12 Stone Consulting LTD
Did you know as a business owner you have a unique opportunity to build, maintain and acquire credit both individual credit? This means if you're trying to build and grow a company that is important because you won't have to rely solely on your personal credit to help your business grow.
However, if you have been in business for less than 2 years it is recommended that your focus should be on building your personal credit first. Statistics show that only 10 percent of all business owners know about or truly understand how business credit is established and tracked and how it affects their personal and businesses lives. When a business is issued a business credit, it's referred to as trade credit. Trade, or business, credit is the single largest source of lending in the world. Information about your trade credit transactions is gathered by business credit bureaus to create your business credit report by using your business name, address and federal tax identification number (FIN), also known as an employer identification number (EIN), which you get from the IRS. The business credit bureaus use this data to generate a report about your company's business credit transactions. In many cases, those issuing credit to you will rely on your business credit report to determine if they want to grant you credit and how much credit they'll give.