The National Directory of Certified Public Accountants

Ask A CPA - Mortgages & Loans

Is My Personal Credit History Considered For A Business Loan ?

Your personal credit history is considered for a business loan because it gives the lender or bank a history of your personal money management, demonstrates repayment of debts and it lets the lender know of existing debts including delinquencies, bankruptcies, references, liens, student loans, etc. It is also important because if your business is a sole proprietorship or individual, there in no difference in credit history for loan purposes. Generally, if you business is a corporation, LLC, partnership, trade company, etc., then the bank or lender looks at the business history.

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