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6 steps to quickly separate personal from your business credit
- Know what your personal credit score is. You can get a free copy from www.annualcreditreport.com.
- You need to know what accounts are on your personal credit before you begin to build your business credit. Make sure that only personal credit accounts are there. This is your baseline.
- Once you have your personal credit report and have rated it, go to Experian.com and search to see if current or any other business you have been involved in is listed there. If it is not, then do the same with Dun & Bradstreet. (www.dnb.com) If your business is not listed at either place, this is a good thing. If it is listed, you will have to pay to get the reports and rate them as well
- Once you researched your personal and business credit , you then need to create a business profile, if none exist at DnB or Experian.
- Once you create your business profile, you need to begin to apply for credit in the business name. You want to make sure you inquirer as to whether or not the creditor will access your personal credit and as to whether or not the creditor will report the credit just given to your business to the “business credit” bureaus only. THIS IS VERY IMPORTANT. Most people fail to separate their personal credit from their business credit because they NEVER ask this question.
- If the creditor confirms that they only report your business credit to business reporting agencies, then you want to apply for this credit. If not, don’t apply.
Continue the process of number 4.
If you have any questions, or need assistance with separating your personal credit from your business credit, please give us a call or you may use our support area to send your request.
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