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INSIDE THIS ISSUE Meet Associate Attorney Dominique Williams page 1 A Business Owner’s Guide to Lawsuits page 2 3 Mistakes to Avoid When Building a Business Credit Score page 2 See What Our Clients Are Saying page 3 Simple Summer Garden Pasta page 3
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after invoicing, business debt payments are considered “late” if only one day overdue. If your uniform vendor’s payment terms are net 15 days and you pay on Day 16, your payment is late — and dings your credit score. Your payment history determines Dun & Bradstreet’s Paydex score and is vendors’ primary information source. If you pay your bills on their due date, you will earn a Paydex score of 80 on a scale of 100. To get closer to 100, you must pay before the due date! Failing to Establish a Business Credit Score Maxxing out your personal credit card is a common but ill-advised strategy when starting a business. Not only will you dent your personal credit score, but your business will launch on a weak financial footing. When you launch, open a business credit card, and pay attention to the factors that determine your score. On average, a company uses 10 times more credit than a consumer and can typically access at least that much additional credit. Even if you don’t need a large credit line at the outset, you might need more capital in the future to accelerate your growth. To establish business credit, register for a Dun & Bradstreet Data University Numbering System or D-U-N-S number, a unique nine-digit identification number. You will receive your number within 30 days free of charge or within eight days if you pay a small fee. Your payment history, the age of your business credit accounts, and the size of your debt affect your score, ranging from 1 to 100. Trade credit, or the time-payment plans suppliers extend, also shows your creditworthiness. Following these basic rules can help you demonstrate your trustworthiness to prospective business partners and lenders, expanding your options as a business owner and opening more opportunities!
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