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The Official Business Credit Building Checklist

The Official Business Credit Building Checklist

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# The Official Business Credit Building Checklist

Every highly successful business in the United States has business credit established. Many of the largest businesses in the world, such as Walmart, have even used their business credit to achieve the immense scale they operate at today. Despite the essential nature of business credit for a company's success, many entrepreneurs are still uncertain about how to establish their business credit.

This checklist will help you establish business credit that's linked to your EIN (Employer Identification Number), and not your SSN (Social Security Number). A significant portion of this credit is available without the need for a personal credit check or guarantee and can be obtained swiftly. Moreover, according to the SBA (Small Business Administration), business credit card limits are typically 10-100 times higher than consumer credit. This increased limit provides you with the capacity to grow and scale your company quickly.

Utilize this checklist while building your business credit to ensure that you acquire the credit you deserve without any hassles along the way.


## Checklist for Building Business Credit:

1. **Obtain an EIN**: This separates your personal and business finances.

2. **Establish a Business Entity**: Create an LLC, Corporation, or other legal business structure.

3. **Open a Business Bank Account**: Use this account exclusively for business transactions.

4. **Register with Business Credit Bureaus**: Such as Dun & Bradstreet, Experian Business, and Equifax Business.

5. **Get a Business Phone Number and Address**: This enhances the legitimacy of your business.

6. **Apply for a Business Credit Card**: Choose one that reports to the major credit bureaus.

7. **Establish Trade Lines with Suppliers and Vendors**: Ensure they report to the credit bureaus.

8. **Pay Bills on Time**: Timely payments are crucial in building a solid credit history.

9. **Monitor Your Business Credit Reports**: Regularly check for accuracy and discrepancies.

10. **Gradually Increase Credit Limits**: Request limit increases as your business grows and as you build a positive credit history.

11. **Avoid Mixing Personal and Business Expenses**: This is crucial for legal protection and credit-building.

12. **Seek Legal and Financial Advice as Needed**: Consult with professionals to ensure compliance and to make informed financial decisions.


By diligently following this checklist, you can establish a strong business credit profile. This will, in turn, open doors for more financial opportunities and resources that are pivotal for the growth and success of your business.
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