Building Your Business Credit Profile: 5 Top Tips Each and every business entity today, whether small, medium or large, needs some credit to start, or maintain and expand their businesses. In order for your business to build a steady business credit profile, you need to employ a number of steps to ensure that your enterprise has a fresh connection with various established lenders and creditors. The truth is that multiple loan inquiries are generally treated as a single inquiry, provided they come within a 45-day period. It would help if you do your loan rate shopping within the 45-day window. Myth No. 5 A Loan Company Can, For A Small Fee, Fix Your Credit Score Credit bureaus can t do anything to soften up or alter your credit score, especially if it s filled with lots of information about you not handling your debts well. Therefore, it's very important to build a good credit history. Her are five innovative ways for building-up your credit score. Get a Credit Card, And Pay Your Balance On Time To get started in building up a nice credit score, get a credit card, but remember to only start out with one credit card for the moment. The good thins is that there are a number of ways for repairing your credit score quickly. Here s how to repair your credit score in the fastest time frame possible. Pay Off Your Debt, And Pay On Time If you re starting to get stuck in a rising pile of debt, especially credit card debt, you can ask a family member to pay off the high interest first, and make arrangements with your family member to pay off what you owe in a month or so. A bad to poor credit score on the other hand, will usually allow you to get higher-interest loans, which are costly to pay in the long term. Always ensure that you regularly monitor your credit score, since if you allow your credit score to drop too low, then it may take a number of years for you to get it back to its desirable range. Uniform Commercial Code (UCC) Filings Your company's UCC, or Uniform Commercial Code filing will give you important insights about any leases or liens you have in place. When evaluating this section, find out if you see any clues about how your company uses credit, and find out whether your company' has a number of assets put up as collateral on existing loans, or if your business has a large number of relationships with other business, to determine whether your business may be overextended.