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Do you know your business credit score - and is it really accurate?

Ollie Maitland Nov 10, 2022

As costs increase, inflation remains unsteady and economic uncertainty still feels top-of-mind, it’s never been more essential that businesses use their smartest tactics. 

When it comes to maintaining business control, obtaining the best terms from suppliers and lenders is one important part of that jigsaw puzzle. 

When lenders are looking at your company and drafting up funding quotes, they’ll start by assessing your business based on your publicly available credit score. Credit reference agencies such as Experian publish this information, based on data they acquire from a myriad of sources.  

However, many small businesses don’t publish a lot of information in the public domain, and credit reference agencies sometimes have to make assumptions, meaning that your score may look lower than you would expect. And on top of this, some sectors are having a tougher time than others, and are being downgraded by the market. You may be in one of those sectors, yet are performing well, so it can feel unfair and frustrating.

 

Get your business ‘credit-ready’ with a Credit Review

 

There are almost 100 things which affect a business’ credit score, so it can be tricky to find out exactly what is impacting yours. With the help from one of the UKs leading credit bureaus Experian, we help find out those credit risks and even check its accuracy. 

 

With our market-leading business credit tools you can:

  • Check your own business credit score
  • Understand what affects your credit and your credit risks 
  • See your payment performance data 
  • Credit check the companies you work with to minimise the chance of bad debts 
  • Get your credit score reviewed - to check its correct 

 

If you’re trading in a supply chain which you’re concerned about, checking your suppliers’ credit score can be a great way to reduce risk, stay ahead and protect your business cashflow. 

When surveyed by Capitalise, 42% of small business owners said they intended to carry out more credit checks, now that times are getting tougher.  And data shows that if a company carries out credit checks on its own customers, they are 6x more likely to be in the top credit score band themselves. 

So, with a greater focus on healthy credit scores, it’s never been more important to make sure yours is in the best position. 

Protecting your business credit score, and staying ahead of risks doesn’t have to be complex. With our brand new Credit Review Service, we’ll connect you with Experian to dive into your credit profile, review your business credit and check its accuracy to see if it can be improved. 

 

All in 5 simple steps:

 

1. We review your business profile


2. We’ll connect you with the right people at Experian, one of the UKs leading credit bureaus 


3. They’ll review your full set of accounts and credit  profile and check its accuracy 


4. You’ll hear back from us in as little as five working days to see if you’re credit been improved 


5. We’ll give you follow-up support including tools and resources to maintain your new, healthy credit score


Grab the tools you need to stay ahead, and stay informed. Find out more about the Credit Review Service or sign up for Capitalise for Business for free to get started. 

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