CRYPTOCREDIT Business Policy
A Cryptocredit Business credit builder account is the combination of a cash secured commercial installment loan and a commercial savings bank account. At origination, the funds from the loan are deposited into the savings account as collateral for the loan and a lock is placed on the savings account for the life of the loan. The loan and payment activity for the loan are reported to commercial credit bureaus, building the credit profile for your business.
During the life of your loan a lock is placed on the commercial savings account to secure the loan and the money in the savings account is not available for withdrawal. At maturity of the loan, or when the loan is closed and paid off, the lock is removed and the funds in the savings account are available to you.
A financial tradeline is an extension of credit from a bank or financing company. For example, a business loan from a bank, commercial credit card, or equipment lease financing.
A vendor tradeline is an extension of credit from one company to another company for the purchase of goods or services. Vendor tradelines can have a variety of names, such as merchant tradeline, supplier tradeline, vendor tradeline, trade credit, vendor account, or even a corporate tradeline. An example of a vendor tradeline is an office supply company extending net-30 terms to a customer to pay an invoice for a delivery of office supplies.
A Credit Strong Business credit builder accounts report up to a $10,000 installment loan financial tradeline to commercial credit bureaus. We report to Equifax, PayNet & SBFE, with plans to expand commercial credit reporting to Experian and Dun & Bradstreet in the future.
No. We do not perform a hard credit inquiry on you or your company, so there is no negative impact on your personal or business credit.
To open a Cryptocredit Business credit builder account, you must meet both business and individual requirements:
Business Requirements. The company must:
– have a registered EIN (Employer Identification Number issued by the IRS)
– be at least 3 months old
– be a LLC, Partnership, or Corporation
– be located in the United States and have a physical U.S. address place of business
Individual Requirements. You must:
– own at least 25% of the business
– have no co-owner(s) that individually own 25% or more of the business
– be at least 18 years old and be a permanent U.S. resident
– have a physical U.S residence (Address)
– have a valid social security number (SSN) or individual taxpayer identification number (ITIN)
– have a valid Identification document (Driver license, State ID, Passport or Permanent Resident Card- aka “Green Card”)
How do you determine if my business is eligible for a Cryptocredit Business credit builder account?
We need to be able to positively identify both you personally and your business. Your business must also not be involved in a ‘prohibited industry or activity’ (see our Terms & Conditions). We do not perform a hard credit inquiry on you personally or on the business, i.e. we don’t pull credit for you or the business.
No. There is no hard credit pull or inquiry when you apply for a Cryptocredit Business credit builder account.