Through our many years of experience in the credit market, we have had an opportunity to understand the ins and outs of credit. We always emphasize to businesses we interact with the importance of improving their credit.
Having a bad credit score stifles your business finances as you end up paying more for your loans in interest and missing out on business loans, which collectively slows down your company’s growth.
Building strong credit should be a priority for all businesses, and here are some companies that can help you build credit.
1. Credit Repair Gal
Credit Repair Gal helps your business establish what is holding back your credit and provides guidance on the next course of action. Credit Repair Gal’s supports businesses to build their credit through four key guiding objectives: credit audit, credit repair, credit education, and credit building.
Through a credit audit, the company seeks to understand your situation to establish how best to identify the best way to repair by disputing errors in your credit report and negotiating with the credit bureau. You are then equipped with knowledge on managing your credit and building it. They also offer a DIY credit repair book.
2. Credit Strong
Credit Strong helps businesses build their credit through credit builder accounts. Credit builder accounts allow businesses to build credit and improve their credit scores. The solution is ideal for businesses that have little or no credit score.
You can borrow money from banks and have them locked in your business bank account with the account. Access will only be granted to you when you complete loan repayment. Note that this kind of loan may not help urgent financial needs such as paying suppliers and salaries. Its key purpose is to help you build business credit. The account comes with a business credit score which is updated monthly as you continue making your deposits.
Because Credit Strong reports the payments monthly, it will mostly take you up to three months to see a change in your score.
3. Creative Analytics
Creative Analytics is a management strategy and digital marketing consulting agency. The company helps businesses build credit by offering them three types of accounts: annual purchasing charge account, monthly business credit autopilot membership, and a Pay by Invoice account with NET.
The company runs a program through the different account types that allow businesses to purchase goods on credit. The company offers a wide range of services that businesses need, such as office supplies and web development services.
When businesses choose their transactions to be billed through the accounts, a credit relationship is established between the company and your business. Creative Analytics then reports your payment history to major credit bureaus monthly. Through the reports, credit bureaus can determine your score.
It is never too late to build your business credit score. Establishing a good credit score is critical as suppliers often look at it before offering terms. Good credit puts you in a better position to negotiate terms with suppliers and lenders.
There are many companies that help build business credit, we recommend the help of companies like the ones listed above.