Credit Management Inc.~ Your Guideline to Credit Stability
"Your Guideline to Credit Stability"
"Your Guideline To Credit Stability"


Credit Building Checklist

Building Corporate Credit is a process, and if attempted without any professional guidance or assistance, could turn into a complicated journey. We have prepared a checklist of items that will prepare your business for the credit building process. This checklist has multiple starting points, one for those of you who are already incorporated, and another for businesses who have yet to formally organize.

Each item is an important piece to the credit building process and it's here for a reason. All of these tasks will tighten up your business identity and presence so that when you put your business in front of a lender, you are squared away.


Business Legal Name
Your business name is essential, it could be in use in a different state which could be confused with yours with credit score providers. If you're already incorporated, you have to check each aspect and ensure your name is clear to build credit with, if not, change it. If you haven't incorporated, do the same checks so that you can choose a business name that you can build corporate credit with.

What to Check

Where to Check

State Entity Name Availability Check
Check your Secretary of State records for name availability. Obviously if the name isn't available with your state, you cannot incorporate under it. This is the first step.

Your state's Secretary or Corporation Commission Office.

KnowX Name Availability
Perform a nationwide name search for other incorporated businesses using the same entity name.

KnowX.com

Dun and Bradstreet
Perform a search with D&B, checking if any other business has a profile with the same name.

Dun and Bradstreet Advanced Search

Trademark Infringement
Perform a trademark search in order to determine if your business name will conflict with any legally protected identifiers.

TESS - Trademark Electronic Search System

Domain Name
You should have "www.yourbusinessname.com" registered and use domain based email.

Register.com

411 Directory Assistance
Check directory listings for businesses with a DBA or have listed themselves with your entity name


MegaYellow.com

 

 

Business Addresses
Your business must have a physical location, a real address. PO Boxes and residences will be scrutinized by lenders. If you do not have an office or business location, don't worry... you can opt into a mail location, executive suite or an office program locally.
When building corporate credit your address on all records MUST MATCH EXACTLY. If you have a suite number, make sure you always use the same identifier, rather than some records using "#100", "suite 100" or "ste 100", etc.

What to Check

Where to Check

Secretary of State Records
Check your Secretary of State records for the address listed as your physical business address.

Your state's Secretary or Corporation Commission Office

Internal Revenue Service (IRS)
Check your IRS and EIN documents for accuracy. You can change your address with the IRS by completing the 8822 form.

IRS Website and Forms Library

U.S. Post Office
You can update your address with the USPO online.

U.S. Postal Service

Social Security
Social Security records should be checked for accuracy. If you have to, you can change your address online.

Social Security Office

Directory and 411 Listings
Any business listings should be updated with the physical address for your business that you plan to build corporate credit with.

Various Directories and Listings

Credit Reporting Agency Records
Corporate credit reporting agencies profiles should be created. Initially all you can do is get a free DUNS™ number from D&B. When you have credit from lenders who report to Experian and Equifax, your profiles will be created and grown through lenders reporting on your payment and credit activity.

What to Check

Where to Check

DUNS Number from Dun and Bradstreet
You can request a DUNS number from Dun and Bradstreet for FREE. You will be courted to purchase a corporate credit profile builder service from D&B and they will tell you that a free DUNS number is a non-rated number that does not build corporate credit, however as soon as the first vendor reports activity, your profile is activated and will grow with D&B, you DO NOT have to purchase a credit service from DNB.

Dun and Bradstreet

Experian Credit Profile
Check with Experian to see if there is any records under your name, you should have done this in the initial name selection steps above, however you may not see any results, which is fine, you shouldn't until you have corporate credit and lenders reporting to Experian - as soon as a lender reports, your profile will be created and start to grow through activity.

Experian - SmartBusinessReports.com

Equifax Credit Profile
There isn't any reason to get an Equifax report until you know you have creditors reporting and have established a corporate credit profile. Having an empty Equifax business credit report doesn't do you any good. As soon as a lender reports, your profile will be created and start to grow through activity.

Companies Incorporated - How to get an Equifax Credit Report

 

 

 

 

 
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