Credit Score, first search for your company then select and buyFull Company Reports are available on millions of UK Limited companies online, 24 hours a day at only £9.95 plus VAT. The reports are supplemented by one of the most comprehensive Company Reports Help facilities on the Web.
checkSURE Full Company Reports will include the following:
|Company Name and Number
Registered Office Address
The checkSCORE - Credit Score
Official Company Information
Profit and Loss
Key Credit Ratios
Key Industry Sector Trends
County Court Judgments (CCJs)
Mortgages and Charges
Credit scoring is a service for which there has been a rapid increase in demand. Some companies use very complicated procedures that rely on previously computed scores amalgamated from many sources. Others simply take a trusted score from one source.
A credit score is a mathematical representation of the information held within a credit file. As such, it is one tool to be used by a credit grantor in making a decision on whether credit should be granted. This information is provided in conjunction with a credit report in order to help creditors to make decisions.
These credit check reports are a flexible number, changing constantly because of continuous changes in a person's credit file as new updates are reported. It will also vary depending on the type of credit score - there are many types specific to various credit areas (mortgages, cars, etc.). Plus, how a credit grantor interprets one can vary.
What is an acceptable level of risk for one lender may not be acceptable to another. For these reasons, credit scores are not available to the general public. However, the credit file is available (this is covered by Data Protection legislation) and as this is what all they are based on it is easy to work out what the associated score might look like.
A good credit report will usually mean a good credit score. Consequently it is a good idea to review your credit report and make appropriate changes if needed to ensure the best score possible. Usually the higher your scores, the less difficulty you will have in obtaining credit. With a high score, you have a good chance of getting the credit and loan(s) you want. Bear in mind that when lenders consider a loan or credit application, they generally ask for more information because credit scores are not the only factor they use in making decisions.
Both negative and positive factors influence your score. Remember that your overall profile will determine how strongly any individual factors will impact your score. For example, if you have a generally very high score, the odd negative factor in your analysis is likely to have a small impact. The same is true for positive factors if you have a very low score. Having a large amount of credit, so long as it appears to be well managed, is likely to reflect positively on you because it indicates to lenders that other lenders have trusted you by lending you money in the past.
If you have never missed a payment, and no negative public records are listed on your credit report this will help your score. Missing a single payment is not as harmful to you as missing several consecutive payments because many lenders consider missing 3 or more consecutive payments as an indication that you may never repay them. It is worth bearing in mind that whenever you apply for credit and the lender applies to see your credit file, this will be logged on your record as an 'inquiry'.
Too many credit applications within a short period of time will undoubtedly have a negative effect on your score. Credit scoring for legal trading entities is a nascent science, particularly if they are unincorporated. Nonetheless, no company should be remiss in keeping track of its credit score.
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