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Unlock your full business credit profile, including your actual business credit score as the banks and lenders see it. Capitalise is the only platform that uses those in-depth Experian insights to match your business with funding!
Get instant alerts on changes to your score and a free consultation with a credit specialist. Credit check up to 100 other businesses, monitor their payment performance and get alerts on changes to their financial situation.
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Using instant alerts and specialist support, you have all the tools to improve your business credit score. You’ll win new customers and negotiate better terms with suppliers. With a better credit score powered by Experian insights, you can access more affordable funding..
Make stronger, more strategic decisions by sussing out the financial stability of other businesses. You’ll know how much trade credit to offer or expect, whether your invoices are likely to be paid on time and how well your competitors are doing.
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Check your credit score range and if you have risks with your customers
A credit score is the measure of how creditworthy your business is. In other words, your score shows a bank or lender how much of a risk it would be to lend your business money. The higher your score, the more likely it is that your business can pay back any debt, for example the repayments on a loan. Credit agencies each have their own scale for calculating your credit score. Our credit agency partner, Experian, uses the Commercial Delphi Score with scores that range from 0 (the highest risk) to 100 (the lowest risk).
Your credit score is important because it’s a measure of the financial health of your business. Not only does it show your financial position today, but it can be the difference between a healthy and unhealthy position in the future. The higher your credit score, the more funding you can get to fuel everyday operations and ambitious next steps. Businesses with higher scores can negotiate better terms with suppliers and are more likely to win contracts with new clients.
Read more about credit scores and why they’re important here.
There are several factors that affect your credit score – both positively and negatively. These include how promptly you pay suppliers and whether or not you have any legal notices against your business. Your Companies House SIC code is also a factor and so is your filing history. Credit agencies will also consider the age, industry and location of your business as well as certain information about its directors.
The exact steps you need to take to improve your credit score will be specific to your business and the factors that are having a negative impact. But here are some general guidelines you can use to get started:
Pay your bills and suppliers on time
If you have several funding facilities with a few different lenders, try to consolidate them into one manageable loan from a single lender
Check whether your business is filed under the correct Companies House SIC code
File your full accounts with Companies House, on time and in the same month every year
Make sure your business and its directors stay solvent, avoid County Court Judgements and resolve any that are currently outstanding
Your personal credit score measures how creditworthy you are as an individual. In other words, could you personally pay back a debt? If you wanted an overdraft on your personal bank account for example, your bank would look at your score to decide whether you’d be able to make the monthly payments. Your business credit score is a measure of how creditworthy your business is. If you applied for a business loan, for example, the lender would look at your score to decide whether your business would be able to keep up the repayments.
You can check your credit score right now by signing up to Capitalise for Business (it’s free). If you’re already signed up, you can check your score at any time by simply logging in.
Some providers may charge you a fee for your business credit score report. With Capitalise for Business, you can access all your credit score insights for free. Every time you log in, you’ll be able to see:
Your credit score and how it compares to similar businesses
Factors having a positive, negative and neutral impact on your score
the credit information lenders will look at about your business
how many times third parties have searched for your credit profile
