Yes indeed, it is true, most successful entrepreneurs have at one time or another run into credit destroying situations and while overcoming the obstacles, remain tainted for many years there after with the blemished credit report and thus a low credit score. This can be both very expensive as well as a real barrier to greater success.

Its a natural part of fighting the necessary battles and wars small business owners must endure. Few business owners ever have adequate cash to support growth and development, or overcome payroll demands every week, or overcome difficult account receivable collections, sales and revenue peaks and valleys and thus they experience financial bumps in the road, something they usually overcome but remain scarred with credit blemishes.

It is unfortunately the scarlet letter for most small businesses as the owners fight the battles of growth and development and simple survival in the trenches of daily business and develop a negative credit report.

Thus when it comes time to purchase an expensive but needed piece of equipment, it is either impossible because of a low credit score, or much more expensive.

Borrowing from the bank, usually determined by the credit score, and thus  many owners are left behind as the banks will not even consider an application without a score above 600. No SBA guaranteed loans, no credit at all is usually available to low score holders. This ends up forcing you into high interest private borrowing…very expensive, if you can borrow at all..

Of course this carries into ones personal needs and desires as car loans and house mortgages are also significantly more expensive or unavailable because of the low credit scores the entrepreneur carry with them, wherever they go.

Even cell phone contracts require huge deposits for poor credit scores. It is a significant impediment to progress and success in both ones business and personal lives. I see it all the time. Even college loans for tuition are heavily affected by your credit score, with programs simply being unavailable to low score holders.

In short we really have two categories of people and businesses , the ones that managed to succeed without credit issues, and thus have high credit scores and low costs of credit and open doors for all sorts of business arrangements, and the ones who  have blemished credit reports and thus pay enormously because of this in both additional high costs, higher interest rates and outright rejections, unable to purchase or do business at all …low credit score. It us truly the scarlet letter of the financial and business world.

So what to do about this dilemma?

Credit rehabilitation, or wait for seven to ten years and work it out over time. It is true that over a long long time period, the bad credit scores can be converted into better scores as the blemishes are slowly removed from ones record and with years of stellar payment history scores improve over time.

Even then it is frequently necessary to force the credit reporting agencies to remove the old issues after they are supposed to be withdrawn from your record, so it is frequently a huge problem requiring special assistance that many business owners require.

An industry of credit rehabilitation experts has developed. Specialists who claim to have the skill to both counsel you on what maneuvers and adjustments in your own business and personal lives will enhance your credit score, and assist you with specific procedures to have removed various entrees for a number of qualified and acceptable reasons. In the end a poor credit score over a six month time period can be elevated to a reasonable score or even a very good score, resolving this huge barrier.

One problem, unfortunately this is a very difficult area to successfully navigate as far too many credit rehabilitation specialists have been taking  money and either doing nothing very productive or nothing at all, leaving their clients  high and dry with a few less dollars but no better score. This is a significant issue in this developing new industry. It is notorious.

As one can well imagine, many of my clients have suffered the problem of low credit scores and thus the ensuing difficulties and I have experimented with many credit rehab people and businesses searching for a quality organization, capable of delivering the results, a higher score at a reasonable price. For a while I began to believe it would be easier to locate the holy grail. But alas, I have found the business organization that does the job, delivers the results and is reasonably priced. Hallelujah!!!

So if you are in need of such assistance, call me, and lets discuss your needs, I may have just the solution you require. 413-549-2966.