Establish business credit separately from personal credit

If you don't take the proper steps to separate your business credit from your personal credit, you may have to repair both concurrently. Form a corporation and apply for an employer identification number (EIN). You can then apply for business credit under the corporation name, not under your own name.

I recommend: Contact the Internal Revenue Service and apply for an employee identification number. Corp America, Inc. incorporates businesses for as little as $49.

Monitor your business activities with credit management firms

Most business rely heavily on computers, so it's just as important to safeguard your business credit information as it is your personal credit information. Computer hackers continually find new ways to pull valuable information from databases, but business credit risk management firms help you monitor your company's month-to-month spending and alert you to fraudulent charges or accounting mistakes.

I recommend: Identity Guard helps you take control of your business credit online starting at $14.95 per month. Request a free preliminary business credit risk assessment from Atradius.

Credit management firms can help your business rebuild credit

The first step in business credit repair is making sure you have a data universal numbering system, or D-U-N-S, number. The U.S. Government requires a corporation to have a D-U-N-S number, a unique sequence of 9 numbers. The number also gives business lenders the most up-to-date credit score. If you think rebuilding credit on your own is impossible, seek help from business debt consolidation companies who charge a flat fee each month until you pay off your business debt.

I recommend: Apply for a free D-U-N-S number at Dun and Bradstreet, Inc. Contact CFG Inc., a credit management firm and download forms for a consultation. Commercial Debt Counseling Corporation helps companies consolidate and pay off business debt.