Seven steps to improve your business credit score

Two colleagues talking while scrolling through their ipad

Being denied credit can be bad news for your business, especially if you need finance in order to grow. If your business has been refused credit or struggled to secure new finance, you’ll know how that can impact your credit rating.

Experian has compiled a list of seven regular habits that form good business practices that can help build towards a higher business credit score.

  1. View your business credit report to understand the positive and negative factors in your history and plan the best path for progress.
  2. Make a note of suppliers’ payment terms and plan payments, so they are on time. Poor payment performance can indicate a business struggling to service its debts.
  3. File annual returns and financial accounts on time. Making more information on your business available helps suppliers, utility providers and lenders to understand it and make appropriate decisions.
  4. Avoid County Court Judgments. Should one occur, settle it promptly.
  5. Keep an eye on your personal finances. Directors’ personal credit score can be considered for new businesses when little information is available.
  6. Appoint a director with a strong history of running companies and a good credit score to help boost your company’s standing.
  7. Check and monitor the credit status of the companies you work with, so you can anticipate any supply chain problems before it affects your business.

With Experian My Business Profile, you get full visibility of your Experian credit scoring, enabling you to understand what’s affecting your company credit score.

Find out more about Experian ‘My Business Profile’ and the free trial/discount offer.

You must be logged in to post a comment.