Ohio mother hopes for a cure to save her son, 8, from rare, fatal disease: ‘Gut-wrenching’

For the three out of every 100,000 children who are born with Batten disease, the diagnosis is one of the most devastating that a family can receive.

Emily Blackburn, 32, found out in March 2023 that her 7-year-old son, Grayson Naff, has the rare, genetic, fatal disorder.

Now, the Ohio family is faced with the harsh reality that Naff will ultimately lose his sight, then his cognitive abilities and motor skills. 

The life expectancy for children with Batten disease is usually five or six years after symptoms begin.

HEART DISEASE RISK INCREASES FOR YOUNG ADULTS WHO HAVE LOST A SIBLING, STUDY FINDS

Shortly before her son started first grade, Blackburn took him to the eye doctor for what she thought was a routine visual exam. 

She’d noticed it was more difficult for him to see the TV screen, so she assumed he needed glasses.

During the exam, the doctor noticed something concerning in Naff’s retina and sent the family to a retina specialist in Cincinnati.

“At first, they thought that it was a disease called Stargardt, which is where you lose your central vision and become legally blind,” Blackburn told Fox News Digital in an interview.

That was heartbreaking in itself, she said — “enough to send you into a spiral” — but things got even worse when the doctors decided to do some genetic testing to confirm the diagnosis.

It turned out the first diagnosis was incorrect. And with tears in their eyes, the geneticists informed Blackburn during a Zoom call that her son actually had Batten disease.

“We went from thinking our son would become legally blind to finding out that he has this fatal disease with no cure,” Blackburn said. “I really don’t have words for it. It’s unbelievable. It’s soul-crushing.”

A fatal genetic disorder, Batten disease interferes with the body’s ability to eliminate cellular waste, per Cleveland Clinic’s website. 

As the excess lipids and proteins build up, they cause vision loss, seizures, cognitive decline, impaired mobility and death.

There is currently no cure for the disorder.

Batten disease is usually diagnosed through genetic testing, when an abnormal change is found in one of the several genes associated with the disease, noted Christelle Moufawad El Achkar, M.D., a neurologist in the Division of Epilepsy and Clinical Neurophysiology at Boston Children’s Hospital.

There are 13 different types of Batten disease, each involving a different gene. Naff was diagnosed with CLN3. 

“Within each gene, there can be different clinical subtypes with different ages of onset and severity, starting from infancy until adulthood,” Moufawad El Achkar told Fox News Digital. 

“This can make diagnosis harder, especially in the early stages of the disease.”

Early diagnosis is very important, the doctor emphasized, especially because some types of disease can be slowed with therapies.

PENNSYLVANIA MOTHER AND SON BOTH BORN WITH RARE GENETIC DISEASE: ‘CLOSER BECAUSE OF THIS’

Early symptoms of Batten include loss of balance, falls and slurring of speech. 

Epilepsy or seizures can be an early sign in some subtypes, but might only happen later in some patients, said Moufawad El Achkar. 

Gradual loss of vision is seen in almost all patients at some point in the disease.

“It is crucial to suspect and test for Batten disease in any child who has loss of skills, especially if accompanied by seizures, at any age,” the doctor said. 

As her son’s vision had already declined considerably at the time of his diagnosis, it is now 20/200, which qualifies as legally blind, Blackburn shared.

Only his vision has been impacted so far, but doctors have warned Blackburn of what’s to come over the next couple of years — including dementia, decline in motor skills and seizures.

As of now, he only knows about his vision struggles — Blackburn has not told him about the Batten disease diagnosis. 

“We try to keep him as educated as we can on his vision while still allowing him to be the same little boy he is now,” Blackburn told Fox News Digital. 

“We feel like the weight of all the other symptoms is just too hard, too much for him to carry.”

MUSCULAR DYSTROPHY BREAKTHROUGH: FDA APPROVES FIRST-EVER GENE THERAPY FOR RARE CHILDREN’S DISEASE

Naff still attends the same public school, where he works with a teacher for the visually impaired. 

“We have amazing teachers and amazing friends in our community,” Blackburn said. 

Patients affected by Batten disease need a multidisciplinary team to help manage their symptoms and design a plan to provide the best quality of life possible, Moufawad El Achkar noted.

Naff’s primary care team is at Nationwide Children’s Hospital in Columbus, Ohio. 

