Are you looking to establish business credit for your company as quickly as possible? Strong business credit can open many doors, from better financing offers and lower insurance premiums to increased interest from investors. However, it isn’t something that can be built overnight (or over one month). That said—you can establish a strong foundation and start the credit-building process over a period of 30 days. How? Read on for a 30-day, step-by-step action plan.
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What Can You Realistically Achieve in 30 Days of Building Business Credit?
Building strong business credit takes time. Lenders and other organizations want to see a proven track record of responsible credit management that extends over a long period of time. However, you can lay the groundwork over 30 days by setting up your business properly, opening tradelines, and using the credit accounts responsibly. From there, it won’t be long until positive activity starts to hit your business credit reports. Here’s how to get started.
Week 1 Actions (Days 1-7): Register Your Business as an Independent Entity
The first step is to register your company at the state level as an independent entity, such as a Limited Liability Company (LLC) or Corporation (S Corp or C Corp). The process typically involves paying fees and submitting the following information about your business to the state(s) you register with:
- Business name
- Business location
- Registered agent information
- Number and value of shares (for corporations)
- Ownership, management structure, or directors
- Required documents for your state and business structure (e.g., articles of organization, articles of incorporation, LLC operating agreement, bylaws or resolutions, etc.)
The business structure you choose will have many implications, so it’s important to make an informed decision. If you’re not sure which structure is best, consider consulting a knowledgeable professional, such as a business accountant or attorney.
As for the filing process, it can take days to weeks, so be sure to start the process right away. If you don’t want to handle it alone, you can hire a company like ZenBusiness or RocketLawyer to help. Either way, online filings are typically faster, and most states offer expedited processing for a fee.
If your business is already set up as an independent entity—great! You’re ahead of the game and can move on to the next steps early.
Week 2 Actions (Days 8-14): Finish Setting Up Your Business Credit Foundation
Once your business structure is in place, there are a few remaining steps to take to get fully set up. Complete these in week two.
Get an EIN from the IRS
You need an Employer Identification Number (EIN) for your business, which you can get for free from the IRS. An EIN acts as the identifier for your business as you build business credit—similar to how a Social Security Number (SSN) identifies individuals building personal credit.
Establish Business Contact Information
Set up a dedicated business address and phone number. Use them consistently across all financial accounts and applications. Lenders often verify this information when reviewing credit applications.
Set Up Your Dun & Bradstreet Reporting Profile
The three main business credit reporting companies are Dun & Bradstreet, Experian, and Equifax. To get set up with Dun & Bradstreet, you need a D-U-N-S number, which is a unique identifier assigned to businesses in the Dun & Bradstreet database. You can search the database on their website to see if one has been created for you. If it hasn’t, you can request one at no cost.
Note: Experian and Equifax don’t allow direct registration. Instead, your business credit profiles with them will be created automatically once you open tradelines that report to their systems.
Open a Business Bank Account
Open a dedicated business bank account—a central hub for all of your company’s financial activities. Lenders often request bank statements or transaction histories when you apply for credit, and some credit accounts require payments from a verified business account. Establishing this account also creates a clear separation between your business and personal finances, helping protect your personal assets from business liabilities.
Week 3 Actions (Days 15-21): Open At Least 3 Beginner-Friendly Tradelines
With your business credit foundation in place, use the next seven days to open at least three tradelines. While it can be challenging to get approved without a business credit history, the account types below are the easiest entry points.
Open Vendor Tradelines
Vendor tradelines refer to vendors that offer net payment terms and report the credit accounts to one or more of the business credit reporting companies. However, not all vendors offer net payment terms—and not all vendors offering net payment terms report to the business credit reporting companies. Be careful when choosing vendors to make sure they meet both criteria.
Here are a few examples of vendors that offer tradelines:
- Quill is an office supply company that offers net-30 payment terms and reports payments to Dun & Bradstreet weekly.
- Namynot is a provider of digital marketing services that offers net-30 payment terms and reports to Experian, Equifax, and Dun & Bradstreet.
- Wise Business is a business service provider that offers net-30 payment terms and reports to Experian and Equifax.
If you’re looking to build credit fast, you can ask vendors about their reporting schedules. With that knowledge, you’ll be better able to understand when the tradeline may appear on your credit report. However, keep in mind, the business credit reporting companies can also cause delays.
Open Credit-Building Business Cards
Along with opening vendor tradelines, consider opening a credit-building business card. For example, Lili offers the BusinessBuild Credit Card, a secured business credit card that reports to Dun & Bradstreet each month.
Lili’s card is designed to help you start building business credit from scratch, without relying on your personal credit. You won’t need to undergo a personal credit check or provide a personal guarantee to get approved. Instead, you’ll be asked to add a security deposit into your Lili checking account to unlock a credit limit between $200 and $50,000. From there, you can use the card and make on-time payments to build a positive tradeline.
