How do I build credit for a business I own?

Last Updated: May 24, 2013 08:43PM UTC

From a tax and risk-management perspective, it is in your best interest to separate your business and personal finances as much as possible.

Start by building a separate credit history for your business by establishing a business EIN (which is like a social security number for a business), and open a business checking account with a bank or credit union. (You may be able to secure business credit through them eventually, so choose an institution that also issues business credit cards).

Contact business credit reporting agencies like Dun & Bradstreet and the Small Business Financial Exchange to ensure that your businesses credit activity is being monitored, and reported, in order to form a credit history.

If you use vendors for computer hardware, office supplies, equipment, and similar purposes, use your EIN on those credit applications and ask whether they report to business credit bureaus. (Staples and Office Depot are two that do, but not all vendors report).
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