A credit file is a record of a person's credit history, based on creditors' reports to the 3 major credit bureaus. A credit bureau uses an social security number (SSN) to identify borrowers. Almost every citizen of the United States is issued an SSN by the Social Security Administration (SSA), and any individual who has a social security number has a credit file that includes information on loan amounts, terms and repayment. This information is drawn for review every time a new request is made for a loan or credit extension. Any negative information in the credit history is seen as a red-flag to creditors and money lenders, who very often decline credit to those with unfavorable credit files. Any individual interested in new business start-up may want to form a new credit file so as to separate the business's financial exchanges from the personal. You do not have to hire a lawyer to make a new file for the credit bureaus and lenders to see. Follow these steps for how to create a new credit file at companies.

Prepare your business plan. In order to establish a blank-slate credit file, you must have a business entity formed to establish the new credit identity around. Before you proceed to the next step, you will need all of your business details in order, including:

Business name. This may be a "Doing Business As" (DBA) or your own name (if you choose to operate your business under your legal name).

Type of entity. Your business entity may be a sole proprietorship, a partnership, a corporation, an estate, a church, a non-profit organization, a trust, a national guard or a government agency, among others.

Reason for needing a new credit file. The IRS wants to know that you're either starting a new business, hiring new employees, creating a trust or pension, needing financial services or purchasing an existing business.

Business start date and closing month of accounting year.

Number of employees. If you do not currently have employees, you should be able to foresee how many employees you plan on hiring.

Business purpose.

Products sold and/or services rendered.


2File for an Employer Identification Number (EIN). This number is issued by the Internal Revenue Service (IRS) as a way to identify businesses, charities, government agencies and more. Credit bureaus will use any credit line activity relating to your new EIN to form a credit file. You may file for an EIN through the IRS through their website, or via telephone, fax or mail.


3Establish a new credit file under your EIN. The credit file under your EIN will be completely free of a credit history. For that reason, you must build new credit in your business entity's record. There are several ways to create new credit with no credit history:
Bank accounts. Although checking and savings accounts don't often report to the credit bureaus, they are an integral part of establishing new credit.
Secured credit cards. You will need to make a deposit to your secured card account that you will draw against whenever you use your card. In essence, you are borrowing against your own money until you have enough new credit established with the credit bureaus to get unsecured credit accounts.
Personal loans. Your bank may issue a personal loan if you open a bank account under the new EIN and will report all activity to your new credit file.

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