Your company’s credit rating impacts upon how others see your business
Credit ratings are a representation of how financially stable your company is, what’s great though is that you have the power to control your company’s creditworthiness. Once you have understood what factors affect your credit rating, you can then work on improving it. To get started, follow these top 5 tips:
Be on time
Ensure that you pay all your bills to the agreed terms with suppliers, credit card providers, banks etc. If you are a limited company, it is very important that you file your accounts on time with Companies House.
Correct any errors and keep your records up to date
Something as simple as an incorrect address can have an affect on your credit history. Ensure all the information is correct. If you spot any mistakes, correct them ASAP!
Keep your finances in order
It’s not always about your business finances. It’s also important to keep your personal finances in order as creditors may take this into account; particularly with new or smaller companies who do not have a detailed business credit history.
Ensure your business activities are well represented and visible
The more positive information a creditor can find on your company, the better. Keep good relations with your suppliers and customers as they may be the ones to report positive feedback to creditors if asked. It also helps if your company details are made visible to the public i.e. Companies House, telephone directories, online.
Check your company reports regularly
If you don’t keep an eye on your report, how will you know how others view you? Track any changes that have accrued and ensure there are no mistakes. Keep an eye out for County Court Judgements (CCJs) so you can deal with them immediately. It may also be a good idea to keep track of others in your industry so that you have an idea of what your credit rating should be.
To find out your company’s credit rating simply purchase one of our Standard Credit or Fully Comprehensive Company Credit Reports on your own company.
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