Get Funding Part 2: Corporate Credit – How to Build your Dun & Bradstreet Credit Profile –
Establishing a Profile & Duns Number: To Build Equity Lines of Credit (ELOC) for your business.
As soon as you contact D& B to give them information about your business you have established a Duns file number for your business.
When building your credit profile for the first time, you will need to plan your answers accordingly. The answers you give to the D & B analyst will get added to your report as you speak with them. If you have to go back and change something, it could show the previous information as being changed.
Keep in mind, your credit report is broken down in several different sections. The analyst will ask you a series of questions about your business. If they are really good at what they do, you will be answering the questions to your file through out the interview process.
You should control the conversation or at least understand the purpose of their questions, not the analyst. Have them send you a copy of a complete credit report for your review or look for one on line at dnb.com to get an idea what is required. This allows you to prepare your questions and answers before speaking to an analyst.
When Establishing a D& B Profile:
The main topics to be discussed by the D&B analyst:
1. Name of the company and when it started.
2. What type of company did you start? C corp, s corp, llc, partnership or sole proprietor
3. Did you incorporate the business, if so what state.
4. What additional states are you register to do business?
5. How many Employees do you have at the Corporate Head Quarters?
6. Do you have other locations, if so where are they located? How many employees
7. What is the main telephone number
8. Where is the main address of the company located?
9. How many square feet is the business location
10. What type of structure is the building your business operates? Brick, 2 story office building, sprinklers etc…
The questions above build the foundation of the D&B file, not the Paydex score or D& B Rating. However the answers are very important to the over all file, and verified either in person or by phone.
Your telephone number should be a land line at the location of your business address. It is possible to do a reverse look to validate your information, cell phone, or some other number else where. Try a reverse look up for your self at 411.com see what name appears for your numbers.
Make sure all of the information above adds up to the same business location, otherwise this could cost you when someone is looking at giving your business funding.
When Establishing a Clear Management History.
Additional questions would be about the management and percentage of ownership of the business. You do not have to give complete details if you do not want, however, you will not get a complete rating for the business, the management history would be rated as unclear. Should you give the history of the owners & ownership puts you one step closer to a D&B Rating not a paydex score.
When Establishing the financial history of the company:
The next series of questions could be as follows:
1. When does you fiscal year end? Not all business end on Dec 31st.
2. Do you have your annual tax returns or financial statements? No!
3. Could you give me estimated financial numbers if you do not have your accountant’s prepared financial statements?
4. What are you estimated annual revenues?
5. .What are your estimated assets? Do you have a break down of assets
6. What are your estimated monthly or annual liabilities? Or expense annually
From this information the net worth is estimated? You just provided an estimated financial picture of the business. If you gave a FYE financial compilation or audited financial statement from the accountant they would have a complete fiscal year end report.
Now they have an actual picture of the financial condition of the business. If you do not know how to read a financial statement I would not give this information out unless you ask your accountant.
This information could have a positive or negative affect on your business. Again this is not necessary for obtaining the paydex score. You need three years of financial numbers to forecast the trend of your business. Be careful what you give out, it becomes a matter of public record for any one that wants to purchase a report from D&B as I mentioned in
Get Funding :
Part 1. Obtain Corporate Credt Who is Dun & Bradstreet Credit Service?
Part 3: How to establish a business Paydex Score? Need this for Equity Lines OF Credit
Part 4: -How to add trade lines to your business to Corporate Credit Equity Lines Of Credit
Part 5: Will my business Equity Lines of Credit or Corporate Credit effect My Personal Credit?
More to follow
Have a terrific day & All the success to your business dreams
Wm Cole Smith
All Rights Reserved. Copyright 2008…
Author
Wm Cole Smith –
Entreprenuer/Business Consultant
Service Provider – Located in Irvine CA.
http://www.eloc.net – email: cole@eloc.com
http://www.wmcolesmith.com personal site
Entrepreneur/consultant – business owner over the last 19 years, formerly Dun & Bradstreet Senior Analyst…. Aged Corporations & Corporate Credit Lender – Broker. Financing, funding, ELOC’s are a necessity to the survival of a business.
For more information visit eloc.net an register our Free monthly newsletter & ebook up dates for the “Keep it Simple” Digital Ebook series for Entrepreneurs. Author Wm Cole Smith – Established in 1995, incorporated 2002 All Right Reserved Copyright 2008
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