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Reputation is Everything The Importance of Business Credit

What is business credit? Credit represents your businessu2019s ability to borrow from authorized lenders. It can also provide protection to your business if met with expected costs.Establishing credit is important because creditors and suppliers use business credit reports to make lending and credit decisions. In order to take out a small business loan to startup or support your company, or apply for a business credit card, you must have good business credit.<br>

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Reputation is Everything The Importance of Business Credit

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  1. What is business credit? Credit represents your business’s ability to borrow from authorized lenders. It can also provide protection to your business if met with expected costs.Establishing credit is important because creditors and suppliers use business credit reports to make lending and credit decisions. In order to take out a small business loan to startup or support your company, or apply for a business credit card, you must have good business credit.

  2. Nowadays, business credit is a customer review for your company. For Example, if you need work done on your house and are looking to hire reliable companies to assist you, you can read reviews from people who have previously hired the company and were pleased or displeased with the quality of work provided. Your business creditability will convince customers, suppliers, and creditors that your business is worth investing time and money in the future.

  3. Absolutely! Business credit works similarly to your personal credit—it keeps track of your reliability with credit accounts. However, unlike personal credit, business credit scores are public, and are easily viewed and monitored by lenders, and customers. Failing to establish good business credit for your business can have similar consequences as mismanaging your personal credit. With bad business credit, you could face higher interest rates, higher insurance premiums, and a bad reputation with suppliers.

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