Articles About Getting Clean Credit

Corporate Credit Scams

Guarantee of Obtaining Corporate Credit

Warning, you probably have heard a lot of different companies making claims about how they can guarantee to get your business or corporation, credit. They may say things like, "with our credit building program, we guarantee that you will get up to $20,000 or $50,000" and so on.

The key wording is "up to" because they really do not know that you will get the full amount of funding you need in your business. What they know that you do not is the lending criteria of the common business creditors and the most likely creditors that will say yes based off of your business credit profile and your personal credit scores.

Yes, this is a valuable service as it would help to decrees the time it takes to fund your business if you could find the creditors that are more likely to approve your credit application. How ever what is not in the sales copy is that most of the credit building relies on retail vendor credit such as your local office supply stores or home supply stores to build out a Dun & Bradstreet credit profile.

For real money lines of credit you are going to need to have a good personal credit score of at least 620 but preferably 680 or better. Don't worry bad credit does not stop you from building credit in your business it just takes longer

Guaranteed credit card or lines of credit.

They may even have a credit card that they offer just for being a client, but it is usually only credit for their services and/or products. There have even been companies offering programs were they state you can get $100,000.00 in cash credit for a fee of $5,000, does that sound like it's too easy? Keep in mind, if it was that easy, then why is it so difficult for most small businesses to get funding?

If you have $5,000 that you can use to build credit with you would be better served going to a bank like Wells Fargo and getting a business secured credit card which can become unsecured with a good payment history. Just remember "Buyer Beware." If it sounds too good to be true, it probably is.

Buying Aged Companies / Aging Your Business

There is a popular belief that you can get more credit faster by purchasing a Shelf-Corporation. Well in some cases you can. After all most of the business credit application ask for a personal guarantee if the company is less than 2 years old. But you really have to do some investigation on the so-called shelf- corporations.

You have to make sure that there is no negative history attached to the company. The tax I.D. number should be as old as the company is. All of the company's documentation is up to date. And the company should have a bank account that is no less that 6 months older than the company is, unless the company has been in business for a long time and the bank account is about 1-2 years old. Basically this should be a real company that has been doing real business. Not just documents some one filed in hope of selling it off as an aged corporation at a later date.

Do your homework, as there are a lot of companies that say they have aged corporations or shelf-corporations. Ask a lot of questions and make sure that the corporation that you are purchasing is a real business. Not just papers filed with the state.

Final Word

The business credit industry is not regulated by the government the way personal credit is so you will have to do your homework when speaking with a credit build service and ask a ton of questions.

Just because a company has been in business a long time does not mean that they are not over charging for the type of service they are providing or that you are getting they kind of service that is advertised. If the program sounds too easy or too good then you are probable wasting your money. Keep this in mind. It takes years to establish a good business credit history not months.

Erik Salmon, CCFC, is the author of "The Art of Corporate Credit & Finance" and has consulted with over 10,000 companies on how to build corporate credit and fund business ventures. If you would like to find out more about business financing visit http://www.makeitandkeepit.com

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