Protect Your Personal Finances with Your Business Credit Portfolio
Vendor accounts are an excellent approach to begin building business credit. Unless the vendor credit is specifically from a bank, vendors are not subject to the same laws as credit issued by banks. 31 CFR 1010.230 does not apply if the seller is not affiliated with a bank. 31 CFR 1010.230 is a 2018 federal regulation that requires everyone with at least a 25% share or control in a firm to disclose their SSN when asking for a loan. Starting vendors, such as Uline, are not considered lenders under this rule, therefore an SSN is not necessary. Vendors will be forced to pull your business credit under your EIN if the SSN entry is left blank. Filling in a number other than an SSN is a violation of two Federal laws; 42 U.S. Code 408 and 18 U.S. Code 1028A. Under these laws, you will be accused of identity theft.
You will need business credit cards to continue building your business credit profile. You can start qualifying for store credit and fleet credit once you’ve added at least three payment experiences and the vendors have reported to business CRAs like Dun & Bradstreet. Each credit tier is intended to assist your company in qualifying for credit cards that you will actually use.