Business Credit Reporting

One advantage of incorporating right away to enhance a business’ business credit reporting which helps later when trying to obtain a small business loan, is that the time in business will show as of the original inception date in business credit reports such as Experian and Dun and Bradstreet.

Some business lenders generate auto decisions when reviewing a small business loan.  If incorrect and shorter time in business is showing on the business credit reports as part of the business credit reporting accessed by the lender,  this will be a more negative factor in the decision and can cause a lower approval, or even a decline.   Even in cases when the application is reviewed manually,  there are no guarantees  that the credit analyst will even realize, much less take the time to consider that the time in business is actually longer.

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Unless a reviewer is aware of any additional facts, here isn’t any reason or motivation for a credit analyst to assume that the time in business is longer than what is showing as part of the business credit reporting.  As a result, the small business owner applying for a small business loan may be at a significant disadvantage in the small business loan process.   Contact the business credit agencies and make sure that the full time in business is being reflected.

Business Credit Reporting Resource page links:

Bureau of Labor Statistics – Provides companies with up to date information on employment, demand, hiring, productivity and other information that may be useful to companies.

More Business Credit Reporting resources:

Department of Labor – Provides information on many labor issues that can be useful to companies, such as insurance, regulation, wages, wage hours, compensation, safety and health

U.S. Patent and Trademark Office – U.S. office to file patents to protect a companies new or existing proprietary products.

U.S. Trade and Development Agency – Promotes U.S. Exports to Foreign Countries, please review if your company is interested in exporting goods to foreign countries.

Public Radio Planet Money – All issues money related to the public.

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Small Business Loan Resources:

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