Twice a year, the family drives to the University of Iowa Hospitals & Clinics to see an eye doctor, who prescribes an experimental medicine to help preserve Naff’s vision for as long as possible.

They also travel to Texas Children’s Hospital in Houston to see a neurologist.

Naff will have an EEG (electroencephalography) each year to monitor his brain waves for seizure activity.

He is currently taking a medication called Miglustat, which could help to ease or slow down symptoms. Although the drug is FDA-approved for another condition called Gaucher disease, it is not yet approved for Batten.

“Since it’s not FDA approved, it has a hefty copay cost — if insurance doesn’t cover it, it’s about $100 a pill, or $9,000 a month,” Blackburn said.

PENNSYLVANIA PARENTS HONOR THEIR DAUGHTER WHO DIED OF A RARE GENETIC DISEASE: ‘SWEETEST GIRL IN THE WORLD’

Through an initiative called Guiding Grayson, the family has held events to help raise money for Naff’s costly care.

“Having the support from our community and our friends has been one of the best things to come out of this,” said Blackburn.

All the funds raised for Naff have gone toward the cost of the Miglustat.

Blackburn has quit her job as a project manager so she can dedicate her time to taking care of Naff and her younger son.

“There are a lot of unknowns and a lot of scary things, but we hope that the medication can hold off Grayson’s symptoms for as long as possible until there’s a cure,” she added.

Because each gene involved in the various types of Batten disease has a different mechanism, finding treatment for each one has been a very difficult process, noted Moufawad El Achkar.

“There have been some oral medications that over time might have shown some delay in the progression of the disease, but none have been shown to affect the course of the disease,” she said.

A drug called Cerliponase Alpha has been shown to significantly slow down symptoms of Batten disease type 2, noted Moufawad El Achkar.

Gene therapies have also been developed for some types and are in early clinical trial stages, but have not yet been administered in the U.S.

“Research is ongoing to look for therapies for virtually all of the subtypes, but most are at the pre-clinical stage at this time,” said Moufawad El Achkar.

“A lot of strides have been made, but we need a lot more treatment options to be developed, tailored to each subtype, and we need them as soon as possible.”

“Collaboration between scientists, medical teams and family associations all over the world is absolutely necessary to make any meaningful progress in treating these extremely rare disorders,” the doctor added.

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Blackburn said she is holding out hope for a cure in her son’s lifetime.

“Scientists are working tirelessly to try to find a cure for this disease,” she said. “It just takes a while for gene therapy to be approved, so that’s what is scary.”

“Some days, I’m really hopeful and I feel like Grayson can beat this, and then some days it’s just debilitating and gut-wrenching — it feels like we’re in a nightmare,” Blackburn went on.

“One of our main goals is to raise awareness for research and to raise funds for a cure — and just to let Grayson know how much we love him.”

For more Health articles, visit www.foxnews.com/health.

Reporter jumps into action to save slain friend's children after Hamas attack: 'Absolute chaos'

Journalist Ilana Curiel answered the call to action and saved two of her friend’s children after Hamas terrorists attacked his home. Photojournalist Roy Edan’s son Michael, 8, and daughter Amalya, 6, were barricaded in a closet with their mother’s body for hours when they managed to call their aunt, uncle and the police to tell them … Continue reading Reporter jumps into action to save slain friend's children after Hamas attack: 'Absolute chaos'

New York lifeguards save man who collapsed and remained unresponsive for 12 minutes

Lifeguards in New York saved a man who collapsed during a recent beach bike ride and had an undetectable pulse for 12 minutes.

David Plotkin, 50, joined “Fox & Friends Weekend” on Sunday morning to discuss what he could recall from his fall on July 30 of this year.

“It was a beautiful Saturday morning,” Plotkin said during a televised interview. 

“I went for my routine beach bike ride with a good friend of mine,” he continued. “It’s about an hour long, but it was anything but an hour-long bike ride.”

POOLS CLOSE AS LIFEGUARD SHORTAGE HITS AMERICAN CITIES THIS SUMMER

Plotkin said he and his friends had biked for 30 minutes and had already passed their turnaround point when he collapsed not far from a lifeguard station in Atlantic Beach.

“I was about 20 yards east of the lifeguard stand,” Plotkin told “Fox & Friends Weekend.” 

“I collapsed right in front of a retired police officer. He and his wife saw me down and ran over.”

Plotkin said he wasn’t breathing — so the couple started CPR while bystanders got the lifeguard team.

Two lifeguards responded to the scene, according to Plotkin.

