What is a Company Credit Check?

Individuals being credit checked is the norm. When we apply for a bank account, a mortgage – even a mobile phone contract, we have to go through a credit check. But what is a company credit check? In this blog post we’re going to answer that question and demonstrate why company credit checks are here to help you.

As the name would suggest, a company credit check is similar to an individual credit check in that it will help you discover credit worthiness by providing you with a credit rating, but of course the difference here is that it’s for a business rather than a person.

Credit Rating?

This is a score (between 1-100) that signals the likelihood of a company being able to pay back a loan. For example, if a company were to score 71-100 it would be classed as having ‘Very Good Credit Worthiness’, whilst if it were to score 0-29 it would have the note ‘Caution – Credit at your discretion’.

Why you should use Company Credit Checks

If you run a business it is good practice to do your research on any other businesses that you could be working with. For example, your business is:

• Providing another business a service
• Receiving a service from another business
• Going into partnership with another business

Before entering into any business relationship you should carry out a company credit check to help you assess the risk involved.

How to complete a Company Credit Check

This is where we can help. By purchasing a company credit report with us you can quickly and simply gain access to a company’s credit rating (also known as credit limit) information. We offer two reports that contain this:

• Standard Credit – £3.95
• Fully Comprehensive – £5.45

Buying reports is simple; search for the company from the Company Search MadeSimple homepage, pick the relevant company from the list, choose your report type and then complete the purchase. The report will then be delivered straight to your account where it will be immediately available to view.

Ready to complete a company credit check? Get started now.

By Mathew Aitken at MadeSimple – Find Mathew on Google+