What Small Business Owners Need to Know About Credit

Many small business owners tap their personal credit when first starting their businesses or during downturns. However, your business can also have its own — completely separate — credit profile. Building business credit can help save you money and grow your company. But for many small business owners, personal credit can still be a major factor in qualifying for business financing.

Your personal credit depends on your credit reports from the major consumer credit bureaus — Equifax, Experian and TransUnion. Your creditors, such as lenders and credit card issuers, report your account information to the credit bureaus. Then, your FICO® Scores are based on those credit reports.

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