Free and paid for business credit reports
Check your business credit report
What is a business credit report?
Before deciding whether to lend you money, sign a contract, or offer you anything from a long-term lease to a business energy package, service providers run a check to see how you've typically managed finances in the past.
To do that they check your business credit report - a document that is independently put together, publicly available and contains information about how good your business has been at paying bills in the past.
This information is typically rounded up to a single score, showing people how safe a prospect you are at a glance - this is known as your business credit score.
The good news is that you have the right to check the information credit reference agencies hold on you and correct any errors you see. There are also plenty of ways to improve your score if you want to boost your chances of getting accepted for the best deals.
Why should you check your business credit report?
Credit scores are a critical factor in demonstrating that you are a financially stable business, so it’s important to check yours regularly.
As it's the report that companies use before deciding to do business with you it makes sense to see what's in it - especially as mistakes can be made.
After all, if you don't know what's there already, you won't know how to improve it or what you need to work on.
Understanding, tracking and improving your credit score can help boost your business.
On top of correcting any mistakes you see, here are four key reasons to check your report:
Negotiate better terms with suppliers
Win more contracts with bigger clients
Access affordable funding with ease
Get ahead of risks and opportunities
Once you know where you are and have corrected any mistakes, you should also check again later to see if actions you've taken have affected your score.
If it's improved, that means you can then start to negotiate better terms with suppliers as well as potentially win more contracts with bigger clients. You might also find you can access affordable funding more easily.
What’s in a business credit report?
What’s in a business credit report?
Public record information
Any information about legal notices, county court judgments (CCJs), mortgages, charges and satisfactions of these that is publicly available.
Company information
Business formation date, registration number, registered office address, website, phone number and industry type.
Filed accounts
Company financials, including balance sheet, cash flow, profit and loss, company ratio and disclosure items, and accounts summary showing turnover, profit margins, assets and shareholder funds where available.
Director’s information
Public information on company directors including name, age, nationality and date appointed. Other current directorships they have as well as companies they have resigned from are also included.
Payment information
A payment summary including days beyond terms for the past 12 months, average days beyond terms, payment performance by size of account, payment by different terms, any unpaid accounts and if the company has a consistent payment pattern.
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How to improve your credit score
File accounts in full
Pay bills faster
Build up customer and supplier relationships
Avoid insolvency proceedings and CCJs
Learn more about Capitalise
At Capitalise, the vision is to give small businesses and their advisers transparency and control over business finance, in one place.
Every business deserves an equal chance of success. So we must make business finance clearer. To show how credit scores impact plans for growth and how to improve them. To find funding that's a better fit. And to see risks to cash flow before they become a threat.
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