Credit check companies – does my business send the right signals?

When it comes to business, appearances mean a lot. It’s not just about making an impression in a pitch meeting or boardroom presentation – it’s also about giving the right signals to creditors.

Why is this important? Well, if you want to borrow any money then obviously you will need the creditors to view you favourably. But also, potential business partners or new suppliers can look at your credit rating too. In addition to this, competitors may check your credit to determine the success of your company.

As a result, you can bet that any business will have a look at your company prior to their dealings with you. Choose a package do a credit check on your own company now – then we will explore how you can improve your business’ reputation, whatever the results.

What To Look Out For In A Credit Report

The ‘Fully Comprehensive’ report is our most extensive and it gives you a lot of detail, which can be great as the details are very important when trying to formulate insights. These insights can later be actioned in an effort to improve your business overall.

But, whether you’re checking your own business or another, what should you look out for? Keep the following in mind:

• Credit Rating – A credit rating is given to every company, based on a lot of different data. This is a key indicator of whether a business is worth lending too. If you have a poor credit rating you can be sure creditors and potential business partners will think twice about dealing with you.
• Credit Limit – This is the amount that a business can borrow and reliably pay it back. This is calculated with many pieces of data including your credit rating, assets, account details and more. If you have a high credit limit other companies will realise you have a history of paying back money on time, and you have enough assets to do so – thus they are more likely to want to deal with you.
• CCJs – The ‘Fully Comprehensive’ report shows details on any County Court Judgments. If your business has a lot of unresolved judgments, or ones of a high value, then other companies may judge your reputation negatively as it shows people have been taking action against your company.

These are the main points of what to look out for, of course there is always a lot of value placed on the financial side of things. The ‘Accounts’ section of the report is also a good place to find insights – including ‘Balance Sheet’ and ‘Profit and Loss’.

How To Improve The Way Your Company Appears In Reports

There are many judgments that can be made about your business by creditors or potential business partners. As a result there are plenty of places you can improve your business and therefore make the report better.

If you’re struggling to improve your company search reputation consider the following:

• Debts – Paying off any debts you might have is an extremely important way to make a big difference to your credit limit and rating. If you pay your debts, your credit rating will improve and you are more likely to be looked at favourably by other companies and creditors.
• Borrow Reliably – If you’ve got a history of paying off debts on time and are reliable in doing so, you can ultimately expect to be able to borrow more from creditors as they will view you as less of a risk.
• Resolve Disputes – If you can prevent disputes arising from County Court Judgments you can easily enhance your reputation, but if you have a dispute it’s better to have them resolved than pending.

All in all, improving your business as a whole is the best way to enhance your reputation. The better your business is – the more favourable the report will be. So, broadly speaking you’re probably already doing the right thing if you’re trying to build the best business you possibly can – but if you’re trying and struggling then the practical tips listed above can certainly be useful.

Do A Company Search So You Know How Credit Check Companies View Your Business

If you don’t know, or you haven’t checked recently, then you should make sure you have a look at how your company is viewed. Enter your company name now and see how credit check companies view your company – or any other company for that matter.

Thanks for reading. Did you find this useful? If so make sure you comment and let us know. If you would like some more information then make sure you check out the rest of our blog for more information. Particularly useful would be the ‘Company Credit Check’ section.

By Alex Novakovic at MadeSimple – Find Alex on Google+