Understanding How to Build Business Credit

Here's a great question we received from a subscriber to our alerts:

I've formed my corporate structure, got an active DUNS # and have a few vendors for a PayDex score.I'm having trouble finding a web hosting company and other needed vendors that bill Net 30 and report to DNB.Do you have CURRENT lists of vendors that report?

This seems like the only part of any corporate credit building program that's really worth it, a UP TO DATE database. Also, does your database have actual credit pulls, the limits granted or denied by those vendors?

Answer: Our list of vendors that report to DNB, Experian and SBFE are updated frequently and we are always looking for more. But it is no easy task. DNB does not publish those lists and, in fact, if you order a DNB report you won't see the individual creditors listed by name.

Unlike personal credit, where the lenders seem to automatically agree to report if they pull credit, the reporting for business credit is much more fragmented.

However, when our members alert us to a vendor they would like to report, we do everything we can to help them understand the value in doing so, and connect them with the business credit reporting agencies. We have found it to be a much easier process with Experian than with DNB, but as long as the vendor has enough references to report, it is achievable.

Keep in mind that while D&B is the granddaddy in the business credit reporting world, Experian and the SBFE (administered by Equifax) have also made significant process and, based on our experience, we believe that trend will continue. In addition, in our program we list numerous business credit reporting agencies that may influence your ability to get the loans and terms you need.

As for getting the specific details from lenders in terms of whom they approve or deny for credit and the size of the credit lines I don't hold out a lot of hope for obtaining that information. It's proprietary and competitive and I can't see lenders providing it.

We hope you'll find our Business Credit Success program useful, but if you don't, we offer a full money back guarantee. We hope you will join us!

PS: Our members will be joining us this month for a special teleclass with a credit reporting expert and insider. We hope you'll join us!