Get Access to Credit

Why is business credit important? As with personal credit, strong business credit can lead to lower insurance premiums or interest rates. It can also help you get approved for a lease, business loan or business line of credit and secure better terms from vendors.

After starting a business, you may find that you need to sign a personal guarantee when taking out a business loan or opening a business credit card. This guarantee basically means that you’ll be personally liable for the debt if the business is unable to pay it back — a situation that could put your personal assets at risk. Once you establish business credit, you may qualify for a business loan or credit without a personal guarantee.

Don’t know if your business has credit? No worries: There are several ways to check your business’s credit reports.

Unlike with personal credit reports, there isn’t a legal requirement for the bureaus to give you free access to your business credit reports. All three of the major business credit bureaus — Dun & Bradstreet, Equifax and Experian — will give you a full copy of your business credit report for a fee, and you can get free access to your Experian and Dun & Bradstreet reports through Nav, a company that helps business owners build and manage their credit.