What you should know about business credit but probably don’t

Business credit is credit in a business name that is linked to the company’s EIN number. This is a credit that a business owner can get that is not linked to their SSN.

When built correctly, the SSN is not even provided on the application, which means there is no personal credit check to obtain this type of EIN credit.

When you apply for something like a car loan, the lender pulls your personal credit using your name, address, and social security number.

This information is sent to consumer reporting agencies, and they provide the lender with a credit report with all the information they have for someone with a similar name, address, and SSN.

With this type of credit, an inquiry is made on your consumer credit report and it is used to make the loan decision. Also, the credit you get will be reported to consumer reporting agencies.

When you apply for something like a business loan, the lender draws your business credit using your name, address, and EIN number.

This information is sent to business credit reporting agencies, and they provide the lender with a credit report with all the information they have related to a business with a similar name, address, and EIN.

With this type of credit, your business credit report is looked at and used to make the loan decision. Also, the credit you earn will be reported to business reporting agencies.

It is important to note that when applying for financing and credit using your business credit, you should NOT provide your social security number on the application, even if requested.

When you do this, NO personal credit can be drawn because the lender cannot draw your personal credit without your SSN.

These are cash advances, so the rates aren’t great, they range from 8-45% depending on the risk, and you’ll usually be approved for repayment in 6-18 months.

Once you prove your worth with your first advance, the terms will get MUCH better on future advances. This is why we found that over 70% of those who get their first advance come back and get more money on an ongoing basis.

This forces them to only get your EIN credit since you provided your EIN, not your SSN.

This means you will be approved ONLY on the merits of your BUSINESS credit report… not even your personal report is reviewed.

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