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What is the difference between Business Credit and a Business loan?


How do I get business credit?


What is a Business Credit Report?

Credit is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date.
In other words, business credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of businesses.
A business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. There are a number of different types of business loans, including bank loans, mezzanine financing, asset-based financing, invoice financing, microloans, business cash advances and cash flow loans.
The first step for a business owner who wants to establish a business credit report is to get an EIN from the IRS. Then you can begin applying for business credit accounts with vendors. If the vendors report the credit information to the credit bureaus, tradelines will be created on your business credit report. For new businesses, this can take some time.
Other uses of a business credit report is to assess risk in extending loans to businesses, insuring businesses, underwriting insurance risk, purchasing businesses, investing in businesses or even company directors.
Some notable business credit credit bureaus are Equifax, Dun & Bradstreet, and Experian. While the credit bureaus provide reports and information to companies. Organizations like Corporate Credit Score specialize in providing information and tools to business owners. So they can track their own business credit history and dispute the bureau reports if a mistake has been made.
Business credit reports are usually created by credit bureaus when credit grantors report information related to a business credit account. These reports are sometimes examined during the decision making process of whether or not to grant credit to a business.
There are many credit management companies that specialize in business credit reports. These credit management companies are in the business of gathering the most predictive information on individuals and companies beforehand in order to assure that a company that has an interest in providing credit to another company or individual will have less worries on whether or not they will get paid and will not have to concern themselves with the risk associated with not knowing the borrowers history.
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