nevada corporation frequently asked questions

The Importance of Business Credit

The security of having business credit is important for any organization. With Corporate Service Center's business credit services, you will be able to have the security you need for your business and its assets. The following are some of the benefits of building good business credit:

business credit lending Meet any lending needs
business credit cash flow Extend your cash flow
business credit interest rates Lower your interest rates
business credit save money Save valuable time and money
business credit credibility Improve the credibility of your business

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What is Business Credit?

For those of you who do not know exactly what business credit is and why it is important, you are not alone. There are many business owners who share this feeling of uncertainty. Corporate Service Center, Inc., can provide you with what you need to know so that you feel prepared and confident about your business operations. The following are some of the valuable things you will discover about business credit:
business credit reports Your rights as a business owner regarding information on your credit reports.
business credit bureaus Who the largest business credit bureaus are.
business credit criteria The criteria business lenders use.
business credit scores Where business credit scores come from and what they mean to your business.
business credit companies Which companies grant credit and how to get them to do it for your business.
business credit reporting companies Which companies report to business credit bureaus.
business credit personal guarantee Which credit cards companies do not require personal guarantees.

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Your Business Credit Profile

Learn how to limit the use of your personal guarantee and build business credit (regardless of your personal credit history) just by building a business credit profile. Building a business credit profile allows you to:
business credit limit liability Limit your personal liability
business credit protect personal assets Protect your personal assets from any business losses
business credit eliminate personal credit Eliminate the need for using personal credit
business credit purchase vehicles Purchase vehicles without using personal guarantees
business credit access cash Access more cash for the business
business credit convenience Purchase items for business with convenience
business credit future lending needs Prepare your business for future lending needs

One of the biggest advantages of having a good business credit profile is saving money. By obtaining a more favorable credit score, you will lower the interest you pay on loans and leases.

For example, a good business credit score can lower your interest rate by 3 percentage points, and save your business almost $10,000 over ten years on a $50,000 loan!

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Separate Yourself From Your Business

Through incorporation, you can separate yourself from your business and protect your personal assets from any business liabilities. While it is possible to build a business credit profile for a sole proprietorship or partnership, you and your family are still personally responsible for all the debts your business may incur.

Corporate Service Center, Inc., recommends building your business credit as a Nevada corporation or Nevada limited liability company. When you incorporate with us, you benefit from:
 corporate credit protect assets Protection of your personal assets
corporate credit raise capital The ability to raise capital and build credit faster
corporate credit lower taxes Lower tax liabilities
corporate creditd limit liability Limited liability of owners and officers
corporate credit tax deducible 100 percent tax-deductible insurance
corporate credit medical expense 100 percent medical expense reimbursement
corporate credit credibility Stock ownership - which makes it easier to transfer assets
check_mark_sm Greater credibility through a corporate image
business corporate credit lower audit risk Lowered audit risk

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The BizCredit Accelerator ™ Program

The services provided to business owners by Corporate Service Center, Inc., will assist in building a business credit profile with D&B and Experian that will help you to obtain credit, capital and any other financing your business may need. Our program can help your business:
corporate credit business credit DUNS Establish a DUNS rating based on company financial's
business credit corporate credit Dunn & Bradstreet Obtain a D&B number
business credit corporate credit find financing Find financing and additional credit
busines credit corporate credit risk Determine any 'High-Risk' areas
business credit corporate credit vendors Work with existing vendors to report to D&B and Experian
business credit corporate credit personal guarantee Identify a list of companies that offer products and services on credit, without the need for a personal guarantee or any previous credit history
business credit corporate credit profile Identify companies that will also report their payment experiences to D&B and Experian to help build your business credit profile
business credit corporate credit paydex intelliscore Develop a PAYDEX/Intelliscore of 75 or better, based on payment history with trade references
business credit corporate credit application Apply for 3-5 new retail business credit cards that do not require a personal guarantee

Corporate Service Center, Inc. works with you and your company on a weekly basis throughout the credit-building process, and can be completed in only 120 to 180 days. The cost of the BizCredit Accelerator™ varies depending on your particular situation.

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Business Credit Agencies

There are two business credit reporting agencies in the United States that lenders and financial institutions rely on for information to grant credit. The two credit agencies are D&B and Experian.

Dunn & Bradstreet (D&B)
business credit corporate credit D&B More than 70 million businesses are registered with D&B.
corporate credit business credit paydex vendors The credit profile created by D&B uses information provided by the business owners and vendors of the business. D&B grants a PAYDEX score to businesses based on payment experiences of the business.
corporate credit business credit DUNS D&B issues a DUNS rating based on the financial statements of the business.
business credit corporate credit risk D&B has a 'High-Risk' status for companies that will destroy a company's ability to obtain credit.

