Credit repair business
The credit repair business has become highly lucrative since our economy and the financing available for companies has tightened and become difficult to obtain.
Business credit is available to accommodate the seasonal demands of the ups and downs in your business cash flow. They enable business owners to anticipate future sales needs. But when your credit takes a hit, you'll need to find ways to repair it as quickly and efficiently as possible.
There are certain expectations that banks have for business owners when they offer lending to them.Having a solid credit history and a productive business plan will help you establish a positive relationship with the lending source of your choice, but if you aren't in good credit standing there are some ways to help make your credit a little stronger.
If you are unable to maintain a payment schedule on a loan or a credit card for one reason or another, banks may request you to pay your credit down quicker so they do not assume more risk in the loan.This can be difficult to handle if your cash flow is already in jeopardy, so keep in contact with your bank and let them know where you stand from the beginning.
Since payment history is such a large part of your credit score, having past due accounts can significantly damage your score.Get current or make arrangements on any accounts that are past due and do what you can to keep your accounts from being charged off by the lender.
Take time to check your personal and business credit history periodically.Using the reports from the three major reporting bureaus, check them against each other for accuracy and then dispute the information on the reports if anything doesn't look correct.Most are willing to fix the mistakes as long as you'll bring their attention to it.If you doubt any information on your report, let them know. In the end if it's correct it will stand, and if not, it will be changed on your records.
Maxed out accounts make up approximately 30% of your credit score so work to bring credit cards below the credit limit and then continue to make monthly payments to pay off the balances completely. After you've resolved the negative items on your credit reports, work to build positive credit history through small loans and additional credit cards that you can maintain reasonably.
There are several small business credit repair services and companies out there that can help you. Here are some of the loan options to choose from:
With an unsecured small business loan, you can build your business credit by using the money as you need it. The good thing about an unsecured small business loan is that you do not need to have any type of collateral to secure the loan. With a secured small business loan you have to front a piece of collateral. This can be tricky for small businesses that may not have a piece of collateral to front. Your home is usually the best option but it can be dangerous to front your home as collateral for your loan but can you really put it on the line? If you default on the loan you will lose your home. If this isn't something you can do, check out other loan options for your business. A bad debt loan is a great option as you don't need to secure it with anything. Your downside to this loan is the interest rate which will be high.
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