Building Business Credit by KeyPoint

At KeyPoint, we help business owners protect and grow their business. Building business credit is essential in keeping your company afloat during times when it needs cash for expansion or sustaining operations.

Your Company’s Credit Score

A business credit score or rating is vital for separating your personal and business financial risk. Bad or good credit may affect your ability to obtain capital to develop your business. Your business credit report can influence:

  • The amount of your loan and what interest rates you’ll pay
  • Your business insurance premiums
  • Whether suppliers will extend credit terms

KeyPoint provides businesses in across the county with business credit services that allows them to build their credit score and apply for larger loans with lower interests.

IMPORTANCE OF REDUCING YOUR BUSINESS/COMPANY CREDIT RISK

Reducing your business credit risk is just as important as building business credit. When a company does not ask for payment before delivering products or providing services, its credit risk increases. Many business transactions are conducted on credit; however recent events show that it’s very important for small businesses to investigate more than just the information in company financial statements. KeyPoint offers tools to help lower the risk of customers defaulting on their debt while they build business credit. Depending on the level of business credit risk (low, medium or high), you can immediately view the appropriate credit reports, which detail business and credit information.

Business Identity Theft

Identity theft is about protection and prevention. But certain types of identity theft cannot be prevented. A thief could get a hold of your personal information by illegally accessing a computer, for example. So even if you’re prudent about guarding your information, monitor your financial accounts regularly to protect your small business. Business identity theft and fraud losses cost American companies billions each year. Both can negatively impact cash flow, cause problems with creditors and suppliers and even affect your business’s reputation. Business credit services often include business identity theft as it also has a direct effect on a company’s business credit rating.

The first step in business identity theft protection is to regularly check your company’s credit report for unusual activity that might indicate identity fraud.

It’s important to check your personal credit report, but did you know it’s just as important to make sure your business credit report accurately reflects the status of your small business’ credit? The amount of company credit and the terms, or rate offered, will be determined by your business credit history and score.

Below are outlined simple steps that we can assist you with to help in properly establishing business credit.

Step 1:  Compliance Check 

Step 2:  Establish Business Credit Profiles

Step 3:  Establish Trade Accounts 

Step 4:  Business Credit Profile Confirmation 

Step 5:  Establishment of Revolving Trade Accounts 

Step 6:  Your first TAX-ID Credit Card 

Step 7:  Business Credit Reports

Schedule a free intro consultation with us today!