“They sprung into action and brought the defibrillators over, and they were working on me for 30 minutes,” Plotkin said.

RETIRED DOCTOR RETURNS TO LIFEGUARDING AFTER 50 YEARS: ‘ONE OF THE BEST JOBS’

John Ryan Jr., the lead lifeguard in the town of East Hampton, also joined “Fox & Friends Weekend” to discuss the lifesaving measures his team took to save Plotkin.

The lifeguards delivered two shocks from the defibrillator and continued CPR on Plotkin for 12 minutes.

Plotkin didn’t have a readable pulse at the time, Ryan confirmed.

“Throughout the whole time, after those first two shocks, [the defibrillator] analyzed and said, ‘No shock advised,’” Ryan recalled.

“And at that point, the heart was not beating, so we continued CPR throughout the whole process, [and waited] to transport him off to a waiting ambulance.”

PHILLY GRANDMA, AGE 70, IS BACK ON LIFEGUARD DUTY AMID SHORTAGE ‘TO HELP THE COMMUNITY’ 

Ryan said Plotkin’s collapse is a “very rare” situation in the world of lifeguarding.

In his own words, Ryan said, “We know that once the heart stops, our job is to continue to do the CPR to continue to circulate oxygen in the blood to the organs in hopes that we can get him to the waiting ambulance, and then they can hopefully administer some drugs that might put the heart into fibrillation and then shock it to get a regular heartbeat.”

Ryan noted that his lifeguards swapped in and out to do two minutes of CPR and compressions.

He said 15 lifeguards eventually arrived at the scene and helped with compressions and ventilations.

“It takes a lot out of you,” Ryan said. 

“Your adrenalin is pumping and you’re doing CPR and we have switch in and out because if you’re not doing effective CPR, the blood flow is not circulating as it should be.” 

Need Funding? Our Credibly Recession Financing Review Can Save Your Business

Get the Funding Your Business Craves with Our Credibly Recession Financing Review

If you’ve been looking for a Credibly recession funding review, then look no further.

Credibly is one of several online lending companies. They are actually an emerging Fintech platform. They also provide SBA PPP loans.

Credibly can provide small business funding for working capital or small business expansion.  You can also get a line of credit through them, equipment financing, invoice factoring, and merchant cash advances.

Credibly Recession Funding Review: Background

Credibly is located online here: www.credibly.com. Their physical addresses are located in Southfield, Michigan; New York, New York; and Scottsdale, Arizona.  You can call them at: (888) 664-1444. Their contact page is here: www.credibly.com/contact.

You can email them at: customerservice@credibly.com.

Credibly Recession Funding Review: Qualification Requirements

Your company has to in business for at least 6 months at the minimum. In addition, you need to have at least $15,000 in monthly revenue. You must have a personal credit score of 500 or better.

Credibly also will want to review your most recent three months’ worth of bank statements while they consider whether to grant your application for funding.

Credibly offers $5,000 to $400,000 in funding. Get money fast – within 24 – 48 hours.

Credibly will perform a soft credit pull only to check your qualifications. But before you receive funding, Credibly will do a hard pull which will appear on your credit profile and may affect your credit score.

In addition, they will want a personal guarantee. They do not require you to provide collateral.

Credibly Recession Funding Review: Working Capital Loans

Get up to $400,000 in funding. Terms are 6 to 18 months. Pay factor rates as low as 1.15. For loans over $100,000, they want to see your most recent business tax return.

Credibly Recession Funding Review: Business Expansion Loans

Get up to $250,000 in funding. Terms are 18 or 24 months. Interest rates start at 9.99%. You must have a FICO score of 600 or better and three or more years in business. Also, you must have $3,000 or more in average daily balances.

Credibly Recession Funding Review: Fees

Pay a one-time 2.5% of the total loan amount set up fee. This fee is deducted from your proceeds. Rates start at 9.99%.

Credibly Recession Funding Review: Lines of Credit. Invoice Factoring, and Equipment Financing

These forms of funding are only available through Credibly’s network of external funding partners.

Credibly Recession Funding Review: Merchant Cash Advances

Get up to $400,000 in funding. Duration is anticipated to be 3 to 18 months. Pay factor rates as low as 1.15. Automatic remittances are tied to your receivables.

Credibly Recession Funding Review: Advantages

Advantages include a short time in business requirement. A short time to funding is also attractive.

