How To Use A Corporation To Obtain Funding???
Hello everyone!
I want to purchase property in foreclosure I am currently working on using my S-Corporation that I have used for my previous line of business. This Corp was around for about 7 years and (I presume) has already established some kind of credit history. I had a 25,000 business loan taken out on the Corp name 4 years ago and it’s almost fully paid (remaining balance is 5000 and change). The payment for loan was automatically deducted from the Corp account every month. Although I have personally signed for a loan when I have applied, this loan is not (and never was) showing up on my personal credit report. So it seems logical to think that it should be on a Corp name.
Question:
How can I check the credit report (and score) for my Corp and what do I need to do to obtain funding using my Corp name (assuming the score is good)?
Thanks!
PerlUser.
Have you signed up with Dunn and Bradsheet? They will set you up with a corp credit profile but its not free.
Call your coprorate bank and ask him to run the check.
Gregg
[addsig]
Interesting question.
Is there a standard way of checking a Corp score similar to big 3 (Equifax, Trans Union and Experian)? I have heard something about DNB Corporate check. Is this would be an equivalent?
Chears,
Dmitry.
[ Edited by Dmitry on Date 11/02/2003 ]
Yeah, you should have info under Dun & Bradstreet or Equifax Business Credit, etc. You can call them up and see if you are in their database. They should be more than happy to put you in their database if you aren't in there.
Christian "The Solutions Kid" Beebe
[addsig]
I would like to see the end of this story. You may have an alternative way to finance your investment here.
Dmitry.[ Edited by Dmitry on Date 11/03/2003 ]