6 Steps to Building Business Credit for Your Client

6 Steps to Building Business Credit for Your Client

Looking to build business credit the right way?

At The Dispute Center, we understand the struggles that business owners face when it comes to personal and business credit issues. That’s why we offer outsourcing services to help your clients build or correct their business or personal credit.  Better credit is their gateway to better business funding at a lower cost. With our expert guidance and six-step business credit process, we will position your clients for maximum funding with the best rates and terms.

We start by checking your business foundation and establishment, review personal and business credit reports, and evaluate credit profiles. From there, we establish any missing business credit profiles, help establish trade accounts, and confirm reporting to your business credit profiles. We then move on to the establishment of revolving trade accounts, laying the groundwork for future funding opportunities.

Although the process of building or correcting business credit can be complicated, The Dispute Center strives to make it as easy as possible for both you and your clients.

Here are the basic steps we take to position your business with the best business credit possible.

Step 1: Checking Compliance:
This step includes the review of the business owner’s business filing and entity setup to determine it is proper, legal, and correct. This allows us to determine the current phase the business is at and the best strategy to move forward. If they are not established, we can help them with their business filing.  If there are any issues with their existing setup, we will work to get the issues corrected.

Step 2: Establishing Business Credit Profiles:
During this phase, we determine if the business has existing business credit profiles.  If not, we will work to establish business credit profiles with D&B, Experian Business, and Equifax Business Credit. If there are existing business credit profiles established, we will review them along with the personal credit reports to determine the best strategy to build or repair their credit profiles.

Step 3: Establishing Trade Accounts:
If the business has no business credit accounts reporting, we assist in establishing trade vendor accounts starting with Net 30 merchant trade accounts. Once the vendor accounts are reporting activity we continue to establish next tier accounts.

Step 4: Business Credit Profile Confirmation:
Most businesses will begin receiving “pre-approved offers” around this time. We monitor reports to confirm that credit files are active and accounts are reporting through all major business credit bureaus that were established in step two.

Step 5: Establishment of Revolving Trade Accounts:
After merchant trade accounts are established, the business credit profile becomes well-rounded through the opening of revolving trade accounts. These accounts lay the groundwork for traditional, bank-type business credit.

Step 6: Opening Business Tax-ID Credit Card:
After a period of time in which the vendor and revolving trade accounts have positive reporting and payment history, we help the business owner apply and receive their first unsecured credit card.  Depending on the age of the business, business revenue, profitability, and overall business profile, the business may receive approval for funding based on the business tax ID instead of their personal social security number.

With our program typically completed within 6-12 months, your clients will be well on their way to building a strong credit foundation.

Don’t navigate the complexities of helping your clients build business credit alone – contact us today to find out more about our business credit building services.

Our dedicated team is here to support you every step of the way. 

Don’t forget to ask about our personal credit programs and lead generation services.