Today we have grown to a nation in search of instant gratification, buy now pay later syndrome. So, without a good credit rating it will be very difficult to get the things you want at the time you want them. Consumer credit has been accepted as a substitute for cash, so that good credit is the key to the future.
As a consumer it is to your benefit to fully understand how credit works and every aspect of what is involved when you apply for any type of credit, including the major credit reporting agencies that hold your credit report file. If you understand what banks and other creditors are looking for to extend credit to you then you can monitor your financial future and accept only the best choice.
When you apply for credit, lenders want to know about you, your employment history, your income, your assets, and most importantly they want to know about your credit history. A creditor will get a lot of information directly from you by a credit application, then your credit bureau report to verify this information and confirm references and credit scores.
Then upon evaluation of your credit application combined with your credit report, the lender will determine your credit risk and make a final decision on whether or not to grant you credit and at what rate of interest they will charge you. Let's take a deeper insight into the factors that can either be an asset or liability at the time of the application for credit - your credit report.
What is a credit report? Your credit report is your financial resume, a summary of your financial reliability, containing both personal and credit information. Your credit report is obtained from credit bureaus, also credit providers, employers, insurers, landlords and other enterprises that have a legitimate need for such information. The Federal Fair Credit Reporting Act (FCRA) is recommended read.
Rick Sax, Inc.
The Credit Repair Law Firm, Chartered
Our team also includes Business Credit Advisors that will assist you with all aspects of business credit building. Your Business Credit Advisor will assist with helping you navigate our award winning step-by-step business credit building program.
Your Business Credit Advisor will first help you establish a credible foundation for your business. Your Advisor will help walk you through a 20-point compliance checklist to insure your business meets or exceeds lending guidelines. This is where many businesses fail time and again with their lenders and never know why. If you don’t meet one of the lending requirements your Advisor will even assist you with securing a solution so you can meet the requirements and be approved.
Once your business is set up credibly, your Advisor will help you gain access to all of your business credit reports, if you have any, review them with you for errors and advise you on how to correct them. Your Advisor will set you up with Experian Smart Business credit monitoring for free. And your Advisor will also help you obtain a DUNS number for free, and will tell you how to activate your business credit profiles at no cost.
Once you have access to your business credit data your Advisor will help you start your business credit building process. First they will help you select the best vendor (net 30) accounts for your business. They will assist in selecting sources you can use, and also ones that will approve you for your initial business credit building.
Your Advisor will work with you hand-in-hand while building your initial vendor accounts, and then securing revolving credit accounts with major retailers. Plus your Advisor will also help you build your credit to a level where you can secure high-limit credit cards with Visa, MasterCard, Discover and American Express.
Your Business Credit Advisor will help you with all aspects of building business credit. From helping you build a credible lending foundation, to securing high-limit business credit cards, your Advisor is guiding you each step of the way.
Our Business Credit Advisors and Finance Officers are the top, certified experts in their fields. And they are here to help you have the best experience as you obtain funding for your business and build business credit so you can secure even more money with no personal liability.
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