Business
EIN, DUNS and business credit separate from personal
How a company gets its own credit history and why the first accounts are opened without a personal guarantee.
A business has its own history at Dun & Bradstreet, Experian Business and Equifax Business. It doesn't depend on your personal report if you build it correctly from day one.
- Foundation. An LLC or corporation, an EIN from the IRS, a business address and phone, a business bank account in the company's name. Everything must match across all documents.
- DUNS number. Free on the Dun & Bradstreet website. Without it PAYDEX, the main business score, won't appear.
- Net-30 accounts. Vendors that report to business bureaus: you purchase in the company's name and pay within 30 days. Three to five such accounts over six months create a history.
- A business card. Many banks report it only to business bureaus, so the balance doesn't weigh on your personal utilization.
A personal guarantee on business cards is the norm at the start. A separate history doesn't free you from liability, but over time it opens limits without one.
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