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What a Commercial Lender Is Looking for in Your Credit History
A commercial lender will want to review both personal and business credit when evaluating a loan application. This is because in many cases, the owner of the business will need to personally guarantee the loan.Before you begin the process of applying for a commercial loan, you need to review both your personal credit history and that of your business to be certain that all of the information is correct. You can obtain a personal credit report via many banks and credit card companies that you might have a relationship with. They will provide you with your scores from TransUnion, Experian and Equifax which are the three major consumer credit reporting companies. Your business credit report can be acquired from Dun & Bradstreet. You will want to carefully review the information on each report and check it for accuracy. If you discover any errors then you should contact the agency to correct the matter prior to submitting your application to a commercial lender. If you are disputing any information on your credit report, it is wise to contact the creditor to attempt to correct the issue. That can be much faster than having the credit bureau try to sort out an error. Once ... more
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