How to Become a Company That Reports Tradelines
- 1). Obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) if you don't have it already. An EIN is the business equivalent of a Social Security Number. Companies use an EIN to pay taxes and establish tradelines.
- 2). Find a business you can open tradelines with. Such companies report your credit to Dun and Bradstreet. The company then forwards the information to the credit bureaus -- Equifax, TransUnion and Experian. You must always pay your balance within 30 days because tradeline accounts function on a net-30 principle; the balance has to be settled within 30 days.
- 3). Include business credit cards to your tradelines after building your initial credit. Ensure you pay your credit card bills on time. One way you can do that is by keeping your credit card balance manageable. Credit card companies report company credit history to credit bureaus.
- 4). Follow your company credit to ensure what is being reported is accurate. Just like in personal credit history, organizations reporting your credit can make mistakes. You must have the mistake rectified immediately before your credit goes into a tailspin. Credit bureaus and Dun and Bradstreet will normally issue your credit history at your request. Credit monitoring services which allow you to keep track of your tradeline and what is being reported are also available. You can, for instance, follow your credit online.
- 5). Apply for bigger loans or lines of credit as your credit history improves. If you manage your company credit well, you may qualify for substantial amounts in loans which you can use to expand your business.
