Three Steps to Starting Your New Business With a Clean Credit Score - Page 2
Step Two. Check your credit report.
Have you seen your credit report? You can get a copy of yours by visiting http://www.freecreditreport.com. Look over it carefully to make sure there are no mistakes that could have negative effects on your credit and your interest rate.
If you find any mistakes, you may dispute them through the credit-reporting agency. The creditor then has 30 days in which to respond to your dispute. If they fail to respond within 30 days, the disputed information is expunged. If it is a particularly old debt, creditors may not even bother to respond. Disputing credit report mistakes is definitely worth a try since you have nothing to lose but bad credit.
Step Three. Pay bills on time.
Your credit is not based solely on your ability to pay off your credit card debt. You must also demonstrate that you are responsible when paying your bills: utility bills, car payments, and rent for example. Try to pay all of these on time and in full and it will reflect well on your credit report. If you have trouble remembering to pay your bills on time, try to keep them all in a highly visible place so you will have a constant reminder to pay them.
Many utility bills may be paid online these days, so you can simply check with your utility companies to set up automatic payments. Not only do you maintain good credit by paying on time, but you also avoid paying late fees, and saving money is always a wise financial move!
Before you establish your own business, it is imperative that you begin with a clean slate: no debt, healthy credit, and responsible financial habits. When you have a good credit score to begin with, your business will have a stronger start and will be easier to run. Good finances mean success. Best of luck with your new business venture!
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