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Building Good Business Credit After Bad Credit

Can you establish good business credit if you have bad personal credit? The answer is yes...but with a few caveats.

Business credit reports and personal credit reports are generally completely separate databases for legal reasons. However, there are some exceptions in terms of how independent that information may be:

-- If you are operating as a sole proprietor or Limited Liability Company, it is difficult to separate your personal and business credit. A corporation is a much better structure to build a completely independent business credit report.

-- Experian sells a credit score that is a combination of the business owner's personal credit history and the businesses' credit history.

In the early years of a business, the owner will almost certainly be required to personally guarantee loans. However, as you establish a strong business credit rating for your enterprise, you'll have more leverage to negotiate for a loan without your personal guarantee.

A warning: some people try to use business credit file to repeat bad credit habits.

"I've seen people who ruined their own credit go out and start a business, enlist the help of people with good personal credit to be executives in the company, and get major credit cards. They didn't have a real product or service, and the objective was to just get credit. They would inevitably default on the corporate credit lines," says Erik Salmon, Director of Business Credit Services for Innovative Business Services (IBS) and an experienced business credit coach. If that's your intention in establishing a business credit rating, you're better off taking some personal finance courses to learn how to manage your money.

If, however, you legitimately want to make a go of a business, have a solid plan, and are willing to do what has to be done to get it off the ground, then you should let a bad personal credit rating stop you. Building or rebuilding good credit - whether it's personal credit or business credit - is a process. Be patient as you work on both your personal and business credit. The results will be worth it. For more information, visit www.businesscreditsuccess.com.

Ge rri Detweiler is considered one of the country's top credit experts. She has been interviewed for thousands of radio, television and print newstories including USA Today, The Wall Street Journal, The New York Times, Dateline NBC and many others. She has testified before Congress several times and worked on reform of the national credit reporting laws.

In The News:

US blames Iran for drone attack on critical Saudi oil facility
Sat, 14 Sep 2019 09:20:00 +0100
The US has blamed Iran for a drone attack on the world's largest oil processing facility and another major oilfield.

The Americans will see attack on Saudi oil as an attack on them
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One of the two oil facilities struck in the early hours of Saturday morning was recently described by one industry expert as the the Achilles Heel of the Saudi oil industry.

Acres of empty seats as Zimbabwe says goodbye to Mugabe
Sat, 14 Sep 2019 19:47:00 +0100
As Zimbabwean president, Robert Mugabe knew how to fill Harare's cavernous National Sports Stadium.

At least six dead as torrential rain and floods hit Spain
Sat, 14 Sep 2019 09:56:00 +0100
At least six people have been killed and around 3,500 others evacuated in two days of torrential rain in southeastern Spain.

British-Australian woman held in Iran named
Sat, 14 Sep 2019 17:08:00 +0100
A British-Australian woman being held in an Iranian jail has been named as a Melbourne academic who published books on the 2011 Arab uprisings and authoritarian governments.



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