My guest for this week is the leading authority on business credit. He is the CEO of Credit Suite, author of two best-selling books about credit and a frequent contributor on radio, television, as well as magazines such as Entrepreneur, Inc, and Forbes. And I’m also proud to say that he’s spoken at every Credit Repair Expo we ever held.
So please help me welcome this week’s Credit Hero - Ty Crandall!
Ty started his journey as an entrepreneur in the mortgage industry, but the 2008 stock market crash pushed him almost to the verge of personal bankruptcy. At the time, he was already familiar with credit repair because he often used it to help his mortgage business clients get approved for home loans. Knowing that lots of people would need help repairing their credit, Ty made the shift and started building his business.
When he discovered the vast potential of business credit, he dedicated himself to learning as much as he could about it. It was right around that time that he started working on Credit Suite. Over time, he became one of the leading experts on the subjects of business credit building, business credit scoring, and business financing.
Today, he’s going to share some amazing insights about business credit, so stick around and learn about all the ways it could help you build your credit repair business.
Business credit is very similar to consumer credit. Just like a consumer would build their credit score to qualify for different types of loans, businesses can create their commercial credit profile in similar ways. However, a key distinction between them is that business credit is separate from its owner’s personal identity.
You can think of it as a way for a business to fund itself. By building its score, the company becomes qualified for high-limit revolving accounts. In those cases, the owner’s information is not considered, which means they are not required to provide any type of personal guarantee or personal credit check.
“The actual lenders and credit issuers are making decisions based on the business credit quality, or the business’s ability to pay its bills and not linked to the actual owner’s ability to pay the bills.” - Ty Crandall
And the cool thing about this is that every business is capable of building their credit, it’s not just a privilege reserved for large companies. Everyone stands to benefit if they approach it the right way.
There are lots of things you can do to build up your business credit score. The first steps you need to take are also something Ty refers to as “getting your fundability in line.” Fundability is a concept that represents the likelihood of getting funding for your business from lenders, and it’s determined by 125 factors.
These are just some of the things you could be doing to assure you get a better business credit score:
And that’s just the tip of the iceberg!
All of these actions have the same purpose - make you appear credible in the eyes of potential lenders.
“You have to just make sure that the information you’re entering reflects that you’re a credible business.” - Ty Crandall
Now, building up your business credit can be a somewhat lengthy process, and if you’re doing it by yourself, it could take a couple of years before you get to the very final tier and gain access to VISA cards, Master Cards, and auto-financing. The good news is there are benefits that you’ll pick up along the way, which should also provide you with an incentive to see the process through.
In the end, you can always hire someone to help you, which should speed up the process significantly.
The great thing about having a credit repair business is that there’s an additional benefit from learning about business credit. Aside from building your own score, which should help you get funding from lenders, you can also assist other companies to build up their profile as well.
Whether it’s through teaching people about business credit or providing them with the actual service, there’s an entire market available for you to explore. Not only that, but there’s a good chance that a percentage of your existing customers would be interested in getting access to business credit to start their own business.
By adding business credit repair onto your list of services, you’re also implementing a new method for changing their lives.
Having Ty on the show is a real pleasure. I honestly think he’s one of the most successful I’ve ever met in my entire life!
I couldn’t let him leave without asking about what he found to have the most significant impact on his career, and his answer really touched me. I found it particularly moving because it’s completely aligned with our philosophy as well.
Ty made an excellent case for why you should do everything you can to share, teach, and give selflessly.
“You have to give, you have to teach, you have to educate.” - Ty Crandall
Providing people with information that they need is an incredibly powerful way to build relationships and rapport. Aside from that, teaching helps you consolidate your knowledge and inspires you to solve issues you haven’t even encountered yet. Lastly, the more you do it, the quicker you’ll be able to position yourself as an expert in your industry.
And sure, some people might use that information to discover their own success, but that’s just more good news for you. Because now, their stories are your testimonials, and you can count on them to promote your brand even without asking them too.
That’s it for today’s show! If you enjoyed it as much as I did, please hop over to our iTunes page and leave us a rating and a review so we can move up the charts.
Don’t forget to subscribe and until next week - keep changing lives!