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What You Should Know About Business Credit, But Probably Don't

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

When built correctly, the SSN isn't even supplied on the application meaning there is no personal credit check to obtain this kind of EIN credit.

When you apply for something such as an auto loan, the lending institution pulls your personal credit using your name, address, and social security number.

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

With this type of credit an inquiry is then put on your consumer credit report, and your report is used to make the lending decision. Plus, the credit you obtain will then be reported to the consumer reporting agencies.

When you apply for something such as a business loan, the lending institution pulls your business credit using your name, address, and EIN number.

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

With this type of credit an inquiry is then put on your business credit report, and your business report is used to make the lending decision. Plus, the credit you obtain will then be reported to the business reporting agencies.

It's important to note that when applying for financing and credit using your business credit, you should NOT supply your social security number on the application, even though it will be requested.

When you do this, NO personal credit can be pulled because the lender can't pull your personal credit without your SSN.

These are cash advances so the rates are not great, ranging from 8-45% depending on risk and you will usually be approved for a 6-18 month payback.

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

This forces them to only pull your EIN credit as you supplied your EIN not your SSN.

This means you will be approved ONLY on the merits of your BUSINESS credit report... your personal report isn't even reviewed.