BUSINESS CREDIT & FUNDING PLATFORM
Establish Business Reports
STEP 2.3 – EQUIFAX BUSINESS
PROGRAM MENU
➡ MODULE 1 - BUSINESS CREDIBILITY
• Step 1.1 Business Name
• Step 1.2 Business Address
• Step 1.3 Business Entity
• Step 1.4 EIN#
• Step 1.5 Business Phone # & 411
• Step 1.6 Business Email
• Step 1.7 Business Licence
• Step 1.8 Business Bank Account
• Step 1.9 Business Merchant Account
• Step 1.10 Wrap Up
➡ MODULE 2 – ESTABLISH BUSINESS REPORT
• Step 2.1 Dun & Bradstreet
• Step 2.2 Experian Business
• Step 2.3 Equifax Business
• Step 2.4 Reporting- How to Fix Business Credit
➡ MODULE 3 – START BUILDING: TIER 1
• Step 3.1 Start Building: Tier 1
➡ MODULE 4 – BUSINESS REPORT MONITORING
• Step 4.1 Credit Monitoring
• Step 4.2 Monitor Dun & Bradstreet
• Step 4.3 Monitor Experian Business
• Step 4.4 Monitor Equifax Business
• Step 4.5 Request Lexis Nexis report
• Step 4.6 Request Chex Systems Report
➡ MODULE 5- BUILDING CREDIT: TIER2
• Step 5.1 Building Credit: Tier2
➡ MODULE 6 – ADVANCED BUILDING: TIER 3
• Step 6.1 Advanced Building: Tier 3
OVERVIEW
Your Business Equifax report is created when a vendor reports your payment to Equifax. There are certain vendors in all Tiers that will report to Equifax. Search to see if your Business Equifax report has been created. If you have a file, check to see that your business information is correct. If not, no worries that file will be created once a vendor reports to Equifax.
DOES YOUR BUSINESS HAVE A PROFILE WITH BUSINESS EQUIFAX YET?
Goal for Step 2.3 is to see if your company is listed with Equifax yet and to see if any discrepancies which can be fixed by the directions in Step 2.4.
If your answer is Yes to this question than great job having your company already known by Business Equifax. We are excited to help you continue building your profile with them. If you aren’t sure if you do or not, no need to worry scroll for directions on what to do.
SEE IF YOUR BUSINESS HAS A BUSINESS EQUIFAX REPORT
If you are unsure no need to worry, you can call Equifax 888-727-8495. They will ask you for your EIN number, Business name and business address then they are going to send by mail the business credit report and it should be received within 7-10 business days. If your company has a profile with Business Equifax. No need to purchase monitoring now, we will guide you in setting up monitoring in Step 4(Please note: Equifax’s online monitoring has been down for awhile, hopefully they will have it working soon).
In the event your company isn’t listed, no need to sweat this it will be created as you get business credit accounts in Step 3/Tier 1.
RESOURCES
Search for a Business Equifax Report
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VIDEO TRANSCRIPT
Your business Equifax report, is it established?
Your business Equifax report is created as business credit accounts report payments to Business Equifax.
How do you start the process?
Apply for credit with creditors that report to business Equifax.
Keep in mind that most business creditors do check business credit but most don’t report payment history back to the business credit bureaus. Even when a creditor does report to business credit, it doesn’t mean that they report to all three business credit agencies. It is important to verify your business credit account reports before applying.
Make a purchase
When making your purchase make sure you use your new business credit account. If you pay too soon, the credit terms aren’t utilized.
Make a payment
Once you have made a purchase wait for your invoice or bill to be generated. It is this payment that is reported to the business credit bureau.
Your payments should be on time so that the creditor reports positive payment history. A late payment can damage your business credibility.
Once your payment is submitted your business credit account will report your payment transaction to business Equifax.
It takes 30-60 days for your payment to show on your business credit report.
Using your monitoring service make sure that the information reported is correct.
When you applied for your credit account, it is important that you used the correct business information including business name, address & payment data. It is these details that get reported to the business credit agency.
Once established continue to build and monitor your business Equifax report.
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