The 8 Questions To Ask Before Working With Any Business Credit Building Company
There are few business credit building companies, however those that do exist are taking advantage of the general public’s lack of knowledge about business credit and how to obtain a business loan.
DON’T LET THEM BEHIND YOU!
I’m going to try to show you how to get unlimited capital for your business …
Without risking your personal assets, lowering your personal credit score, or damaging your personal credit history
These 8 Simple Questions Will Ensure Your Business Credit Building Success When Looking For A Small Business Loan
There are simply too many people who hire business credit building companies who are not satisfied with the results. Before choosing another company, if you ask these 8 questions, you can rest assured that you are working with a legitimate company that can help you build business credit and most importantly, get the small business loan you are looking for. Getting that business loan is, after all, what you’re looking for, isn’t it?
Why is it so important to work with an expert advisor? Why can’t you do it on your own? The Fair Credit Reporting Act does not apply to commercial credit reporting agencies; This means that if you make a mistake, skip a step, try to take a shortcut, your business credit file may be “red flagged”. This means that your business is prohibited from receiving credit and perhaps that elusive business loan.
There is a proven step-by-step process that MUST be followed if you plan to properly build your business credit and raise working capital. If you do not follow the proven process, you may be placed in the “High Risk” category. When that happens, no lending institution will give you a cash advance or small business loan and there is nothing you can do to eliminate it.
Make sure you choose an honest credit building company that has the knowledge, experience and proven systems to back you up, before deciding who you will work with be sure to ask them these 8 vital questions.
Question 1
Will I only get business credit or CASH credit?
Be careful, there are several companies that will only help you obtain business credit. Trade credit can only be used with the individual creditor and nowhere else. This is great if you need $ 3,000 worth of paper products, but useless if you need payroll loans, inventory loans, or simply to cover business expenses or expand your business.
And if it’s CASH credit, will I always have to personally guarantee the application? “
If the company says that you will always have to personally guarantee all types of credit, then you are NOT receiving the full benefits of business credit. Note that the solution must present you with business financing services that will not require a personal guarantee; however, these non-traditional lenders will continue to check your personal credit and will need your social security number. They do this to stay bank compliant.
Question 2:
Will a trained coach show me, step by step, how to incorporate my business and build business credit with a view to obtaining that business loan or business loan?
I suppose if you wanted to discover the complexities of incorporating your business and building corporate credit on your own … you would have already done so. (I have. And trust me … this is NOT something you want to figure out on your own).
So if you will not receive step-by-step instructions backed by a trained credit counselor, resulting in a predictable successful outcome, call another company. (I will explain each step to obtaining business loans without traditional personal guarantees in great detail in a later article.)
Question 3:
If I get stuck while taking all the necessary steps, will I have to pay you hundreds or even thousands to help me figure it out?
Many companies charge low upfront fees and continue to charge heavy additional charges every time you call or write for help.
Make sure they give you everything you need to know to secure a bad credit business line of credit or high risk business loans, all without the traditional personal guarantee. Make sure you have access to a dedicated coaching advisor and that you don’t put limits on how often you can talk to them.
Question # 4:
Will you have the ability to establish equity loans and monitor the development of your business credit score with the major business credit bureaus, all within your training platform?
Why work with an advisor who is blindly trying to guide you?
Question # 5:
When businesses promise to get cash credit, ask them this question: “What kind of paperwork is required to get cash lines of credit?
Beware of companies that say you don’t need to file financial statements, tax returns, business plans, bank statements, etc., to get a small business loan without a traditional personal guarantee. When it comes to obtaining approvals for cash advances without a traditional personal guarantee, you will need to show that your business is financially responsible, and you do so by showing that you are earning income, paying your bills on time, and have established good business credit.
If the company tells you that you can obtain this type of financing without providing any real document, do not bother to work with them, they are not being honest.
Think about it, will a lender really give you hundreds of thousands of dollars without a traditional personal guarantee without you having to prove to them that you are a “safe risk”? Over time, I’ll show you exactly what you need to do to become a safe risk and get a small business loan.
Question # 6:
How are your coaches paid?
This is a really important question! How would you like to work with someone who could care less if you get the business loan you desperately need? Think about it!
Question # 7:
When it comes time to apply for a business loan, will I be transferred from lender to lender?
This is another very important question. Virtually all credit building companies, when it comes time to apply for a business loan, they will pass it on to a lender for you to apply for, and then tell you to apply at the next lender, etc. They literally end up sending you on a futile search and just hope that one of the non-traditional lenders can get equity loans for you. Does this sound like something a true business credit and financing expert would do?
Question # 8:
What type of guarantee do you offer? “
It is essential to know the details about the guarantees. Because most companies that offer guarantees or only promise that their business will get a Paydex score of more than 80. While this is a start, it is not good enough.
If after completing your program, you should have:
Documentation review and corporate compliance
D&B file and D&B rating
D&B Paydex score
Business credit file with Corporate Experian with intelliscore
Business credit file with Business Equifax with appropriate business credit score.
Commercial accounts and / or supplier accounts with and without personal guarantee.
A business loan that can be used to take advantage of financing opportunities.
This is by no means a comprehensive list of all the questions entrepreneurs should ask themselves when it comes to building corporate credit. But if you tackle these costly and dangerous mistakes, you’re on your way to building a safe and financially sound business – the business you’ve always dreamed of!
Hopefully, these 8 questions will help make sure you work with a credit building company that will be honest, straightforward, and help you successfully establish business credit and leverage it for new small business loans and business opportunities.
