The Legal Cafe (TM) "2 coffees and a consult, please!"
Updated: Dec 8, 2019
Topic: Business Credit
Disclaimer: This post and future posts are not considered legal advice; therefore, is not protected under the attorney-client privilege. This post and all future posts on this subject matter are intended to provide information.
With that out of the way, are you ready?
Business credit is a 10 step process. It is easier to establish business credit if you have great personal credit. But what if you don’t have great personal credit? Now what? Well, there is another way to get started. Keep in mind that there is no easy way to jump into excellent credit but with some patience and know how, it is feasible.
Here are the steps. BUSINESS STARTUP---INITIAL STEP: THE BASICS;
STEP 2: Contact Internal Revenue Service (IRS) for Employer Identification Number (EIN) (this is your business social security number) IRS can be contacted by internet at https://www.irs-ein-tax-id-number.com or contact them at 800-829-1040.Step
3. (a-c)a. DUNN & BRADSTREET-Business Credit Bureau, b. Create profile, receive a D-U-N-S Numberc. Monitor monthly for additional clarity, search the website https://www.dnb.com/one-month-free or call (866-584-0283 for more information).
CREDIT TIERS: steps 4-7
Step 4: TIER 1 Creditors (Local creditors-initial level-3 months)
Step 5: TIER 2 Creditors ( Local creditors –intermediate level-3 months)
Step 6: TIER 3 creditors (national creditors-experience level-3 months)
Step 7: TIER 4 creditors (national creditors-experience level 3 months)I hope this has been helpful and thanks for joining us at The Legal Café!
If you need assistance establishing business credit, we can help! Below are the three packages we offer!
1. Gold Package-$500.00 (cover tier 1 only)
2. Silver Package-$1,000.00 (covers tier 2 & 3)
3. Premium Package-$2,000.00 (covers 12 months).