More Business Loans Queries Part 2
If Dun and Bradstreet will not provide it, how do I obtain credit information on my D&B Report?
It was found out that some business entities have difficulty in obtaining the names of creditors who have reported them as being delinquent. D&B often gives confusing and/or inaccurate information to business owners regarding information on their business credit file and refuses to release the sources of such information. Due to our exclusive knowledge of the D&B system and credit law, we have been doing well in gaining access to this information for business owners and also improving their reports before financing applications are submitted. This is indeed truly advantageous for you – and on your business loans applications.
Why must I incorporate or form an LLC?
There are severa benefits in incorporating or forming an LLC. This is especially true regarding building business credit history under a separate business entity. Sole proprietors who request for financing under their own name will find the history of the loan on their personal credit, and reduced FICO scores and loss of credit because of increased debt. What’s more, as sole proprietors are one and the same as the business they don’t have asset protection as well as tax advantages offered by a corporation or LLC. Please Call the office for more information regarding this matter.
Do I need a Dun and Bradstreet (D&B) report to get a business loan?
Yes!, Because of the US Patriot Act and “post 9-11″ legislation to avoid illegal business activity, terrorism, loan fraud and money laundering, lenders are now obliged to verify information on the business entity and principals applying for financing. If you do not have a D&B report and a DUNS number, we highly advise that we do this report for you to place you in the best possible position for financing as D&B is not in business to help you with financing. They merely collect information on firms that they sell to outside banks and other subscribers. It’s simply not in their primary concern to see you obtain financing and it takes expert assistance to get a high quality report before loan applications are submitted. If you submit a loan application sans a ” DUNS” report as it’s known or one which is inaccurate or adverse to your business you’ll probably be declined by the lender. As always, the business loan experts at GFS Business stand ready to assist you in securing business financing.
