Personal Credit Reports for Business Owners

A Credit Article Contributed by Kris Griebe

I own a Business, Can I Still See My Personal Credit Report?

You can view your personal credit report any time, even if you own a business. By owning a business, you will have two credit reports, one for yourself, and one for your business. If you wish to view your personal credit report, you simply need to request it, under your name rather than your business name. This can be a bit confusing if your business has the same name as you, but typically requesting a personal credit report will ask for different information.

If you were requesting a business credit report, you would need information relating to your business license and possibly your tax ID. With a personal credit report, you will not need this information, instead you will need to know such things as your address and social security number.

How Do I Know What Goes on My Personal Credit Report, and What Goes on My Business Credit Report?

The difference is the name that your credit cards or loans are in. If you have a Visa credit card in your name, and a Visa credit card in your business name, they will each report to their respective credit reports. At no time will your personal credit card be mentioned in your business credit report. The same goes for a business credit card, it will not be mentioned in your personal credit report. Loans work the same way as credit cards.

You may have a personal loan, and a business loan, but they will only influence the credit report of your business, or your personal report, respectively. If you find that your business loan or credit card is influencing your personal credit report, you should contact your lender or credit card company immediately to clarify the issue.

Does My Personal Credit Report Affect My Business Credit?

Your personal credit can sometimes play a factor in your business credit. If you are seeking a loan for your business, the lender will sometimes consider your personal credit along with your business credit. This is because you are both responsible, as you own the company. Your track record of payments will reflect upon how your business manages their credit. If you never pay your bills on time, then your business could be gauged as a risk factor, because you may likewise never pay your business bills on time.

On the other hand, if you have spotless personal credit, that can help influence the lender in a positive way. Having good personal credit shows you are mature and responsible, and will pay your bills on time. Lenders are more likely to trust a business that is run by someone who is responsible with their debt and takes care of their obligations in a timely fashion.

Maintaining a good personal credit history will help your business grow and succeed, in turn allowing you to earn greater profits and keeping you on the straight and narrow when it comes to your credit, both personal and business.