Jump to content


Beneficial Ownership 25% Ownership of business?

Recommended Posts

New Law Requires Ownership to be Reported on Business Credit Card Applications


So anyone have experience with this lately  It seems alot of business credit applications are requiring your SS# and such now to get business credit

Share this post

Link to post
Share on other sites

Yes, you are required to provide beneficial ownership if anyone owns more than 25% of a company.  If all ownership is less than 25% then you can skip that step.  You'll still need to PG cash lines of credit either way.

Share this post

Link to post
Share on other sites

They say its NOT pg.  Its just for ID verification and they use Lexus Nexus to do so and it wont put a inquiry on your personal credit.

It appears to be in place to combat fraud  So strangers wont be able to open accounts in other peoples business names and that the person opening the account is truly a real person and officer of the company

Share this post

Link to post
Share on other sites

It's a barrier to do business, designed to prevent terrorism, but in reality how does that extra step create any benefit for anyone.  

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Today's Birthdays

    No users celebrating today.
  • Member Statistics

    • Total Members
    • Most Online

    Newest Member

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
  • Create New...

Important Information