Now that you know the difference between business and personal credit, let’s focus on how to establish business credit. Many vendors and creditors are using business credit report to make decisions on lending.
Establishing business credit may seem like a difficult process but it’s not. Here are a few steps you can take to begin building credit for your business.
How to create business credit
Creating business credit in your company’s name isn’t that difficult. It just requires time but overall very simple. Once it’s setup, it is important to make your payment on time. On time payment equals a healthy profile which improves your ability to obtain credit lines and loans at a more favorable rate.