Frequently Asked Questions

Building business credit is essential for separating your personal and business finances, accessing better financing options, favorable terms, and building credibility with suppliers and partners.

To begin, establish your business as a separate legal entity, obtain an Employer Identification Number (EIN), open a business bank account, and start working with vendors who report payment history to business credit bureaus.

Personal credit pertains to your personal financial history, while business credit focuses on your business's creditworthiness. Building business credit allows your company to access financing and services independently from your personal credit.

You can request your business credit report from major business credit bureaus such as Dun & Bradstreet, Experian Business, and Equifax Small Business. Review your report for accuracy and any potential issues.

Building business credit takes time and consistent financial behavior. While it may take some time to establish a strong credit history, responsible credit usage and timely payments will contribute positively.

Factors include payment history, credit utilization, length of credit history, public records (like bankruptcies), and the types of credit you've used. Consistently paying bills on time and managing credit responsibly will boost your score.

While it's possible, it's recommended to keep personal and business finances separate. Using personal credit for business expenses could jeopardize your personal finances and limit the growth potential of your business credit.

Yes, it's possible to build business credit even if you have poor personal credit. However, lenders may still consider your personal credit history when making lending decisions for your business.

Business credit-building services provide guidance, resources, and strategies to help you establish and improve your business credit. They can offer insights on managing credit, choosing the right financing options, and navigating credit bureaus' requirements. Remember, each business's situation is unique, so it's always a good idea to consult with financial professionals or experts who can provide personalized advice tailored to your specific needs and goals.

For Equiire, it is crucial that you make your monthly payments on time. This is because we report your payment activity automatically and on a monthly basis to the major business credit bureaus.

The Equiire credit builder account is a bundled offering that combines a commercial installment loan secured by cash and a commercial savings bank account. When you open the account, the loan amount is deposited into the savings account as collateral, and the account remains locked for the duration of the loan. As you make regular payments towards the loan, your credit activity is reported to commercial credit bureaus, allowing your business's credit profile to grow.

No. During the life of your loan, the commercial savings account is locked to secure the loan, and the funds in the account cannot be withdrawn. Buyers have two ways to access their savings: 1. Once the loan reaches maturity or is paid off and closed, the lock is removed and the funds in the savings account become accessible to you. 2. Buyer can end the agreement at anytime and the funds in the savings account will become accessible to you less any fees.