DIY Corporate Credit Series: 4 Steps to Claiming Your Company Name for Establishing Corporate Credit
When establishing business credit, your goal should be to build a corporate credit score of 75 or higher. Compared to personal credit, that’s like having a 750 FICO score. A business credit score of 80 is considered excellent credit. Claiming your company name is an important part of establishing credit for your business.
Getting corporate credit without credit is a catch-22 situation. Many lenders and vendors don’t want to extend credit to businesses with no credit history. But, once you get started, establishing business credit generally takes about 4-6 months if your vendors report to Dun & Bradstreet or other credit reporting agencies.
Establishing Business Credit: 4 Steps to Claiming Your Company Name
Ready to begin laying the building blocks needed to get your company’s credit file started? First, you need to ensure that your company’s name doesn’t conflict with another which already has established credit. This could come back to haunt you later if the name is already associated with a business many creditors consider to be a credit risk.
Claiming your company name is also an important part of building your brand. Follow the four steps below for claiming your company name to ensure that it’s not already associated with a credit-established business:
1. Claiming Your Company Name: Dunn & Bradstreet
Search the D&B database to see if another company with the same name has credit history. If you wait until you’ve already built your brand, you may find that another company with the same name has a high risk credit history or poor credit file. D&B allows you to conduct this search worldwide so there are no surprises later.
If you find that your business name is associated with a bad credit history, think about amending the name. Consider establishing business credit under another variation of that name, or another name altogether.
Ready to get your start-up off the ground? The EntreMarketing Group will help you get the word out about your new start-up business.Make your new small business go viral with a customized small business marketing package from The EntreMarketing Group today.