Establishing credit for your business — is it important?
If you ever tried to obtain a credit card, a mortgage loan to buy a home or a car loan, then you know how important it is to have good, personal credit. It may be just as important to establish credit for your business. Strong business credit is important to help obtain business loans, better insurance premiums or for obtaining a lease.
You may wish to start this process by incorporating your business or forming an LLC, obtaining a federal tax identification number (FEIN), and then applying for a D-U-N-S number from D&B. Once you start to establish your corporate credit, like your personal credit score, it is important to monitor and maintain your company’s credit score.