Credibly Recession Funding Review: Disadvantages

One set of disadvantages are that they will want a personal guarantee and they will do a hard pull on your personal credit.

For startup companies and their founders in particular, who are often on some shaky financial ground to begin with, this could prove problematic. For these sorts of companies and business owners, a better choice might be to try crowdfunding or angel investing if either is possible. In that way, a business owner’s personal assets would be safer. And, their personal credit would not be affected.

A Viable Alternative – Building Business Credit

Business credit is credit in a small business’s name. It doesn’t attach to a business owner’s personal credit, not even when the owner is a sole proprietor and the solitary employee of the small business.

Hence, a business owner’s business and individual credit scores can be very different.

The Advantages

Because company credit is independent from personal, it helps to secure a small business owner’s personal assets, in the event of court action or business insolvency.

Also, with two distinct credit scores, a business owner can get two separate cards from the same merchant. This effectively doubles purchasing power.

Another benefit is that even startup ventures can do this. Going to a bank for a business loan can be a recipe for disappointment. But building company credit, when done correctly, is a plan for success.

Personal credit scores depend on payments but also various other components like credit use percentages.

But for business credit, the scores truly merely depend on if a small business pays its bills timely.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

The Process

Establishing company credit is a process, and it does not occur automatically. A business needs to actively work to establish company credit.

Nevertheless, it can be done readily and quickly, and it is much swifter than developing consumer credit scores.

Vendors are a big component of this process.

Performing the steps out of sequence will cause repetitive denials. Nobody can start at the top with business credit. For instance, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.

Company Fundability

A company needs to be fundable to lending institutions and vendors.

Consequently, a company will need a professional-looking web site and e-mail address. And it needs to have site hosting bought from a company like GoDaddy.

Additionally, company phone numbers must have a listing on 411.com. Use ListYourself to get a listing.

Likewise, the business phone number should be toll-free (800 exchange or similar).

A business will also need a bank account dedicated solely to it, and it must have every one of the licenses essential for operation.

Licenses

These licenses all have to be in the particular, correct name of the company. And they need to have the same company address and phone numbers.

So note, that this means not just state licenses, but possibly also city licenses.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

Dealing with the IRS

Visit the Internal Revenue Service web site and obtain an EIN for the company. They’re free. Pick a business entity such as corporation, LLC, etc.

A business can get started as a sole proprietor. But they will most likely wish to switch to a type of corporation or an LLC.

This is in order to decrease risk. And it will optimize tax benefits.

A business entity will matter when it involves taxes and liability in case of litigation. A sole proprietorship means the entrepreneur is it when it comes to liability and tax obligations. Nobody else is responsible.

Sole Proprietors Take Note

If you run a business as a sole proprietor, then at least be sure to file for a DBA. This is ‘doing business as’ status.

If you do not, then your personal name is the same as the company name. Hence, you can find yourself being directly responsible for all small business financial obligations.

Plus, according to the Internal Revenue Service, using this structure there is a 1 in 7 chance of an IRS audit. There is a 1 in 50 probability for corporations! Prevent confusion and dramatically reduce the odds of an Internal Revenue Service audit simultaneously.

Any DBA should be a stepping stone to incorporating.

Starting Off the Business Credit Reporting Process

Start at the D&B web site and get a free D-U-N-S number. A D-U-N-S number is how D&B gets a small business in their system, to generate a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s websites for the small business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for accuracy and completeness. If there are no records with them, go to the next step in the process.

In this manner, Experian and Equifax will have activity to report on.

Vendor Credit

First you ought to build trade lines that report. This is also referred to as vendor credit. Then you’ll have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can begin to get retail and cash credit.

These types of accounts have the tendency to be for the things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But to start with, what is trade credit? These trade lines are credit issuers who will give you starter credit when you have none now. Terms are in most cases Net 30, versus revolving.

Therefore, if you get an approval for $1,000 in vendor credit and use all of it, you need to pay that money back in a set term, like within 30 days on a Net 30 account.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

Details

Net 30 accounts must be paid in full within 30 days. 60 accounts need to be paid completely within 60 days. Unlike with revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you made use of.

To kick off your business credit profile the proper way, you should get approval for vendor accounts that report to the business credit reporting agencies. When that’s done, you can then make use of the credit.

Then repay what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit – It Helps

Not every vendor can help in the same way true starter credit can. These are vendors that will grant an approval with nominal effort. You also want them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

You want 3 of these to move onto the next step, which is retail credit.

