How do creditors see your business?

Understanding your business credit score

Your business credit score is one way in which lenders and the companies you do business with assess if you can repay what you owe and decide the payment terms to offer you.

Your business credit report says a lot about you and can affect your business in several ways. It can determine how you appear to other companies and can be the deciding factor in whether or not people choose to trade with you. If you are looking to expand or improve your business and want a loan, your business credit score may affect how much a bank is willing to lend, or even if they are willing to lend to you at all. This will also affect the repayment terms and pricing offered by the facility/loan provider.

How is my Experian business credit score calculated?

Your business credit score is a number usually between 0 and 100, and the higher the score the less risky you appear.

It is calculated slightly differently by different lenders; however, most business credit scores take the following factors into account:

  • The amount you owe to other businesses or accounts
  • Your payment history - any late payments on accounts which you owe money to will be recorded and may lower your credit score
  • Information available from public records such as liquidations and court judgements
  • The length of your credit history

What is the benefit of knowing my business credit score?

Show your business is stable and negotiate the best credit terms. Lenders, suppliers and your customers will all be interested in the financial health of your business.

Bring your data right up to date. If your credit score isn't what you'd hoped for, you can implement ways to improve your business credit score for the future.

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