BUSINESS CREDIT MEANS NO PERSONAL GUARANTEE (NO PG)
Acquiring non-personal guarantee loans in 2022 is more difficult than its been in the past decades. Although it's more of a challenge there are several companies that lend to other companies even with little or no credit. This article is for entrepreneurs with real businesses that need funding for genuine purposes. This article will discuss the basics and what it takes to build your corporate credit from scratch. 3 main commercial credit bureaus v Experian commercial v Equifax commercial v dun & Bradstreet (d&b) just as in personal credit there are three credit bureaus. The main two are Experian commercial and Equifax commercial. Dun & Bradstreet is also useful, but they are not the main players like they were a decade ago. In my experience, 75% percent of lenders use Equifax or Experian.
You have to be careful of d&b, they will try to sell expensive services/products. If d&b calls, refuse to buy anything they try to sell you. No pg= no personal guarantee. Some lenders and vendors will ask you for a personal guarantee when applying for corp credit. If you pg an application a credit report will most likely be pulled and then you will be personally liable for any debt. To avoid a personal guarantee, leave that section blank or cross it out on apps. If you aren’t going to personally guarantee a loan, then there is no reason to supply personal social security information.
Requirements are simple. Contact Us for Details.
28157 Dequindre Road
Suite Center
Madison Heights, MI 48071
586.800.0111
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