Based on our experience a number of our business customers do not know their credit score or whether adverse information has been placed on their credit file.

In this article we take a look at why it is worthwhile knowing the details of your business credit file and credit score.

 

Who looks at your business credit file?

Generally financiers and suppliers to your business. They can now obtain an increased level of data from credit reporting bureaus including credit scores

They use this information to assess applications for finance or for your business to have an account on credit terms.

What is the advantage to you knowing your credit score and business file?

By having this information it can remove the risk of being in a situation where a default has been placed on your business credit file (where you do not know) resulting in delays in obtaining finance or being approved for credit with a supplier.

In some cases defaults can be recorded on the business credit file where for example you have a disagreement over payment of an invoice.

How do you find out your businesses credit score?

Credit Reporting Agencies such mycreditfile.com.au (part of the Equifax Group) and illion (formerly Dun & Bradstreet) can provide information on your company. In some cases they can provide alerts when your business information changes.

With these services you can therefore:  

Manage your business credit profile

Understand how lenders and other suppliers view your business.

Be alerted to potential fraud (some agencies charge a yearly fee to provide this information)

Reduce risk by detecting anything out of the ordinary.

Protect your business credit reputation

Know what is on your business credit report before you apply for credit.

Know your business’ history

Understanding your business credit report puts you in the driver’s seat. Your business credit report includes information on credit enquiries that have been made on your business when you have applied for terms of supply or an application for credit has been made as well as any overdue debt like defaults, as well as public record information including court writs and judgements and bankruptcy details.

Below are links to two credit reporting agencies that provide information on access to details of your business credit file.  

https://www.mycreditfile.com.au/products-services/business-credit-alert

https://express.illion.com.au/home