Business credit is crucial for acquiring capital as it determines your ability to secure loans for your small business. Factors considered include payment history, credit utilization, and business credit score.
Three major business credit bureaus, Dun & Bradstreet, Equifax, and Experian, rank businesses, assign credit scores, and create credit reports based on factors like previous repayments and credit utilization.
Six techniques to establish business credit are registering the business, obtaining a Dun & Bradstreet number, applying for a business credit card, registering for net 30 accounts, paying bills promptly, and avoiding judgments and liens.
Building business credit is a gradual process that may take years but can ultimately enhance your credit score and improve your access to capital for your business.
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