I am a soon to be new business owner. In the last stage of realizing my financial goal, I am now bringing my loan applications, personal financial statements and business plan to financial institutions to obtain funds. I was informed that for each bank I meet with a credit report will be pulled so as to determine my credit score and credit worthiness.This I knew. What I did not know was that my credit score will go down in points each time it is pulled. I will of course shop for the best interest rate for my business loan, so my credit score may go down by as much as 10 points. This is ludicrous and anti- small business. At a time when the federal government is rolling out stimulus funds to encourage growth in the small business sector and shore up ones that need more financing this is painfully hurting a new business before it even opens its doors. Pleae help by signing this petition so the credit reporting agencies and banking institutions will be held accountable for gross prejudice and be pressured to reform this common practice.
Maine Small Business Owner
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