Taking a Credit Report on your Own Business

 The use of credit reports to check on companies you trade with is an essential tool in managing your business successfully.

 

However, some people would be surprised that many companies regularly check their own company.  There are many reasons why companies do this including:

 

1.         It is vitally important to see how your rating stacks up.  Do you have a good credit score or are you being penalised in some way.

 

2.         If for any reason your credit score is lower than you think, there is no reason why you can’t contact the particular provider of the credit report and ask them for an explanation.

 

3.         As credit reports include considerable information stored at Companies House, it is a useful way of checking that that information is correct.  We know of a number of companies who on checking their director information through a credit report have found that erroneous directors of their company have been appointed.

 

Keep an eye on your own company as the withholding of credit by a supplier because of  a poor credit check can do as much damage to your business as anything else.