Your business Equifax report, is it established?
Your business Equifax report is created as business credit accounts report payments to Business Equifax.
How do you start the process?
Apply for credit with creditors that report to business Equifax.
Keep in mind that most business creditors do check business credit but most don’t report payment history back to the business credit bureaus. Even when a creditor does report to business credit, it doesn’t mean that they report to all three business credit agencies. It is important to verify your business credit account reports before applying.
Make a purchase
When making your purchase make sure you use your new business credit account. If you pay too soon, the credit terms aren’t utilized.
Make a payment
Once you have made a purchase wait for your invoice or bill to be generated. It is this payment that is reported to the business credit bureau.
Your payments should be on time so that the creditor reports positive payment history. A late payment can damage your business credibility.
Once your payment is submitted your business credit account will report your payment transaction to business Equifax.
It takes 30-60 days for your payment to show on your business credit report.
Using your monitoring service make sure that the information reported is correct.
When you applied for your credit account, it is important that you used the correct business information including business name, address & payment data. It is these details that get reported to the business credit agency.
Once established continue to build and monitor your business Equifax report.
Your business Equifax report is created as business credit accounts report payments to Business Equifax.
How do you start the process?
Apply for credit with creditors that report to business Equifax.
Keep in mind that most business creditors do check business credit but most don’t report payment history back to the business credit bureaus. Even when a creditor does report to business credit, it doesn’t mean that they report to all three business credit agencies. It is important to verify your business credit account reports before applying.
Make a purchase
When making your purchase make sure you use your new business credit account. If you pay too soon, the credit terms aren’t utilized.
Make a payment
Once you have made a purchase wait for your invoice or bill to be generated. It is this payment that is reported to the business credit bureau.
Your payments should be on time so that the creditor reports positive payment history. A late payment can damage your business credibility.
Once your payment is submitted your business credit account will report your payment transaction to business Equifax.
It takes 30-60 days for your payment to show on your business credit report.
Using your monitoring service make sure that the information reported is correct.
When you applied for your credit account, it is important that you used the correct business information including business name, address & payment data. It is these details that get reported to the business credit agency.
Once established continue to build and monitor your business Equifax report.
