Dun and Bradstreet and the Business Credit Card Connection Who Reports and Who Doesn’t?

Check which credit cards are reported to Dun and Bradstreet for businesses

There’s a whole other world of credit scores out there, specifically designed for businesses. It’s like a report card for companies, showing how responsible they’ve been with their credit. So, forget about analyzing the business owner’s personal credit, this is all about the business itself. And you can get a business credit score by using credit that reports to business credit bureaus. One of the big players in this game is Dun and Bradstreet, along with Experian and Equifax. So, if you want to build a credit profile with Dun and Bradstreet, let’s dive in!

But hold up, how do business credit cards even report to credit bureaus? Well, there are a few things to consider. First, it depends on the credit card issuer. Many business credit cards keep your personal and business credit reports separate, even if you use your Social Security number to apply. But there are some sneaky ones out there that intentionally report your small business card activity to your personal credit. So, watch out for those!

Now let’s talk about attaching an Employee Identification Number (EIN) to your application. During the process of getting a business credit card, you can add an EIN along with your Social Security number. It’s like having a Social Security number for your business, but not as sensitive. Adding an EIN to your business credit card application can help you build business credit, as all your activity on that card will be associated with your EIN. And if your business credit profile is well-established and you’re raking in the dough, some business credit cards even allow you to open an account with just an EIN, no SSN necessary. This way, the account won’t appear on your personal credit report.

Now, here’s where things get interesting. You gotta get yourself a D-U-N-S number. It’s like a secret code that other businesses can use to check on your company’s financial health. When you’re applying for a loan or trying to prove your credibility, having a D-U-N-S number can give the lender that extra peace of mind. And guess what? You can apply for a D-U-N-S number for your business for free through the Dun & Bradstreet website. It’s like getting your own VIP backstage pass.

Alright, now let’s talk about why your business needs to build business credit. Imagine this: over the life cycle of a business, credit cards, lines of credit, and term loans play a crucial role in supporting sustainable growth. They’re like the fuel we need to keep our engines running. According to the Federal Reserve, a whopping 40% of employer firms sought loans, lines of credit, or cash advances in 2022. And guess what they needed the money for? Operating expenses, expanding their business, chasing new opportunities, and acquiring assets. So, if you want your business to thrive, it’s time to start building that business credit.

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But why stop there? Another reason to build business credit is to keep your personal finances separate from your business. We all know that business can be unpredictable, and you don’t want your personal assets at risk if things take a turn for the worse. So, building business credit allows you to create the perception that your business is a separate entity. It’s like putting up a big, bright neon sign that says, “This business and my personal life are two totally different worlds.”

Alright, let’s get into the nitty-gritty. Which business credit cards report to Dun & Bradstreet? Here are a few notable ones:

• Capital One Venture X Business Card
• Capital One Spark Cash Select for Excellent Credit
• Capital One Spark Miles Select for Business
• Capital One Spark Miles for Business
• Ramp Business Card
• Nav Secured Card
• U.S. Bank Business Altitude™ Connect World Elite Mastercard®
• U.S. Bank Triple Cash Rewards Visa® Business Card
• U.S. Bank Business Leverage® Visa Signature® Card
• U.S. Bank Business Platinum Card

But wait, there’s more! The Small Business Financial Exchange (SBFE) collects data on business credit cards and provides it to Dun and Bradstreet. So there’s a whole network of information helping you build that credit profile.

Now, for some tips to help you on your journey to build business credit. Pay attention, folks, these are the secrets to success!

First and foremost, keep up with your payments. Paying on time shows that you’re a reliable business that can be trusted with a loan. Late payments raise red flags and can tarnish your reputation. And here’s a pro tip: even business credit cards that don’t normally report to consumer credit bureaus will still spill the beans on seriously late payments. So don’t slack off!

Next, try to pay off your balance in full. Credit utilization is a fancy term for how much of your available credit you’re actually using. A lower credit utilization ratio is seen as better because it shows you’re not desperate for money. While not all small business credit cards consider credit utilization, it’s always good to keep your balances as low as possible. Pay those balances often and in full, folks!

Last but not least, find the business credit cards that offer the benefits your business needs. There are so many options out there, from cards that give you control over employee spending to ones that reward you with cash back or travel points. It all depends on your company goals. So, identify what you’re looking for, and there’s bound to be a business credit card tailored just for you.

So there you have it, the takeaway! If you’re a sole proprietor, you might get away with using a personal credit card for business expenses. But if you want to take your business to the next level, or if you have big revenues and a team of employees, building business credit is a must. Acquiring an EIN and a D-U-N-S number early on is key to unlocking the doors of opportunity in the business world. So go on, build that credit profile and watch your business soar!

Now, it’s your turn! Have you had any experiences building business credit? Share your stories and thoughts in the comments below! Let’s build a community of savvy business owners who know how to rock the world of credit.