How to Establish Corporate Credit

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Establish corporate credit by having good personal credit, putting together a business with help from a lawyer and developing a EIN taxation reporting number. Apply for corporate credit under the Dunn and Bradstreet system with tips from a registered financial consultant in this free video on business credit.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser Patrick Munro talking about how to establish corporate credit. Being a company is great because you are able to have independence an move forward at your own will. The downside of that is that you don't have a regular paycheck, so it's important to have credit in times when cash flow is down, so that you can maintain an equilibrium in your credit lifestyle. The way to establish corporate credit is to have a good personal credit file in the beginning and then basically put together a corporation, a proprietorship, make sure it has a name, and is filed by a lawyer. This will develop in the number called an EIN taxation reporting number which is then given to a credit reporting agency called Dunn and Bradstreet. Dunn and Bradstreet is the equivalent of the credit reporting agencies that exist for regular people, most notably the Experian, Transunion and Equifax reporting agencies. So it's great for you to have a company that then begins to apply for credit under the Dunn and Bradstreet system. Then you will develop corporate credit. This is financial adviser Patrick Munro talking about how to develop corporate credit.


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