How to Get a Business Loan With Bad
Credit
Scenario
Credit rating is the primary consideration by financial institutions for getting a traditional business loan .
The first thing a person who wants to obtain one, should do is to get a credit report to have...
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How to Get a Business Loan With Bad
Credit
Scenario
Credit rating is the primary consideration by financial institutions for getting a traditional business loan .
The first thing a person who wants to obtain one, should do is to get a credit report to have an idea if
getting a business loan could become a problem.
This is available online and it is normally for free.
If
possible, the credit rating should be reviewed and negative listings that are discovered should be
improved prior to application for any business loans as a declined loan will have a waiting period of at
least 60 days before another application can be accepted.
In case a bad credit rating is given, the next
thing that can be done is to attempt improving the rating.
This can be done in two ways.
Reflection
Dispute the credit file – In the Fair Credit Reporting Act, any item placed in a person’s file with the credit
bureau must be first consulted with that person personally and any conversation recorded as proof.
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