Every year, right about this time, I get a lot of calls and emails from people who have gotten snagged in some pretty awful "credit-building" strategies. And apparently, this year is no different.
If you don't know by now, the single, most-impacting step a business owner can take to boost their potential for credit approvals is to add positive payment habits. Unfortunately, some people fall prey to some shady characters who promote even shadier strategies that do more harm than good.
When it comes to adding trade lines, remember Newton’s third law – for every action there is an equal and opposite reaction. (Translation: If you don’t do it right, all the benefits can be reversed instantly, and have devastating results.)
So... instead of letting you fall into some common traps, I've outlined ten common trade line trip-ups to help keep you on a straighter path to success.
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10 COMMON TRADE LINE TRIP-UPS
PAYING FOR TRADE LINES – Opening a business credit account with any company is free. If you are dishing out your hard earned cash to "buy trade lines", you are being ripped off — and it can hurt your business. Companies who sell trade lines are constantly being identified by D&B, and when they are, their customers are the ones who suffer. While they move off to start a new company under a different name and take other people's money, your company will be forever burdened with the stigma of using fraudulent tactics.