I have an established LLC that has been register with the state now for 5+ years. I have several business accounts that are in good standing but a recent check with the credit bureaus show that my business is not listed with them. D&B has issued me a number but basically wants to charge me a fee to investigate my credit and report it. What can I do to get my credit reported on TransUnion and Experian.
Borrow money and/or buy goods/services on extended terms in the LLC’s name. RJ
The three credit bureaus (Equifax, TransUnion, and Experian) are CONSUMER credit. They don’t do business credit. Business credit goes thru D&B and yes, they do charge a fee and require you to supply all sorts of paperwork including complete income, asset, and liablility reports.
You don’t really have to be listed in D&B. You can set up business accounts by giving credit references (bank and 3 or more trades). Many business still do actual credit inquiries by calling for individual trade references.
Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments – freecreditreport.hotusa.org