Experian Business
business credit corporate credit experian register More than 14 million businesses are registered with Experian.
business credit corporate credit experian vendors The credit profile created by Experian uses information provided by vendors only.
business credit corporate credit experian intelliscore Experian grants an Intelliscore based on payment experiences.
business credit corporate credit experian bureau Experian is one of the three largest personal credit bureaus.

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Business Credit Scores

The business credit scores with D&B and Experian are what the financial institutions look for in order to determine credit:

PAYDEX Score
business credit corporate credit paydex score Score ranges from 0 to 100
busienss credit corporate credit paydex 75 75+ score is good
business credit corporate credit paydex vendors Based on payment experiences reported by vendors
business credit corporate paydex credit trade references Need 5 trade references who report to D&B

Intelliscore
corporate credit business credit intelliscore score Score ranges from 0 to 100
corporate credit business credit intelliscore 75 75+ score is good
business credit corporate credit intelliscore vendors Based on payment experiences reported by vendors
corporate credit business credit intelliscore trade references Need 2 trade references who report to Experian

DUNS Rating
business credit corporate credit DUNS rating Various rating schedules
business credit corporate credit DUNS statements Based on employee size and financial statements
corporate credit business credit DUNS payment history Also takes payment history into account
business credit corporate credit DUNS payment vendors Based on payment experiences reported by vendors

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Business Credit Reports

The following criteria are used by lenders when determining credit approval, limits and interest rates:
business credit corporate credit On-time bill payment history (payment experiences)
business credit corporate credit D&B DUNS rating
business credit corporate credit D&B PAYDEX score
business credit corporate credit Public records information
business credit corporate credit Years in business
business credit corporate credit Business tax returns
business credit corporate credit Type of business
business credit corporate credit Number of employees
business credit corporate credit Location of business
check_mark_sm Business plan
business credit corporate credit Trade references
business credit corporate credit Banking references
business credit corporate credit Accounts receivable aging reports
business credit corporate credit Owner/officer credit score (can be overlooked depending on which lender is being used)
business credit corporate credit Loan package - A formal presentation of everything above to present to the lender

The credit reports lenders look at vary from lender to lender. The reports listed below are the most common reports used to determine credit. The scores shown are only a guide and are not set in stone. Every lender varies their requirements based on the amount of funding they have available at any given time.

D&B Business Information Report - Contains:
business credit corporate credit D&B PAYDEX Score - Scale of 0-100 - should be 75+ to be in the low to medium risk of default
business credit corporate credit D&B DUNS Rating - Varies based on financial statements and size (an ER, 1R or 2R rating only indicates employee size and does not indicate financial rating)
business credit corporate credit Payment experiences for business
business credit corporate credit Public information records

Experian Business Owner Report - Contains:
business credit corporate credit Experian Intelliscore - Scale of 0-100 - a score of 75+ will put your business in a low to medium risk of default
business credit corporate credit Experian FICO - FICO scores range from 300 to 850. You want a score of 630+ to better your chances of approval.

Equifax, Experian, Trans Union Personal Credit Reports
business credit corporate credit All of the above are personal credit reporting agencies
business credit corporate credit All issue a FICO or Beacon score

Corporate Service Center, Inc. can provide you with a complete profile of all your credit scores, including a composite score analyzing several criteria that a lender will look at, and can also help you build and improve your credit scores.

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Finding the Best Business Loan or Lease

It can be extremely difficult to find someone willing to give your business a loan or lease without the proper credit profile. Before looking for financing, make sure you're prepared to present the offer to a lender. Learn what it takes to obtain the loan or lease your business deserves. Our Corporate Service Center, Inc. experts advise that you take the following steps:

1. Prepare You and Your Business
business credit corporate credit Have a favorable PAYDEX score with D&B.
business credit corporate credit Have a favorable Intelliscore with Experian.
business credit corporate credit Have a favorable personal credit score (FICO).
business credit corporate credit Have a minimum of three trade references.
business credit corporate credit Have a good bank reference.
business credit corporate credit Do the research on what type of loan or lease you want.

2. Develop a Plan
business credit corporate credit Find someone with good credit to sign for the loan or lease.
business credit corporate credit Determine what business entity you will have when you apply.
business credit corporate credit Determine why you need the money.
business credit corporate credit Determine how much you need.
business credit corporate credit Determine how you will pay it back.

3. Put Together a Written Plan
business credit corporate credit Prepare a business plan.
business credit corporate credit Prepare a marketing plan.
business credit corporate credit Have two years' financial statements and tax returns prepared.
Almost any lender will want to see these three things before looking at an application, and they will be crucial to obtaining the loan or lease you want.

4. Packaging the Request
business credit corporate credit Lenders want the loan request presented in a specific manner.
business credit corporate credit Use a professional loan packager, especially with a SBA Loan request.
business credit corporate credit The packager will provide the lender with what they want to see and increase your chances of approval.
business credit corporate credit The packager will also save you time and money.

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Call us at 1-800-638-2320