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To build your business credit profile, you’ll need accounts and vendors that report your payments to the credit bureaus. A business credit card can be a good start.

Business credit cards may also offer benefits and rewards programs that are more helpful to business owners than the features or rewards on a personal credit card.

In addition to opening a business credit card, you can build your business’s credit by opening accounts with vendors that report payments to the business credit bureaus.

You may already have vendors that you pay on terms, but ask (rather than assume) that they report the payments. If they don’t, consider opening accounts with new vendors after verifying they’ll report your payments.

Pro Tip: Pay those vendors early!

Schedule a consult with the attorneys at Main Street Law for additional guidance.

To begin, check your business (and personal) credit. Unlike with personal credit reports, there isn’t a legal requirement for the bureaus to give you free access to your business credit reports. All three of the major business credit bureaus — Dun & Bradstreet, Equifax and Experian — will give you a full copy of your business credit report for a fee, and you can get free access to your Experian and Dun & Bradstreet reports through Nav, a company that helps business owners build and manage their credit.

Similar to consumer credit scores, competing agencies create and sell different business credit scores. FICO®, Dun & Bradstreet®, Experian® and Equifax® all generate their own business credit scores. Some lenders and vendors may also turn to specialty business credit reports when evaluating your business.

Business credit scores range from 0 to 100. Most small business lenders like to see a business credit score above 75, but local lenders may consider lower scores for small businesses or startups.

Facebook Story: Business credit scores range from 0 to 100. Most small business lenders like to see a business credit score above 75, but local lenders may consider lower scores for small businesses or startups.

Schedule a consult with the attorneys at Main Street Law for additional guidance.

After starting a business, you may find that you need to sign a personal guarantee when taking out a business loan or opening a business credit card. This guarantee basically means that you’ll be personally liable for the debt if the business is unable to pay it back — a situation that could put your personal assets at risk. Once you establish business credit, you may qualify for a business loan or credit without a personal guarantee.

Schedule a consult with the attorneys at Main Street Law for additional guidance.