My Business Credit Journey to 1,000,000

Throughout this little journey I have had may experiences and I have tried many different credit builder programs so I decided to give a little evaluation on each. If you do not know who DnB is who what a Paydex score is please read Small Business Definitions , The Definition of a Paydex Score and The Lies of DnB before you read this post.

The name “Credit Builder” is a bit misleading when describing DnB’s program. DnB has a number of options under their so-called Credit builder program which range from $299-$799. They claim(as I stated previously) that without their credit builder, you will not be able to build business credit and they even say (in some instances) that your credit file is not active until you pay the fee. Please understand, these are salesmen. They get paid a commission for each client that signs up. This does not mean that their credit builder has no use.

DnB’s credit builder is simply a facility that allows you to do two things. It allows you; the business owners; to give your rep. at DnB information about your company with no documentation. This information ranges from the number of employees to your yearly revenue. This facility also allows you to input trades that you have already made under your business name. DnB will then use the information provided by you, to contact your vendors, verify that business was done and you paid on time, and then have these trades reported to your credit file. After obtaining their program and inputting your trades, it usually takes 2-3 weeks to show up on your credit file. This speeds up the credit building process a few weeks, but in no way do they teach you how to build business credit. Many clients misunderstand how DnB’s program should be used and are also mislead by DnB reps. DnB’s credit builder can be a great tool if used properly. They allow you to input trades such as your CPA or any “mom and pop” operations that you did business with that won’t usually report to your credit. If I had to rate their program on a scale of 1 – 10 I will rate it as a 6. If they weren’t so misleading as a company, I would have rated them a little higher. I must say one thing though. Once you pay for one of their programs, they are very helpful and accommodating. So if you have the extra money and lack patience, this is one way to go.

-mike