital or small business expansion.  You can also get a line of credit through them, equipment financing, invoice factoring, and merchant cash advances.

Credibly Review: Background

Credibly is located online here: www.credibly.com. Their physical addresses are located in Southfield, Michigan; New York, New York; and Scottsdale, Arizona.  You can call them at: () Their contact page is here: www.credibly.com/contact.

You can email them at: [email&#;protected].

 Content Business Credit and Financing Guide1 2 - Credibly Review

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet.

Credibly Review: Qualification Requirements

Your company has to in business for at least 6 months at the minimum. In addition, you need to have at least $15, in monthly revenue. You must have a personal credit score of or better.

Credibly also will want to review your most recent three months’ worth of bank statements while they consider whether to grant your application for funding.

Credibly offers $5, to $, in funding. Get money fast – within 24 – 48 hours.

Credibly will perform a soft credit pull only to check your qualifications. But before you receive funding, Credibly will do a hard pull which will appear on your credit profile and may affect your credit score.

In addition, they will want a personal guarantee. They do not require you to provide collateral.

Working Capital Loans

Get up to $, in funding. Terms are 6 to 18 months. Pay factor rates as low as For loans over $,, they want to see your most recent business tax return.

Business Expansion Loans

Get up to $, in funding. Terms are 18 or 24 months. Interest rates start at %. You must have a FICO score of or better and three or more years in business. Also, you must have $3, or more in average daily balances.

Credibly Review: Fees

Pay a one-time % of the total loan amount set up fee. This fee is deducted from your proceeds. Rates start at %.

Lines of Credit. Invoice Factoring, and Equipment Financing

These forms of funding are only available through Credibly’s network of external funding partners.

Merchant Cash Advances

Get up to $, in funding with merchant cash advance loans. Duration is anticipated to be 3 to 18 months. Pay factor rates as low as Automatic remittances are tied to your receivables.

swatch - Credibly Review

Credibly Review: Advantages

Advantages include a short time in business requirement. A short time to funding is also attractive.

Credibly Review: Disadvantages

One set of disadvantages are that they will want a personal guarantee and they will do a hard pull on your personal credit.

For startup companies and their founders in particular, who are often on some shaky financial ground to begin with, this could prove problematic. For these sorts of companies and business owners, a better choice might be to try crowdfunding or angel investing if either is possible. In that way, a business owner’s personal assets would be safer. And, their personal credit would not be affected.

Alternatives

The best alternative to using any online lender, including Credibly, is to build business credit. Building business credit gives you more options. And Credibly may turn out to best the best choice after all. But it’s better to have the choice than to just have to settle for one funding provider, yes?

What Business Credit Is

Corporate credit is credit in a company’s name. It doesn’t attach to an owner’s consumer credit, not even if the owner is a sole proprietor and the solitary employee of the corporation. Consequently, an entrepreneur’s business and personal credit scores can be very different.

The Advantages

Due to the fact that small business credit is separate from consumer, it helps to protect an entrepreneur’s personal assets, in the event of court action or business insolvency.

Also, with two distinct credit scores, a business owner can get two different cards from the same merchant. This effectively doubles purchasing power.

Another advantage is that even startups can do this. Visiting a bank for a business loan can be a formula for disappointment. But building company credit, when done properly, is a plan for success.

Personal credit scores rely on payments but also other elements like credit utilization percentages. But for small business credit, the scores truly just hinge on if a corporation pays its invoices on time.

The Process

Growing small business credit is a process, and it does not occur automatically. A small business has to actively work to build business credit. That being said, it can be done easily and quickly, and it is much faster than establishing consumer credit scores. Vendors are a big aspect of this process.

Carrying out the steps out of order will lead to repeated rejections. Nobody can start at the top with corporate credit. For example, you can’t start with store or cash credit from your bank. If you do you’ll be denied % of the time.

Company Legitimacy

A business needs to be reputable to lending institutions and vendors. As a result, a company will need a professional-looking web site and e-mail address, with website hosting purchased from a merchant like GoDaddy. And company phone numbers ought to be listed on ListYourself.net.

In addition the company telephone number should be toll-free ( exchange or the equivalent).

A small business will also need a bank account devoted purely to it, and it must have all of the licenses essential for operating. These licenses all have to be in the identical, appropriate name of the small business, with the same corporate address and telephone numbers.

So note that this means not just state licenses, but potentially also city licenses.

Working with the IRS

Visit the IRS web site and obtain an EIN for the small business — they’re totally free. Select a business entity such as corporation, LLC, etc. A company can begin as a sole proprietor but will more than likely wish to change to a variety of corporation or partnership to limit risk and maximize tax benefits.

A business entity will matter when it concerns tax obligations and liability in the event of a litigation. A sole proprietorship means the entrepreneur is it when it comes to liability and tax obligations. No one else is responsible.