Retail Credit

Once there are 3 or more vendor trade accounts reporting to at least one of the CRAs, then move onto retail credit. These are companies which include Office Depot and Staples.

Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the company’s EIN on these credit applications.

Fleet Credit

Are there more accounts reporting? Then progress to fleet credit. These are companies like BP and Conoco. Use this credit to purchase fuel, and to fix and maintain vehicles. Just use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the company’s EIN.

Cash Credit

Have you been responsibly handling the credit you’ve up to this point? Then move onto more universal cash credit. These are businesses like Visa and MasterCard. Only use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are typically MasterCard credit cards. If you have more trade accounts reporting, then these are attainable.

Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and take care of any mistakes ASAP. Get in the practice of checking credit reports. Dig into the details, not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less.

Update Your Record

Update the data if there are inaccuracies or the information is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. And for Equifax, go here: www.equifax.com/business/small-business.

Fix Your Business Credit

So, what’s all this monitoring for? It’s to challenge any problems in your records. Errors in your credit report(s) can be fixed. But the CRAs often want you to dispute in a particular way.

Disputes

Disputing credit report errors generally means you mail a paper letter with copies of any proofs of payment with it. These are documents like receipts and cancelled checks. Never mail the originals. Always mail copies and keep the original copies.

Fixing credit report errors also means you precisely detail any charges you challenge. Make your dispute letter as understandable as possible. Be specific about the problems with your report. Use certified mail so that you will have proof that you mailed in your dispute.

A Word about Building Business Credit

Always use credit responsibly! Don’t borrow more than what you can pay back. Track balances and deadlines for payments. Paying punctually and in full will do more to raise business credit scores than just about anything else.

Establishing business credit pays off. Good business credit scores help a small business get loans. Your credit issuer knows the company can pay its debts. They recognize the company is for real.

The business’s EIN connects to high scores and lenders won’t feel the need to ask for a personal guarantee.

Business credit is an asset which can help your company in years to come. Learn more here and get started toward establishing business credit.

Credibly Recession Funding Review: Takeaways

Companies that do best on Credibly will be fairly new players but with relatively meteoric rises.

A business owner asking for a loan should be prepared for a hard pull on his or her personal credit scores, which will impact those scores. This is just like all hard pulls do.

If an entrepreneur does not have the wherewithal to ride out a slightly lower personal credit score for a couple of years, then Credibly is not for them.

And finally, as with every other lending program, whether online or offline, remember to read the fine print and do the math. Go over the details with care. Decide if this option will be good for you and your company.

In addition, consider alternative financing options that go beyond just lending. These include building business credit and unsecured business financing. This is in order to best decide how to get the money you need to help your business grow.

Today, we want to hear from our audience! Share your voice with us about your experiences with online lenders and give us your own Credibly review.

 

 

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Need Funding? Our Credibly Recession Financing Review Can Save Your Business

Get the Funding Your Business Craves with Our Credibly Recession Financing Review If you’ve been looking for a Credibly recession funding review, then look no further. Credibly is one of several online lending companies. They are actually an emerging Fintech platform. They also provide SBA PPP loans. Credibly can provide small business funding for working … Continue reading Need Funding? Our Credibly Recession Financing Review Can Save Your Business

Need Funding? Our Credibly Recession Financing Review Can Save Your Business

Get the Funding Your Business Craves with Our Credibly Recession Financing Review

If you’ve been looking for a Credibly recession funding review, then look no further.

Credibly is one of several online lending companies. They are actually an emerging Fintech platform. They also provide SBA PPP loans.

Credibly can provide small business funding for working capital or small business expansion.  You can also get a line of credit through them, equipment financing, invoice factoring, and merchant cash advances.

Credibly Recession Funding Review: Background

Credibly is located online here: www.credibly.com. Their physical addresses are located in Southfield, Michigan; New York, New York; and Scottsdale, Arizona.  You can call them at: (888) 664-1444. Their contact page is here: www.credibly.com/contact.

You can email them at: customerservice@credibly.com.

Credibly Recession Funding Review: Qualification Requirements

Your company has to in business for at least 6 months at the minimum. In addition, you need to have at least $15,000 in monthly revenue. You must have a personal credit score of 500 or better.

Credibly also will want to review your most recent three months’ worth of bank statements while they consider whether to grant your application for funding.

Credibly offers $5,000 to $400,000 in funding. Get money fast – within 24 – 48 hours.

