In this training video, we're to talk about how to set up your business with
Experian commercial. So by the end of this training, you're going to know the
exact steps to establish a commercial credit profile with Experian. So
Experian used by many credit issuers to determine if you should be approved
for a credit card at how much you should get approved for, of the three
credit reporting agencies, Dun and Bradstreet, Equifax, and Experian.
Experian is the most commonly used when it comes to getting approved for credit
lines and credit cards are basically revolving credit. So you're going to
want to get started with them by using their BizVerify system to set up what's
called a BIN number or a Business Identification Number. So you need to
first see if Experian has information about your company and verify that
information they may have. And you could do this at creditsuite.com/reports
for free, you just go to creditsuite.com/reports,
check on the Experian link and you could see if they know you exist. You can see if they
have a credit profile established for you. You can even see if you have tradelines
reporting to Experian that you may not know about at creditsuite.com/reports.
Now, your Experian report contains a lot
of different information from inquiries to company background information, public
record information, payment information, identifying information. It even includes
information about the number of employees you have, the revenue, your how
you pay your bills, your limits on your accounts, your days beyond terms. Many
other things and also, keep in mind this information is publicly available. So
anybody that wants it, whether it be a supplier, lender or credit issuer,
even if it's a competitor or a client or prospect, any of this information is
available to anybody that wants it including your business credit scores.
Now, if you do that free search at creditsuite.com/reports and your
search does not pull up anything, well, then you should be okay. But if it
something does pull up and it shows that you have a credit profile and you have
Tradelines, well, then you're going to want to pull your business credit report, okay.
You're going to want to do this even if you don't think you have tradelines or
accounts reporting to Experian, because Experian will give you a low failing
business credit score, even if you have absolutely no credit reporting, all they
need is some basic information about you to create your business credit profile.
So according to Experian, they require minimum information to generate a score.
If a business doesn't meet their requirements a scores not generate.
Minimum information for them, as defined as at least one tradelines and
or demographic element. And these demographics, such as years on file,
SIC code in business size, they can use credit card or profile. So what
this means is it means that once you file your annual reports with your
secretary of state, then Experian can access that information from the
secretary of state. Once they know your business name, your business address and
your SIC code or your industry classification code or basically what
industry you're in, they will create a profile and score. And once they do this,
they will actually give you a failing business credit report. Even when you
have no tradelines, your score is usually twenty-seven to twenty-nine out of one hundred. And
your that's your Intelliscore, which with Experian, which is their most commonly
used score. But they also have what's called a fail your risk score, which
literally to pitch your risk of filing bankruptcy. And you could be a five out
of 100 with zero being the lowest on that, even when you have no tradelines.
So again, what's happening here is Experian if they know that your business
address, your business name and they know your SIC code, they're going to give you
this failing profile and score, which is why it's so important that you do a
search with Experian. Now, the great news is it only takes one account
reporting with them to change that low risk or the high risk, to very low
risk. So that could boost you to eighty-five or 100 score if you get one
account that reports to Experian and you pay that account as agreed, it only takes
about 30 to 90 days to establish some initial business credit and get that
reporting with Experian. Now, per Experian, each business credit score report contains
information including their key scores and summary information. Key facts about
your information, corporate registration, contact information, summary of
collections, payments, any UCC filings you have, banking, insurance, leasing
information, bankruptcy filing, judgments filing, tax lien filings. And then of
course, all of your tradelines are what they call payment experiences or the
reporting of accounts that report to Experian. All these things are on that
Experian report and score to get more training tips from us about building
Business credit in getting financing for your business, visit us at
creditsuite.com/tips. And if you'd like a free credit business credit
assessment, then give us a ring at 877-600-2487 that's 877-600-2487.
In that initial assessment, we'll do a
fundability check to see if your business matches records like the
Secretary of state and other places that lenders and credit issuers look at to
determine if you should be approved for credit and financing. We'll do a free
search with the reporting agencies to see if you're setup with them now we will
help you get your Business credit reports at no cost. We will give you tips and
tactics to build your business credit. And then we'll also give you a quick
qualification for financing to tell you all the loans and credit lines that you
can get now. So for that free assessment, give us a ring at 877-600-2487.