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Why Your Business Should Have a Line of Credit

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Access to capital when it is needed is one of the key issues facing small-business owners. A lack of access to money can spell serious trouble in the business world, and has been the downfall of an unfortunate number of otherwise sound businesses. Cash flow problems have a variety of causes. Tardy accounts receivable, errors in calculating inventory, temporary economic downturns, and taking on more employees in anticipation of an increase in business that fails to materialize can all put a kink ...

Why Bad Credit Is Bad for Business

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Small-business owners know that having bad business credit can limit their access to capital. Banks view lending to businesses with poor credit as a high-risk proposition and will charge higher interest rates, if they are willing to lend to them at all. But, difficulty securing access to capital is not the only problem that credit-challenged businesses face. The truth is, bad credit is bad for business in a number of ways. Reputation Is Everything What can be inferred from a business’s ...

Removing Wrong Information From Your Business Credit Report

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Your credit score impacts the interest rate you pay for credit cards, home mortgage, car loans and, in some cases, stops you from even getting loans like these. You’ll also pay double the amount for interest with bad credit. Make no mistake. Bad credit is costly. If there is a mistake on your credit report, then take the time to get it off. It can save you thousands of dollars. There are three reporting agencies that make up your FICO credit score. These agencies are required by law to ...

Can You Build Business Credit Without a Social Security Number?

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For credit-savvy small-business owners, establishing a credit rating under their business’s name is a top priority. A creditworthy business shields its owners from liability for business debts, and makes the task of record-keeping and filing taxes easier. Business credit also helps small-business owners avoid damaging their personal credit ratings by putting large business expenditures under their own names, which can distort their debt-to-limit ratios, making it difficult to qualify for ...

Is Your Business Credit Rating Costing You Money?

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A business’s credit rating is an indicator of the likelihood that it will pay its bills on time, but that’s not all it is. The truth of the matter is that if your business has poor credit it could be costing you money, even if you don’t have a business loan or an outstanding balance on your line of business credit. So, how can your business’s credit rating cost (or save) you money? Your Credit Is Your Reputation While it’s true that a business’s reputation is ...

Are You Treating Your Personal Credit as an Asset?

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There’s all kinds of statistics out there about how often businesses fail, and what causes them to fail. According to Michael Gerber, who authored The E-Myth, 80% of businesses fail within 5 years. Then, of the 20% that remains, another 80% of them fail between years 5-10. Regardless of whose stats you choose to adhere to, there’s one common cause that is on almost every list of reasons why businesses fail. Many businesses fail because they lack access to adequate capital. In my opinion it ...

Stay Alerted to Changes in Your D&B® Business Credit File With CreditSignal®

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CreditSignal® – The First FREE Credit Report for Your Business When a prospective lender, bank, or vendor requests a copy of your D&B credit scores and ratings, does the information contained in your credit file inspire confidence? Do potential business partners view your firm as credible, stable, and worthy of financing? Have recent payment events affected your credibility? Protect your reputation and take control of your company’s key credit scores and ratings with ...

How Your Personal Credit Can Affect Your Business

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Most business owners are aware of how important their personal credit is, but only when it comes to their personal finances. Personal credit affects one’s ability to qualify for loans, and credit cards, and the interest rates one can expect to pay when utilizing credit. A favorable personal credit rating can even improve one’s chances of getting a job. Some business owners may not be aware that the manner in which personal finances are managed can bleed over into other aspects of life. Some ...

Why Credit Monitoring Matters

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Having a good business credit rating is important for a number of reasons. Good credit gives businesses access to financing options that they simply would not otherwise have. Not only does it improve the chances that financing will be approved, but it also lowers the cost of borrowing money. So, how does business credit work, why is it so important that business owners monitor their business credit, and how is it done? How Scores Are Calculated A business’s credit profile contains several ...

Small Business Loans on the Rise: Rejoice or Cower?

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In the wake of the Great Recession, a lot of banks decided that they were going to hold on to their money as tightly as possible. Their loan departments remained “open,” but one can imagine that employees either felt a great deal of stress as they tried to meet quotas even though no one met their standards, or that the employees enjoyed a nice working vacation during which they did very little work since hardly any applicants met their standards. Either way, the “open” ...