If you are a sole proprietor, the creditor will want a personal guarantee and they will pull a personal credit report on the owner of the Business.
Once you establish your business they will start adding data to your Business Credit Report. But if you default on the Business debt, they will update the Business report, as well as adding a negative account listing to your personal credit report.
You need to have a strong personal credit history in order to be considered for a business loan. I am currently in a business class, and I was learning about various types of investors. From Angle Investors, Capital Ventures, to Incubators, and Accelerators. You might try to look these terms up and see if something else looks appealing for your needs. _________________ Credit Cards Credit Reporting Information Credit Repair Info
Just as your score affects Your qualifying ability for a personal loan, in the same way your score can determine whether or not you can qualify for a business loan. However, if you are applying for the business loan with others, then their credit will also be considered. If they have a good credit, you may qualify for the loan.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.