What is a Business Credit Score
Which is a Business Credit Score?Guideline for Credit Assessment
The Business Credit Scoring Guide is intended to help you, as an entrepreneur, better understand how corporate financing choices are made and what influences your financing requests. Knowing this information can help business owner improve the probability that prospective business solutions will succeed. No matter whether you are a new business in need of start-up financing or a burgeoning business in need of the resources to expand, each financing request means that your institution is trying to get a clear idea of your individual and business situation related to your finances.
It is a crucial part of the company's assessment and is often used in conjunction with your business plans and your business continuity forecasts. Please consult your Relationship Manager for more information on a financing request. Read the Business Scoring Credit Guide.
Evaluation of your request on the basis of creditworthiness | Business
The next step in the loan approval procedure, once you have applied for one of our financial services items, is to evaluate the risk associated with granting credit to your company fairly and frankly. A significant part of this is the use of credit score and credit credentials. Learn how credit bureaus work and what you can do to improve your current credit rating now.
You will also learn how you may be able to use our corporate credit appeal procedure to have the case reconsidered if your request is rejected. It is never too early to take action to improve and maintain your creditworthiness as it increases your chance of being acceptable for corporate financing in the long run.
Below are some things you can do to enhance your credit rating: Remember that if you have a personally held bankroll with us, this bankroll will also be part of our overall rating of all credit applications you make. If we examine your enquiry, we ask the credit bureaus for information about your company and the various proprietors.
Information available to credit bureaus can be divided into three main categories: Keep in mind that if you default on credit lines with other suppliers or if you default on credit lines, your creditworthiness will be affected. This information is provided by credit bureaus even if a creditor does not receive a CCJ.
When you apply for several credit lines within a brief space of your life, this will also be logged. If, on the basis of information from a credit bureau, we are unable to grant you credit, we cannot directly disclose the information to you because it is not our information.
You can, however, obtain a copy of your credit file for a charge by contact Experian. You can request that any erroneous positions be deleted from your credit log. In order to find out more about other credit agencies we use, please call us at 0800 587 70081.
We strive to financially assist companies like yours by granting loans in a responsible manner. Even though we accept about 8 out of 10 loan requests for small companies, in some cases we cannot give you the financing you want. When your credit request is rejected and you fulfil our eligibility requirements, you can file a complaint against the ruling and have your request reviewed by our committed credit complaint reviewers.
It is also possible to lodge an objection against the loan proposal if you consider it inappropriate according to our own assessment criterion. There is no right of recourse against the cost of taking out a loan, such as interest or charges, or against our General Business Rules. Within 30 working days of our approval of our ruling, you must file a credit complaint form if the following applies to you:
Please refer to our guidelines for the filing of appeals for companies for further information or call us at 0800 141 28711. In order to continuously enhance our services and in the interest of safety, we may track and/or log your phone conversations with us.