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How Does My Personal Credit Score Impact my Business Credit Score?

How Does My Personal Credit Score Impact my Business Credit Score?

When you apply for a business loan, as part of the application review process, lenders assess your credit report in addition to your personal and business KYC documents.

When we help SMEs http://www.americashpaydayloan.com/pawn-shops-wy/ get business loans, two questions we’re almost always asked are “what information is in my business credit report?” and “my personal score doesn’t affect my business credit score, right?”.

To answer the first question, we broke down what information your business credit report contains here. The information within a business credit report is wide-ranging and is designed to provide an overall picture of your company’s finances and practices.

The short answer to the second question is: yes. Each person has two separate credit scores – one as a consumer and the other for your company – but your personal credit score does impact your business credit score. Continue reading to find out how!

Are My Chances of Getting Approved for a Business Loan Based on My Personal Credit Score? (more…)

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