Separate your business score from your personal score

An Employer Identification Number, also called an EIN or taxpayer ID number, helps to separate your business score from your personal score, which is attached to your Social Security number. Continue separating your business and personal identities by establishing separate phone numbers and checking accounts.

I recommend: Apply online for an EIN at the Internal Revenue Service Web site. Review the instructions and the form before starting.

Get your personal credit report

Lenders recognize a correlation between a business owner's personal credit history and likelihood of repaying a business loan — so be sure to check that your personal credit report is accurate. Reports may vary among reporting agencies, because each bases its score on slightly different criteria.

I recommend: Obtain a personal credit report, though not your credit score, for free once a year from each of the three major reporting agencies: Equifax, Experian and TransUnion. All three agencies also support a Web site from which you can order free copies of your reports: AnnualCreditReport.com. Buy a copy of your personal FICO score anytime at MyFico.com.

Review your business credit report

Small businesses do not have FICO scores, but lenders do consider other predictors that businesses will repay loans. So you'll want to be sure your business credit report is up to snuff.

I recommend: Order basic and comprehensive business credit reports at D&B Small Business Solutions. The Small Business Scoring Service at Fair Isaac includes a FICO score analysis, financial snapshot of your business, overall performance analysis and a score highlighting a company's payment performance.

Fix your credit to boost your score

You can correct inaccuracies and take steps to raise your score yourself, but if you prefer, you can hire help.

I recommend: Lexington Law Firm offers to delete inaccurate, misleading and unverifiable information on credit reports. BrightScore from the nonprofit credit counseling agency InCharge Institute of America Inc. provides credit analyses and score improvement plans.