Credibly will perform a soft credit pull only to check your qualifications. But before you receive funding, Credibly will do a hard pull which will appear on your credit profile and may affect your credit score.

In addition, they will want a personal guarantee. They do not require you to provide collateral.

Credibly Recession Funding Review: Working Capital Loans

Get up to $400,000 in funding. Terms are 6 to 18 months. Pay factor rates as low as 1.15. For loans over $100,000, they want to see your most recent business tax return.

Credibly Recession Funding Review: Business Expansion Loans

Get up to $250,000 in funding. Terms are 18 or 24 months. Interest rates start at 9.99%. You must have a FICO score of 600 or better and three or more years in business. Also, you must have $3,000 or more in average daily balances.

Credibly Recession Funding Review: Fees

Pay a one-time 2.5% of the total loan amount set up fee. This fee is deducted from your proceeds. Rates start at 9.99%.

Credibly Recession Funding Review: Lines of Credit. Invoice Factoring, and Equipment Financing

These forms of funding are only available through Credibly’s network of external funding partners.

Credibly Recession Funding Review: Merchant Cash Advances

Get up to $400,000 in funding. Duration is anticipated to be 3 to 18 months. Pay factor rates as low as 1.15. Automatic remittances are tied to your receivables.

Credibly Recession Funding Review: Advantages

Advantages include a short time in business requirement. A short time to funding is also attractive.

Credibly Recession Funding Review: Disadvantages

One set of disadvantages are that they will want a personal guarantee and they will do a hard pull on your personal credit.

For startup companies and their founders in particular, who are often on some shaky financial ground to begin with, this could prove problematic. For these sorts of companies and business owners, a better choice might be to try crowdfunding or angel investing if either is possible. In that way, a business owner’s personal assets would be safer. And, their personal credit would not be affected.

A Viable Alternative – Building Business Credit

Business credit is credit in a small business’s name. It doesn’t attach to a business owner’s personal credit, not even when the owner is a sole proprietor and the solitary employee of the small business.

Hence, a business owner’s business and individual credit scores can be very different.

The Advantages

Because company credit is independent from personal, it helps to secure a small business owner’s personal assets, in the event of court action or business insolvency.

Also, with two distinct credit scores, a business owner can get two separate cards from the same merchant. This effectively doubles purchasing power.

Another benefit is that even startup ventures can do this. Going to a bank for a business loan can be a recipe for disappointment. But building company credit, when done correctly, is a plan for success.

Personal credit scores depend on payments but also various other components like credit use percentages.

But for business credit, the scores truly merely depend on if a small business pays its bills timely.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

The Process

Establishing company credit is a process, and it does not occur automatically. A business needs to actively work to establish company credit.

Nevertheless, it can be done readily and quickly, and it is much swifter than developing consumer credit scores.

Vendors are a big component of this process.

Performing the steps out of sequence will cause repetitive denials. Nobody can start at the top with business credit. For instance, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.

Company Fundability

A company needs to be fundable to lending institutions and vendors.

Consequently, a company will need a professional-looking web site and e-mail address. And it needs to have site hosting bought from a company like GoDaddy.

Additionally, company phone numbers must have a listing on 411.com. Use ListYourself to get a listing.

Likewise, the business phone number should be toll-free (800 exchange or similar).

A business will also need a bank account dedicated solely to it, and it must have every one of the licenses essential for operation.

Licenses

These licenses all have to be in the particular, correct name of the company. And they need to have the same company address and phone numbers.

So note, that this means not just state licenses, but possibly also city licenses.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

Dealing with the IRS

Visit the Internal Revenue Service web site and obtain an EIN for the company. They’re free. Pick a business entity such as corporation, LLC, etc.

A business can get started as a sole proprietor. But they will most likely wish to switch to a type of corporation or an LLC.

This is in order to decrease risk. And it will optimize tax benefits.

A business entity will matter when it involves taxes and liability in case of litigation. A sole proprietorship means the entrepreneur is it when it comes to liability and tax obligations. Nobody else is responsible.

Sole Proprietors Take Note

If you run a business as a sole proprietor, then at least be sure to file for a DBA. This is ‘doing business as’ status.

If you do not, then your personal name is the same as the company name. Hence, you can find yourself being directly responsible for all small business financial obligations.

