How to check your business credit score

Last updated on 3 May 2023

As a business owner in the UK, it’s essential to keep a close eye on your business credit score. This score is a critical metric that determines how creditworthy your business is, and it can have a significant impact on your ability to secure loans, credit lines, and other financial products – but how do you check your business credit score?

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In this article, we’ll explore what a business credit score is, why it matters, and how you can check your business credit score.

What is a business credit score?

A business credit score is a numerical representation of your business’s creditworthiness. It’s calculated based on various factors, including your payment history, credit utilisation, outstanding debts, and other financial information. The score ranges from 0 to 100, with higher scores indicating lower credit risk.

Why does a business credit score matter?

A business credit score matters because it’s an essential tool that lenders, suppliers, and other stakeholders use to assess your business’s creditworthiness.

  • A high credit score demonstrates that your business is financially stable, reliable, and capable of repaying debts on time.
  • In contrast, a low credit score indicates a higher risk of default, which can make it difficult to secure credit, lines of credit, or other financial products.

Additionally, a good credit score can help you negotiate better rates, terms, and conditions on loans, credit lines, and other financial products. On the other hand, a poor credit score can lead to higher interest rates, shorter repayment periods, and other unfavorable conditions that can put a strain on your business’s cash flow and profitability.

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Ways to check your business credit score

There are several ways to check your business credit score in the UK. Here are a few options:

  1. Check with credit reference agencies: One of the most common ways to check your business credit score is to use a credit reference agency. In the UK, there are several credit reference agencies that provide business credit reports, such as Experian, Equifax, and TransUnion. You can request a report from any of these agencies, and they will provide you with a detailed credit report that includes your business credit score, credit history, and other relevant financial information.
  2. Use business credit monitoring services: There are also several business credit monitoring services available that allow you to monitor your business credit score and receive alerts when there are changes to your credit report. These services typically require a subscription fee, but they can be a valuable tool for keeping track of your business’s creditworthiness.
  3. Check with your bank or lender: Your bank or lender may also be able to provide you with a copy of your business credit report, including your credit score. If you have a good relationship with your bank or lender, they may be willing to provide this information free of charge.

How to check your business credit score

Here are some websites in the UK where you can check your business credit score:

Credit score providerURL to find score
Experian Business Credit Reporthttps://www.experian.co.uk/business-express/credit-report/
Equifax Commercial Credit Reporthttps://www.equifax.co.uk/business/commercial-credit-reports/en_gb/
TransUnion Business Affordability Reporthttps://www.transunion.co.uk/product/affordability-report
Creditsafehttps://www.creditsafe.com/gb/en.html
Company Checkhttps://companycheck.co.uk/
Dun & Bradstreethttps://www.dnb.co.uk/
Graydonhttps://graydon.co.uk/
Trust Onlinehttps://www.trustonline.org.uk/
Business credit score providers for looking up a business credit score

It’s important to note that some of these websites may charge a fee for accessing your credit report or credit score.

Additionally, each credit reference agency may have its own proprietary algorithm for calculating credit scores, so it’s a good idea to check your credit score across multiple platforms to get a comprehensive understanding of your business’s creditworthiness.

How much does it cost to check a business credit score?

The cost of checking a business credit score can vary depending on the credit reference agency and the level of information you need. Some credit reference agencies offer a basic credit report for free, while others charge a fee for more comprehensive reports or additional services such as credit monitoring.

For example, Experian charges a one-time fee of £49.99 for its Business Credit Report, while Equifax offers its Business Credit Report for a one-time fee of £99.60. Creditsafe offers a variety of pricing plans starting at £199 per year for their credit reports.

It’s important to note that some credit reference agencies may also offer subscription plans that allow you to monitor your credit score regularly for a monthly or yearly fee. It’s a good idea to compare the prices and services of different credit reference agencies before making a decision on which one to use.

FAQ

What factors affect my business credit score?

Several factors can affect your business credit score, including your payment history, credit utilisation, outstanding debts, credit history length, and the number of credit inquiries made on your business.

Can I improve my business credit score?

Yes, you can improve your business credit score by paying your bills on time, reducing your outstanding debts, avoiding late payments, and ensuring that your credit report is accurate.

How often should I check my business credit score?

It’s a good idea to check your business credit score at least once a year, but it’s also recommended to monitor it regularly, especially if you’re planning to apply for credit or a loan.

Can I get a free copy of my business credit report?

Yes, you can get a free copy of your business credit report from credit reference agencies such as Experian, Equifax, and TransUnion. However, you may need to pay a fee to access additional services such as credit monitoring or credit scores.

How long does it take to improve my business credit score?

It can take several months to see an improvement in your business credit score, depending on the actions you take to improve it. However, consistent effort over time can lead to significant improvements in your creditworthiness.

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