Other providers, like Ramp, BILL, and Nav, also offer no-personal-guarantee cards to help build business credit. However, most of these are structured as charge cards. Lili stands out by offering the BusinessBuild Credit Card—a secured card backed by a refundable deposit that reports to Dun & Bradstreet. While the balance must still be paid in full each month, your everyday business spending helps strengthen your business credit profile. To accelerate credit growth, it may also be useful to open multiple accounts and establish several tradelines.
The initial reporting date of a new account will depend on the billing cycle of your card and your first payment due date. You can always call your card provider and ask about its reporting schedule if you want to know the specific reporting date you should expect.
Week 4+ Actions (Days 22-30): Use Your Tradelines and Plan for On-Time Payments
In the final week—and beyond—it’s time to put your new accounts to work. To demonstrate responsible credit management, start using each tradeline for planned business expenses and make sure all your payments are made on time. Strategize which purchases to put on each account, and set up automatic payments or recurring reminders so nothing slips through the cracks. Consistent, on-time payments are the single most important factor in building strong business credit.
Next Steps: Monitor Credit Reports to Track Progress
How do you know if your credit-building activities are working? You’ll need to monitor your business credit reports. That’s easy with Dun & Bradstreet and Experian. You can sign up for credit monitoring through the companies themselves. Dun & Bradstreet has credit monitoring plans ranging from free to $149 per month, while Experian charges $199 per year (about $17 per month). You can also monitor your Dun & Bradstreet credit profile through Lili’s BusinessBuild Program, which was created in collaboration with Dun & Bradstreet. BusinessBuild gives you real-time alerts on six key D&B scores and ratings, plus insights into what drives your credit profile—helping you spot risks early and stay in control.
Once you have access to your business credit reports, keep an eye out for the tradelines you’ve opened. If you find any errors, contact the reporting company immediately to file a dispute. If validated, they’ll remove the erroneous records.
Pitfalls to Avoid
As you work to build business credit, steer clear of these common missteps:
- Missing payments: Late or missed payments will hurt your business credit, especially when you don’t yet have much positive payment history. Aim to make each of your payments a little early so they have plenty of time to clear.
- Opening accounts that won’t be reported: If a vendor or lender doesn’t report to the business credit reporting companies, your good payment history won’t help you build business credit.
- Building credit as a sole proprietor: You need a separate business entity (like an LLC or corporation) for your business to have its own credit profile. Don’t skip this step and try to build credit as a sole proprietor.
- Inconsistent business info: Use the same business name spelling, address, and phone number across every application and account. Even small differences can cause verification issues.
Common Challenges and How to Overcome Them
Even with a solid plan, you may hit a few snags as you work through these steps. Here are two common challenges small business owners face, along with practical ways to handle them.
Trouble Finding Vendors That Report
Challenge: It can be hard to find vendors you want to use that offer net payment terms and report to the business credit reporting companies.
Solution: Perform online searches for specific types of vendors that offer net payment terms and help businesses build credit. Additionally, you may want to ask other business owners for recommendations, online and offline. Dun & Bradstreet also allows businesses to submit trade references for manual review. That means you can submit a trade reference from a vendor that offers net payments but doesn’t report to any business credit reporting companies. If Dun & Bradstreet verifies and accepts the tradeline, that payment experience can be added to your Dun & Bradstreet credit profile.
Not Seeing Credit Report Activity Within 30 Days
Challenge: Once you establish a tradeline and make your first payment, you may be surprised to find it doesn’t appear on your business credit report in the 30 days that follow.
Solution: It can take time for tradelines to appear on business credit reports. For example, it often takes several months of consistent payment history across multiple tradelines before you’ll get a Dun & Bradstreet PAYDEX score with Dun & Bradstreet. In the meantime, keep making all your payments on time and track your progress through business credit monitoring tools. You can also contact your credit provider and the business credit reporting companies to check on the status of specific tradelines.
How Lili Helps Businesses Build Credit in 30 Days
Ready to get on the fast track to building business credit? When you open a Lili account and join the BusinessBuild Program, you’ll receive a secured business credit card that reports monthly to Dun & Bradstreet—hello, tradeline! You’ll also gain 24/7 access to your Dun & Bradstreet credit report and real-time alerts, so you can track your progress as your credit profile grows. Plus, the program unlocks top-tier, credit-building training to help you fully understand the ins and outs of business credit.
Jumpstart your path to business credit today with Lili! With consistent, on-time payments, patience, and the right tools, you can grow your business credit profile month by month.
Summary & 30-Day Action Checklist
Ready to get started building business credit? Here’s a recap of the 30-day action plan:
• Week 1: Register your business as an independent entity
• Week 2: Set up an EIN, your business contact details, a D-U-N-S number, and a business bank account
• Week 3: Open at least 3 tradelines from vendors and business card providers
• Week 4: Make purchases and ensure your payments are made on time
Join Lili’s BusinessBuild Program today to establish your first tradeline and start tracking your Dun & Bradstreet credit profile!
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