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United Settlement » Page » Business Credit Scores

Business Credit Scores

August 24, 2017

Business credit is secured in the name of a specific business, and in turn, it helps a business build and enhance its own credit profile and score. Over time, a well-established credit profile helps a business qualify for additional credit. Importantly, Business credit remains solely in the name of the business (not in the names of the business owners) and is based solely on the ability to pay of the business, not that of the business owners. In fact, since it is the business that qualifies for the credit, in many cases there will be no personal credit check performed on the business owners themselves.

Business credit is associated with a business name and is linked to the employer identification number (EIN) of the business. Significantly, it is credit that a business owner can obtain that is separate from a personal social security number (SSN). When built shrewdly and skillfully, the SSN isn’t even supplied on the business credit application, resulting in no personal credit check performed throughout the process of pursuing and obtaining business credit.

After applying for vendor financing or a small business loan, the vendor or lending institution will retrieve identifying information related to your business name, address, and EIN number. This information is then sent to business credit reporting agencies who furnish the lender a report with all relevant credit information related to your business. An inquiry is placed on your business credit report, a lending decision is made, and any business credit successfully obtained is reported to the business credit reporting agencies – not to the personal consumer credit reporting agencies.

At the risk of being redundant, it is important not to furnish your personal SSN on any application for business credit. Instead, supply only the business EIN, and this will result in the lending decision being made solely on the business’ perceived ability to pay – and not that of any of the individual business owners.

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Related to: Business Credit Scores

  • Small Business Debt Relief 
  • Business Debt Relief
  • How to improve your credit score
  • Business Bankruptcy Alternatives
  • Free Business Debt Calculator
  • Results, Debt Settlement Letters
  • Business Debt Restructuring

Building Business Credit

Furthermore, since business credit scores are based primarily on a successful payment history (as opposed to consumer credit scores which are based on payment history, utilization and several other factors) a business can build a strong credit score quickly under an EIN. It can often require as few as three reported accounts to establish an excellent business credit score, with most vendors typically reporting to business reporting agencies in fewer than ninety days.

Vendors will often grant credit on what are known as “net 30” terms, giving the business thirty days to pay off the balance in full. After your business has accumulated a minimum of five payment experiences (when the vendor reports to business credit agencies that your business has paid off a balance) your business will have begun to establish a business credit profile, and it then becomes easier to receive store credit cards from the likes of Walmart, Staples and Office Depot. When your business accumulates over ten payment experiences, VISA, MasterCard and American Express offer grant additional business credit cards that do not require a personal credit check.

Business Credit Scores

Building business credit is a relatively straightforward process separate and apart from building and maintaining personal credit. By following relatively straightforward steps, your business can build a healthy credit profile by securing Net 30 terms from vendors and paying off balances in a timely manner.

Establishing a successful payment history with vendors leads to the secure of revolving business credit through store credit cards with significant purchasing capacity, followed by earning significant credit lines with VISA, MasterCard and American Express.

Experian, Transunion, Fico credit reporting agencies

Excellent
Based on 377 reviews

Overall 4.4 out of 5 stars

View All Reviews
March 14

That when it seems like nobody can help United will.

This was a great experience for me. I am just starting but Madelene Gallon made me feel like we were friends for years. She tried to make me feel that she would help me and make sure I got the best deal from United. I hope this...

Annette Huggins
March 01

Kind and caring

Had been searching for a while for a company I could trust to get me out of crippling debt. Really didn’t think it was possible. Spoke to Ben at United Debt and he assured me that not only was it possible, but it would be fairly...

Kiirstin
March 01

Kind and caring

Had been searching for a while for a company I could trust to get me out of crippling debt. Really didn’t think it was possible. Spoke to Ben at United Debt and he assured me that not only was it possible, but it would be fairly...

Kiirstin
February 28

Quick, easy assistance!

I've been working with Ben at United Debt to help me organize and get out of debt for once - I've been dealing with debt for ages and Ben showed me some simple ways to begin dealing with things to keep me from bankruptcy or worse....

Dylan
February 14

I need help

I really appreciate

Takota Carrie
December 21

Great!

Renika went above and beyond today to help me. She is wonderful to work with! Thank you again Renika for all of your help today! Happy Holidays to you!

JONICA Amber PIRON
December 20

Paying back

They where great listeners

Jayvon
December 14

Everything

Thanks

Shawn abetha
November 23

Do your home eork

Paid several thousand dollars and nothing done. Ended up settling 90%by myself. This is a preatory company. So do your homework. This will never post.

Robert Phillips
November 18

Customer service is truly helpful

Renika was so helpful. My account was paid off but I kept receiving notifications. She cleared up the situation.

Dm
November 16

Great Customer Service

Renika did a wonderful job handling my questions and transactions. She is very patient on the phone and took care of my needs accordingly.

Jose Rosa
November 03

Very helpful

Renika did a great job in answering all of my questions in a timely manner. She was polite and friendly. Keep her on the payroll.

Russ
October 31

What's Important to me is United Settlement Costumer service !

