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The Ultimate Guide to Securing Credit for Your Business
In a perfect world, every business would have an unlimited supply of cash on hand to cover any and all expenses. But we all know that's not the case. In fact, most businesses need to rely on credit in order to expand and grow. Thankfully, there are ways to build business credit without breaking the bank. In this blog, we’ll tell you everything you need to know about building business credit in 2022. So make sure to read until the end so that you can learn how to add 15+ tradelines fast!
Adding tradelines is one of the most effective ways to build business credit. But what exactly are tradelines? Tradelines are lines of credit that are extended to your business by creditors. They appear on your business credit report and help improve your credit score. The more tradelines you have, the better your chances of getting approved for loans and other forms of financing.
But before you even add tradelines, you need to make sure to establish your business credit reports first. This is how lenders will verify that you exist and are a legitimate business. Now, keep in mind, these are the same exact steps that we take to help all of our business credit clients so make sure to pay close attention.
If you don't have a D-U-N-S number, that's the very first thing you need to do. It's free and it's easy to get, just go to DNB.com and sign up for one. Once you have your D-U-N-S number, the next thing you need to do is sign up for a business credit monitoring service. This will help you track your business credit reports and scores so that you can see your progress over time.
There are a lot of great business credit monitoring services out there, but our business credit builder program includes one with Nav at a discounted rate.
But, how exactly are tradelines going to report so that you can generate a credit score?
In order to do this, you need to get started with Net-30 vendor accounts. Net-30 vendor accounts are lines of credit extended to your business by suppliers. They allow you to buy inventory and pay for it later. Most businesses need inventory to operate, so this is a great way to get started.
Keep in mind that not every vendor reports to the business credit bureaus, so you need to make sure that the ones you're working with do. It can be time-consuming to find this information and vendors may suddenly decide to stop reporting, so we designed our program to do all the work for you.
We’ve already gone out and found the best Net-30 vendors that report to all three business credit bureaus, so you can just pick and choose which ones you want to work with. This will save you a lot of time and hassle in the long run. Once you’ve made a purchase, the vendor will report your on-time payment history to the credit bureaus. This is called a payment experience and usually takes about 45 days to report.
This is how you'll start to generate a business credit score. And as you can see, it's not that difficult to get started. In fact, you can add 15+ tradelines fast by following these simple steps.
If you’d like more information about our business credit builder program, schedule a call to speak with one of our Business Advisors here: https://calendly.com/dispute-nation/businesscredit
