Business Credit is similar to personal credit only it is credit issued in the name of a corporate entity. When done correctly it should shield your personal assets from any dealings of the corporate credit use.

It is also called a commercial business credit reporting agency. A business credit bureau is similar to a personal credit reporting agency. Instead of collecting personal credit information, it collects and researches data on businesses and sells it for a fee to lenders and credit issuers to make lending decisions.

It is the information reported by creditors to the credit bureaus which include payment history, terms, amount, etc.

It is the credit extended to a business. It is best to establish tradelines from creditors who report to the credit bureaus to help build the business credit report and score.

It is the information reported by creditors for the business and it contains terms, amount of credit extended, used and payment history. All of that reported information is used to generate the business credit score.

It is a compilation of all the business credit reports about the business, including business information and scores. It is the foundation for projecting a favorable outlook to future creditors to work with the business and extend further credit.

Hard inquiry hurts your personal credit, but they do not hurt your business credit. When applying for business credit, do not use your social security number, to protect your personal credit report from harm. When applying for business credit only use your EIN. Anyone can pull your business credit without a negative affect to your business credit report or score.

SIC stands for Standard Industrial Classification. They are four digit codes assigned to business establishments, by the U.S. government, to identify the primary business of the establishment. Although SIC codes are being replaced by NAICS codes, organizations such as Dun and Bradstreet continue using SIC codes as well as NAICS. Two of the bigger differences between SIC and NAICS codes are that the NAICS codes list is more detailed, and it does not differentiate between online and offline businesses.

NAICS stands for North American Industry Classification System. The NAICS codes are used by Federal statistical agencies to classify business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. The IRS uses NAICS codes to compare your tax returns with other businesses in your industry, to make sure that your claimed deductions are in line to those business in your industry. Two of the bigger differences between SIC and NAICS codes are that the NAICS codes list is more detailed, and it does not differentiate between online and offline businesses.