How Do You Look to Lenders & Suppliers?

If you get a copy of your personal and business credit reports from a credit reference agency, you will be able to see how you look to lenders, suppliers and, of course, prospective or established customers.

It's vital to focus on maintaining a good credit rating, to understand the different criteria that are used to construct a good credit rating , and also to be aware of what you need to do to improve your credit rating.

In an earlier post I mentioned that Commercial credit agency Graydon UK and business data specialist Validis were launching a new credit information service for SME's this summer. The new service allows SME's to exercise greater control over the information provided by credit reference agencies to prospective creditors, and will improve their access to finance and credit insurance cover. Information provided to prospective creditors/commercial lenders under the new service will be based on reliable, detailed up-to-date financial data including validated monthly management accounts. You might want to think about using the service.

In the meantime, please remember to monitor your registered company information regularly. Companies House is legally bound to accept any information sent to it at face value - which means that it's easy to change Company documentation. Corporate ID fraud is here to stay for a while. Don't become a victim. Cutting back on basic processes, disciplines and checks that would normally be part of your normal business activity is false economy.