If you run a business as a sole proprietor at the very least file for a DBA (‘doing business as’) status. If you do not, then your personal name is the same as the small business name. Hence, you can find yourself being directly liable for all company debts.

Also, according to the IRS, with this structure there is a 1 in 7 possibility of an IRS audit. There is a 1 in 50 possibility for incorporated businesses! Prevent confusion and dramatically lower the odds of an IRS audit as well.

But don’t look at a DBA filing as being anything more than a steppingstone to incorporating.

Instigating the Business Credit Reporting Process

Begin at the D&B web site and get a free DUNS number. A DUNS number is how D&B gets a corporation in their system, to generate a PAYDEX score. If there is no DUNS number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s websites for the business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for accuracy and completeness. If there are no records with them, go to the next step in the process. This way, Experian and Equifax will have something to report on.

Trade Lines

First you must build trade lines that report. This is also called vendor credit. Then you’ll have an established credit profile, and you’ll get a business credit score. And with an established business credit profile and score you can begin getting revolving store and cash credit.

These kinds of accounts have the tendency to be for the things bought all the time, like shipping boxes, outdoor work wear, ink and toner, and office furniture.

But to start with, what is trade credit? These trade lines are creditors who will give you preliminary credit when you have none now. Terms are often Net 30, instead of revolving.

Therefore, if you get approval for $1, in vendor credit and use all of it, you will need to pay that money back in a set term, like within 30 days on a Net 30 account.

 Content Business Credit and Financing Guide1 2 - Credibly Review

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet.

Details

Net 30 accounts have to be paid in full within 30 days. 60 accounts must be paid completely within 60 days. Compared to with revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you used.

To start your business credit profile the right way, you ought to get approval for vendor accounts that report to the business credit reporting agencies. When that’s done, you can then use the credit, pay back what you used.

Then the account is reported to Dun & Bradstreet, Experian, or Equifax.

Not every vendor can help like true starter credit can. These are vendors that will grant an approval with minimal effort. You also need them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

Revolving Store Credit

Once there are 3 or more vendor trade accounts reporting to at least one of the CRAs, move to revolving store credit.

Use the company’s EIN on these credit applications.

Fleet Credit

Are there more accounts reporting? Then move to fleet credit. Use this credit to buy fuel, and fix and maintain vehicles. Make sure to apply using the small business’s EIN.

Bank Credit Cards

Have you been responsibly managing the credit you’ve gotten up to this point? Then progress to bank credit cards. These are often cards from MasterCard. Keep your SSN off these applications; use your EIN instead.

If you have more trade accounts reporting, then these are doable.

Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and deal with any inaccuracies ASAP. Get in the habit of checking credit reports. Dig into the particulars, not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less. Update the details if there are inaccuracies or the details is incomplete.

Disputing Mistakes

So, what’s all this monitoring for? It’s to dispute any mistakes in your records. Mistakes in your credit report(s) can be taken care of. But the CRAs normally want you to dispute in a particular way.

Disputing credit report errors typically means you send a paper letter with copies of any evidence of payment with it. These are documents like receipts and cancelled checks. Never send the originals. Always send copies and retain the original copies.

Disputing credit report inaccuracies also means you specifically itemize any charges you contest. Make your dispute letter as crystal clear as possible. Be specific about the problems with your report. Use certified mail so that you will have proof that you sent in your dispute.

 Content Business Credit and Financing Guide1 2 - Credibly Review

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet.

A Word About Business Credit

Always use credit responsibly! Don’t borrow beyond what you can pay off. Monitor balances and deadlines for repayments. Paying punctually and fully will do more to boost business credit scores than nearly anything else.

Building business credit pays off. Good business credit scores help a business get loans. Your creditor knows the corporation can pay its debts. They understand the small business is bona fide.

The small business’s EIN attaches to high scores, and lenders won’t feel the need to demand a personal guarantee.

Business credit is an asset which can help your company for many years to come.

Credibly Review: TakeawaysCredibly review Credit Suite2 - Credibly Review

Companies that do best on Credibly will be fairly new players but with relatively meteoric rises.

So a business owner asking for a loan should be prepared for a hard pull on his or her personal credit scores, which will impact those scores. However, this is just like all hard pulls do.

If an entrepreneur does not have the wherewithal to ride out a slightly lower personal credit score for a couple of years, then Credibly is not for them.

And finally, as with every other lending program, whether online or offline, remember to read the fine print and do the math. Go over the details with care. Decide if this option will be good for you and your company.

In addition, consider alternative financing options that go beyond just lending. These include building business credit and unsecured business financing. This is in order to best decide how to get the money you need to help your business grow.

Today, we want to hear from our audience! Share your voice with us about your experiences with online lenders and give us your own Credibly review.

Sours: https://www.creditsuite.com/blog/credibly-review/

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