Читать книгу Finance & Grow Your New Business - Angie Mohr - Страница 41

In North America, almost every person who has ever borrowed money from an institution will have a credit report on file with one of the major credit bureaus. This report will have your borrowing and employment history, including amounts owing, how quickly you have repaid past loans, whether any payments are overdue, and whether a lender has ever had to turn any of your debt over to a collection agency in the past. Any past bankruptcies will also show up on this report. This information culminates in your credit score, which is used by lenders to predict whether or not you are a good credit risk. Having a poor score can not only ensure that you are denied future credit but you may also have to pay a much higher interest rate to offset what the lender perceives as your increased risk.

You have a right to have access to your own credit reports and it is highly recommended that you review it on a regular basis, as often as yearly. It’s important for you to know how a future lender will view you. There is also the possibility that your credit report contains inaccurate information, which you should have corrected as soon as possible to avoid it impacting your credit-worthiness.

Your personal credit history will also come into play when you start your small business. Most banks and leasing companies will check your personal credit score to make sure that you pay both your personal and business debts on time. This will matter greatly when you apply for a business line of credit or for a lease arrangement for your equipment.

Make sure your personal credit history is as clean and in order as possible before you contemplate starting your business. It will save you many headaches down the road.

In the United States, there are three national credit reporting agencies for individuals and it is important to see your credit information from all three:

• Equifax: www.equifax.com

• TransUnion: www.transunion.com

• Experian: www.experian.com

In Canada, there are two national reporting agencies:

• Equifax: www.equifax.com

• TransUnion: www.tuc.ca