To open a business bank account,will my credit report be pulled?

Question

To open a business bank account,will my credit report be pulled?

Answer 1

A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own.

Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.

Good luck,

Ilya Bodner

Small Business

Owner Initial Underwriting Group

Answer 2

More than likely unless it is a corporation

Answer 3

I've never had one run when I've openned an account.

Answer 4

I got a free credit report from this site, it's highly recommended that you check your credit report once in a while.

Answer 5

No

To open a business bank account, the bank will look for your business registration and your DBA name (Doing Business Name). It's just like opening any normal account, but for the bank to make sure that your business bank account name is actually yours, they need to check the DBA

Answer 6

Yes, your credit report will be pulled. When you open a new account, most banks will run your credit report. Not just for business accounts but also for checking accounts too.

They do that because they want to offer you more services, credit and also check your risk level. It's in the fine print of the paper they make you sign.