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Is there a connection between your personal credit report and your business
When was the last time you checked your credit report? Getting clean credit
Now's the perfect time to do a hearty cleanup of your credit history. Even if
always an imperfect science, so you never know when you'll need a cash
What you don't know about your credit history can hurt you, so you should
assess your credit before you even have a need for capital. Alternative
were denied credit and they badly need working capital. It is often a
challenge for them to help small businesses and individuals gain access to
capital. One of the first questions they usually ask is, “Did you check your
credit report before you applied for financing?” About 80 percent say they
did not.
Now it's easier than ever to get the facts. As of September 2005, thanks to
the Fair and Accurate Credit Transactions Act, consumers in all 50 states can
get their credit reports for free each year from each of the three bureaus –
inexorably tied to your business, you'll want to review all three carefully and
pay to get your FICO credit score well in advance of needing capital. Fighting
inaccuracies and repairing credit can take time, says Howard Dvorkin,
nonprofit financial counseling agency. "You're not talking a few days; you're
Once you have all three reports, scan your personal information for
number being inverted could eliminate your chances of getting credit. Next,
bureaus explaining the reason for the late payment. It won't improve your
score or get the item off the report, but when lenders review your credit
business's creditworthiness. For $349, you can sign up for one year of D&B's
as well as e-mail updates notifying you of any changes. A lot of vendors and
business lenders will review that, so you're better off finding out the
information before they do. And to keep your personal credit as insulated as
possible, ask to have any personally guaranteed trade lines or credit cards
transferred solely to the business once your company gets a few good years
The bottom line on your credit review: Even if it doesn't feel like a priority
one. Getting a clear look at your company's credit position today can help
you not only address the past, but also plan more accurately for a successful
future.
specifications and much more. You can register to use Business Services
Through the BSO, you can stop doing paper forms for your W-2 and W-3
wage reports and start doing them online. You also can file the correction
forms (W-2c and W- 3c) online. All you need is something you probably
time and effort and turn your entire wage reporting paperwork process into
The University of Wyoming, United States Department of Agriculture and Weston County
Office cooperate.