There are many aspects to personal credit. There are FICO Scores, reporting agencies, and they all determine how you are treated with good or bad credit scores or how much you get ripped off when your credit is not so good (our personal opinion), and how hard it is to dig yourself out of a hole.
Rapid Biz Credit does not work in the personal credit restoration area (sorry). We only deal with Business Issues, Corporations, LLC's, Trusts, Estate Plans, Legal, Tax and Accounting Issues.
Over the years we used to recommend some companies that did a fairly good job fixing personal credit, only to have clients complain because they were swamped with our referrals. So we stopped recommending anyone.
We really cannot recommend anyone who can do a good job to fix your personal credit better than you can. So once again we wanted to assist our clients so we developed a Personal Credit Restoration Program on CD that is now available to our clients, just ask for it.
We could list all the reasons you need to build business credit and it would fill several pages. Simply put, if you are a business owner with a start up business, an ongoing business, or you just purchased a business and you DO NOT have the benefit of business credit (that's not attached to your personal credit), you're just insane. (our opinion again)
Our opinion is so strong about this we constantly quote the failures of small business owners that don't listen to our advice. Read the papers, look at the internet. The National Federation of Independent Business Education Foundation (NFIB.com) indicated their studies estimate that over the lifetime of a business, 39% are profitable, 30% break even, and 30% lose money, with 1% falling in the "unable to determine" category.
What kind of a track record is that?
With 60% of the business breaking even or losing money there must be some common factors to evaluate. There are!
Many of the experts point to planning, marketing, timing, geographic considerations and the economy. These are all important, however, few experts give advise to business owners how to help their business succeed by having more cash, more credit and how to get it in the business name. Why? It's simple. What they don't know about, they can't give advice on.
A perfect example of this happened to us several years ago when we had an invitation to visit a much respected business consultant. At that time we were looking for additional experts that could join our corporate team of advisors.
We visited this respected consultant just to see what he had to say. It was an interesting conversation.
The consultant told us about his credentials, the importance of a business plan, knowing your market, pricing proformas and cost projections, etc.. He went on and on convincing us why we should use his service. We agreed with all of his concepts and the need for each of the items he indicated that business owners need to go through to get off to a good start.
He was unaware we were business credit experts at first, so we asked him how could we develop some Corporate Credit. He went blank (Ohps).
Then we asked him if it was important to develop a business credit report and credit lines for our business. We were shocked to see his totally blank expression. In fact he stated he didn't see why this was an important part of the business planning process.
So we started talking and explaining who we were and what the business owners we deal with wanted. This expert was blown away listening to us talk about getting $25,000, $30,000, and $50,000 credit accounts for our clients businesses that were only a few months old.
In fact, this business consultant was so befuddled (the only word we could think of that describes his twisted facial expressions and stupid responses to our questions) that he finally said he didn't really see a need for what we did. (a defensive response we admit)
Well needless to say, we left his office and laughed ourselves silly. Since that time (months later) he started referring client to us, go figure !!
Just being a successful business is not enough. You also need asset protection and asset separation. A least one layer of asset protection is recommended.
Say, have you ever heard this story?
A family owned a very successful local business. The store was owned as a family partnership. The family had lived in town forever, became wealthy from the business, and was involved in civic and charitable organizations. One night their teenage son was driving under the influence and had an accident; the result of the accident was that a passenger was killed in the other car.
Their lives were changed forever. Their teenage son was sent to prison for several years, and the family lost everything they owned, including their business as a result of the legal fees and judgments. The example above is only pointing out that through proper asset protection and financial planning for the family and their business, it might have prevented this family from losing their lively hood.
The current "lawsuit climate" we live in today is just another reason business owners need to protect themselves, their families, and their business interests.
By having Rapid Biz Credit create your business credit profile for you, you can separate your personal liability and protect your personal assets. Most important is that once you have Corporate Credit you will automatically be protecting your personal credit as well.
We have observed that - business owners who do not take a proactive approach to create proper business structures and develop business credit are typically very short lived businesses.
Separating your personal credit from your business credit is just as important as separating your personal assets from your business assets (They go hand in hand). Rapid Biz Credit can assist you with both.
Simple or complex entity plans; corporations or trust structures; we can help.
Let us know what you need.
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