4 Ways to Build Your Business Credit File FAST

Before you start applying for starter vendors in Module 4 we created this section to show you how to get a jump start in the business credit building process. These 4 ways will enable you to build a strong business credit report in record time while you go through all the remaining modules. You can use one or all of the strategies listed below for maximum impact and results.

1) Report your Business Utility and eligible Business Accounts – As previously discussed in Module 3, did you know you can now build your business credit report by including your business’ utility and telecom payments? With a company called eCredable, you can link up to 8 eligible account types such as power, water, gas, mobile phone, cable TV, satellite TV, internet, and landline phone to your creditlift account.

After you link your business utility and business accounts to your liftaccount, they securely download up to 24 months of payment history directly from your provider’s website. Then on a monthly basis, they automatically report your payments to the business credit reporting agencies. This is an automatic way to build your business credit reports and scores.

Currently they report to Equifax Business, Ansonia and CreditSafe. In addition, the monthly $9.95 lift subscription gets reported to Dun & Bradstreet.

Important - If you cannot automatically add an account, you can manually add an account for a one-time payment of $19.95. They will manually verify the account and report it one time to Equifax Business, Ansonia and Creditsafe. This is a great solution to use for vendors who do not report, who may have stopped reporting or who don't report to these particular agencies. In order to manually add accounts you must have a business lift subscription.

2) Obtain Unsecured Business Credit Reporting Cards – As you know a business credit card is a great tool for tracking business purchases while keeping personal and business credit separate. Unfortunately, not all business credit cards report to a major business credit reporting agency. The majority of credit cards labeled as “business credit cards’ report to personal credit.

If you have good personal credit (680+ credit scores on all 3 bureaus) why not leverage that to your advantage and get access to cash credit that builds your business credit reports.

Through our Business Credit Card Funding Program, you'll receive 4-5 business credit cards issued in the business’ name that only report to the business credit reporting agencies.

As a result, a business gets 4-5 accounts reporting on its business credit report.  This will enable you to establish a strong business credit report and score because you'll have 4-5 bank issued credit lines reporting on your company file.

So when you apply for additional credit with vendors, suppliers, retailers and revolving business credit lines think about the higher the approvals you'll receive with already having $20-150k in business credit card limits reporting on your company credit report.

3) Use a Merchant Processor that Reports to Business Credit Agencies – To accept credit cards as a form of payment from customers you need a merchant processor. The merchant processor makes accepting credit card payments possible.

There can be a list of fees associated with credit card processing, depending on what company you work with to handle these transactions. What your business pays in processing fees depends on a number of factors, including the type of card used, how you accept cards, and a host of other factors.

With this particular company, you get set up with your own merchant account along with a virtual terminal for processing payments. Best of all they report to the business credit reporting agencies.

For more details go to http://bestmerchantcardservices.com

4) Get a Secured Business Credit Card - If your personal credit scores are below 680 than why not consider a secured business credit card? This can be a great way to establish a relationship with a bank card issuer while building your business credit report. Several banks that offer secured business credit cards are Wells Fargo's Secured Business Credit Card and BBVA Compass Secured Visa® Business Credit Card,