Everything You Should Know About Business Credit… But Probably Don’t…
Business credit is credit under your business name that’s associated 
with the business’s EIN number. What you probably didn’t know is that this is credit your business can attain that is not affiliated with your SSN. Once your business credit is built properly, the SSN isn’t even used during any application process, meaning that there is no personal credit check to acquire this kind of EIN credit. You can learn more about the differences between Business Credit Scores and Personal credit scores here.
Whenever you fill out an application for something like an auto loan, the lending company pulls your personal credit with your name, address, and SSN. This kind of information is sent to the consumer credit bureaus and they provide the creditor a credit score report featuring all information they will have about anyone with a very similar name, address and SSN. With this kind of credit, an inquiry is then put on your credit profile/report and your profile/report is utilized to create the lending choice. Plus, the credit you obtain will be reported to consumer reporting agencies.
When you fill out and submit an application to apply for something like a business loan, the lendors pull your business credit together with your name, address, and EIN number. These details from your profile are sent to the business credit reporting agencies, and they supply the lending company a credit report record including all the information they have relating to a business with a similar name, address and EIN.
An inquiry is then put on your business credit report. Using your business report, it is then used to help make the lending decision. Additionally, the credit you obtain will then be reported to business reporting agencies reporting. What you probably didn’t know is that it is absolutely vital that when applying for loans, funding, auto financing and credit using your business business credit, you should NEVER use your social security number on the application, despite the fact that it will be asked.
When this is done, NO personal credit can be pulled since the lenders will be unable to pull your personal credit without your SSN. This forces the lending company to only pull your EIN credit which is what you supplied. (Your EIN number, not your SSN). What this means is you will be approved SIMPLY on the merits of your business’s credit report. Your personal credit reported won’t even be reviewed.
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