United Settlement Costumer service is Amazing Everyone is Professional . I am so happy choosing them with my card Debt. thank you all for helping me out .

Anthony Desoto
August 23

That this company has integrity!

A responsive company that keeps it clients up to date and fully informed. I like the fact that I can send them a text and be guaranteed an answer within 24 hrs.

Ri cky
June 04

Professional and focused on facts and truth not hype. Excellent. We want to know facts.

Great work very professional and great updates. Communication is excellent.

Jerry Bolandis
October 25

trust them

Excellent. Also each time i call there they treat me with respect even though they are probably thinking jerk . You sure have made mess of your life. but they have been taught to smile smile smile. this agency is just awesome....

janice head
August 01

Thanks for all your help and negotiations.

Thanks for the update! I have faith in you guys and will continue my payments. Thanks for all your help and negotiations.

Scott W O'Neill
July 30

That A Settlement Was Entered.

I Absolutely Love You All At United Settlements. You All Have Saved My Credit Solutions. I Would Refer Everyone To You Services.

Cassandra Robinson
July 16

The results of the settlement attempts.

So far, I have found United Settlement more than satisfactory. Very conscientious and very efficient in providing a service in debt settlement. Thank you and all the members of your team who are assisting in bringing me new life. ...

Mildred Yvonne Sherron
July 16

Tough Financial Hard Times During Covid-19

I signed up with United Debt Settlement because of large credit card debts, which had taken a financial toll on my credit. UDS has an outstanding reputation assisting clients like me achieve financial recovery and success. During...

Diana Cardona

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Excellent

Based on 377 reviews.
Overall 4.4 out of 5 stars

View All Reviews

Annette Huggins

March 14

That when it seems like nobody can help United will.

This was a great experience for me. I am just starting but Madelene Gallon made me feel like we were friends for years. She tried to make me feel that she would help me and make sure I got the best deal...

Kiirstin

March 01

Kind and caring

Had been searching for a while for a company I could trust to get me out of crippling debt. Really didn’t think it was possible. Spoke to Ben at United Debt and he assured me that not only was it possible,...

Kiirstin

March 01

Kind and caring

Had been searching for a while for a company I could trust to get me out of crippling debt. Really didn’t think it was possible. Spoke to Ben at United Debt and he assured me that not only was it possible,...

Dylan

February 28

Quick, easy assistance!

I've been working with Ben at United Debt to help me organize and get out of debt for once - I've been dealing with debt for ages and Ben showed me some simple ways to begin dealing with things to keep...

Takota Carrie

February 14

I need help

I really appreciate

JONICA Amber PIRON

December 21

Great!

Renika went above and beyond today to help me. She is wonderful to work with! Thank you again Renika for all of your help today! Happy Holidays to you!

Jayvon

December 20

Paying back

They where great listeners

Shawn abetha

December 14

Everything

Thanks

Robert Phillips

November 23

Do your home eork

Paid several thousand dollars and nothing done. Ended up settling 90%by myself. This is a preatory company. So do your homework. This will never post.

Dm

November 18

Customer service is truly helpful

Renika was so helpful. My account was paid off but I kept receiving notifications. She cleared up the situation.

Jose Rosa

November 16

Great Customer Service

Renika did a wonderful job handling my questions and transactions. She is very patient on the phone and took care of my needs accordingly.

Russ

November 03

Very helpful

Renika did a great job in answering all of my questions in a timely manner. She was polite and friendly. Keep her on the payroll.

Anthony Desoto

October 31

What's Important to me is United Settlement Costumer service !

United Settlement Costumer service is Amazing Everyone is Professional . I am so happy choosing them with my card Debt. thank you all for helping me out .

Ri cky

August 23

That this company has integrity!

A responsive company that keeps it clients up to date and fully informed. I like the fact that I can send them a text and be guaranteed an answer within 24 hrs.

Jerry Bolandis

June 04

Professional and focused on facts and truth not hype. Excellent. We want to know facts.

Great work very professional and great updates. Communication is excellent.

janice head

October 25

trust them

Excellent. Also each time i call there they treat me with respect even though they are probably thinking jerk . You sure have made mess of your life. but they have been taught to smile smile smile. this...

Scott W O'Neill

August 01

Thanks for all your help and negotiations.

Thanks for the update! I have faith in you guys and will continue my payments. Thanks for all your help and negotiations.

Cassandra Robinson

July 30

That A Settlement Was Entered.

I Absolutely Love You All At United Settlements. You All Have Saved My Credit Solutions. I Would Refer Everyone To You Services.

Mildred Yvonne Sherron

July 16

The results of the settlement attempts.

So far, I have found United Settlement more than satisfactory. Very conscientious and very efficient in providing a service in debt settlement. Thank you and all the members of your team who are assisting...

Diana Cardona

July 16

Tough Financial Hard Times During Covid-19

I signed up with United Debt Settlement because of large credit card debts, which had taken a financial toll on my credit. UDS has an outstanding reputation assisting clients like me achieve financial recovery...

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