Module 1: Lender Compliance

In this module we will guide you through all the steps necessary to get your business 'credit ready'. This is the foundation for which you will build your business credit identity.

Lender Compliance

This section is an overview of Module 1. How you structure and set up your business for building business credit during this stage is crucial. Do not skip any sections in this module because it can impact your ability to acquire business credit for your company.

  • Overview

    • State Records: Your entity must be open, active and in good standing.
    • Federal EIN: Your Employer Identification number filing must match your state filing exactly.
    • Bank Account: The day you open your “business” bank account is the day your business starts in the eyes of lenders.
    • Business Licenses: All applicable business licenses must be filed.
    • DBA: Any dba’s must be on all state/federal/banking records.
    • Separate business phone: Your business must have its own phone number.
    • 411 Directory: Business phone number must be listed with 411 under the exact legal name.
    • Experian: File must be open with a credit history and good score.
    • Dun & Bradstreet: File must be open with a credit history and good score.
    • Equifax: File must be open with a credit history and good score.
    • Business Credit Histories: No lates or derogatories on the business reports.
    • Physical Address: The business needs its own physical address.
    • Bank Rating: Your business bank rating should be a minimum of a low 5.
    • Tax Returns: All applicable business tax returns must have been filed.
    • Public Records: There can be no liens or judgments against the business.
    • Credit Cards: At least 3 business credit cards with payments made early.
    • Vendor Credit: At least 5 vendor lines of credit with payments made early.
    • Comparable Credit: A larger loan from a non-bank lender with payments made early.
    • Bank Loan: Securing a small bank business loan with payments made early.
    • Business Model: A summary of your business plan with revenue projections.

  • Step 1

    In this step you will learn about setting up the right foundation for your business. It’s vital to meet lender compliance so you can maximize your business credit building results.

Get Started

  • Please Note

    Even if you are already incorporated or have been in business for a while, it’s crucial to make sure your business meets lender compliance so it can progress through the business credit building process.

    Please keep in mind, these 20 items are just an overview of what you will be accomplishing in the system, you do not need to start working on anything on this page, we will be addressing each of these items in the coming sections.