Plus, according to the Internal Revenue Service, using this structure there is a 1 in 7 chance of an IRS audit. There is a 1 in 50 probability for corporations! Prevent confusion and dramatically reduce the odds of an Internal Revenue Service audit simultaneously.

Any DBA should be a stepping stone to incorporating.

Starting Off the Business Credit Reporting Process

Start at the D&B web site and get a free D-U-N-S number. A D-U-N-S number is how D&B gets a small business in their system, to generate a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s websites for the small business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for accuracy and completeness. If there are no records with them, go to the next step in the process.

In this manner, Experian and Equifax will have activity to report on.

Vendor Credit

First you ought to build trade lines that report. This is also referred to as vendor credit. Then you’ll have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can begin to get retail and cash credit.

These types of accounts have the tendency to be for the things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But to start with, what is trade credit? These trade lines are credit issuers who will give you starter credit when you have none now. Terms are in most cases Net 30, versus revolving.

Therefore, if you get an approval for $1,000 in vendor credit and use all of it, you need to pay that money back in a set term, like within 30 days on a Net 30 account.

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Details

Net 30 accounts must be paid in full within 30 days. 60 accounts need to be paid completely within 60 days. Unlike with revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you made use of.

To kick off your business credit profile the proper way, you should get approval for vendor accounts that report to the business credit reporting agencies. When that’s done, you can then make use of the credit.

Then repay what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit – It Helps

Not every vendor can help in the same way true starter credit can. These are vendors that will grant an approval with nominal effort. You also want them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

You want 3 of these to move onto the next step, which is retail credit.

Retail Credit

Once there are 3 or more vendor trade accounts reporting to at least one of the CRAs, then move onto retail credit. These are companies which include Office Depot and Staples.

Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the company’s EIN on these credit applications.

Fleet Credit

Are there more accounts reporting? Then progress to fleet credit. These are companies like BP and Conoco. Use this credit to purchase fuel, and to fix and maintain vehicles. Just use your SSN and date of birth on theCredibly COVID-19 Funding Credit Suitese applications for verification purposes. For credit checks and guarantees, make certain to apply using the company’s EIN.

Cash Credit

Have you been responsibly handling the credit you’ve up to this point? Then move onto more universal cash credit. These are businesses like Visa and MasterCard. Only use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are typically MasterCard credit cards. If you have more trade accounts reporting, then these are attainable.

Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and take care of any mistakes ASAP. Get in the practice of checking credit reports. Dig into the details, not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less.

Update Your Record

Update the data if there are inaccuracies or the information is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. And for Equifax, go here: www.equifax.com/business/small-business.

Fix Your Business Credit

So, what’s all this monitoring for? It’s to challenge any problems in your records. Errors in your credit report(s) can be fixed. But the CRAs often want you to dispute in a particular way.

Disputes

Disputing credit report errors generally means you mail a paper letter with copies of any proofs of payment with it. These are documents like receipts and cancelled checks. Never mail the originals. Always mail copies and keep the original copies.

Fixing credit report errors also means you precisely detail any charges you challenge. Make your dispute letter as understandable as possible. Be specific about the problems with your report. Use certified mail so that you will have proof that you mailed in your dispute.

A Word about Building Business Credit

Always use credit responsibly! Don’t borrow more than what you can pay back. Track balances and deadlines for payments. Paying punctually and in full will do more to raise business credit scores than just about anything else.

Establishing business credit pays off. Good business credit scores help a small business get loans. Your credit issuer knows the company can pay its debts. They recognize the company is for real.

The business’s EIN connects to high scores and lenders won’t feel the need to ask for a personal guarantee.

Business credit is an asset which can help your company in years to come. Learn more here and get started toward establishing business credit.

Credibly Recession Funding Review: Takeaways

Companies that do best on Credibly will be fairly new players but with relatively meteoric rises.

A business owner asking for a loan should be prepared for a hard pull on his or her personal credit scores, which will impact those scores. This is just like all hard pulls do.

If an entrepreneur does not have the wherewithal to ride out a slightly lower personal credit score for a couple of years, then Credibly is not for them.

And finally, as with every other lending program, whether online or offline, remember to read the fine print and do the math. Go over the details with care. Decide if this option will be good for you and your company.

In addition, consider alternative financing options that go beyond just lending. These include building business credit and unsecured business financing. This is in order to best decide how to get the money you need to help your business grow.

Today, we want to hear from our audience! Share your voice with us about your experiences with online lenders and give us your own Credibly review.

 

 

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