How your business credit score can affect your energy tariff
What are my options if I have bad creditIn the long-term, you can try to improve your credit profile, but for now, we will help you find a supplier that will deal with you at a fair price. There are many suppliers that specialise in low-credit businesses. And although you may have to pay slightly higher rates, you can at least carry on with running your business.
Worried about a poor credit rating? A member of our energy team will be able to answer your questions and offer advice. Call: 0800 043 0423.
Improving your business credit ratingTo access cheaper energy rates in the long term you need to improve your business credit profile. The fastest and safest way to do this is in conjunction with a reputable credit rating agency who will be able to track and advise you on your score. But there are some basic things that you can do to improve your rating of your own accord.
- Find out your business credit score. This is the first step to improving your score. It could throw up some interesting information such as bad debts that you may have forgotten about.
- Pay invoices on time. A late payment trend can set off warning bells for credit reference agencies.
- Make sure your annual returns and other financial documents are filed on time. At best, late filing is a sign of disorganisation. At worst, it’s a symptom of financial distress.
- Avoid County Court Judgement (CCJ) court orders. Or if you do get one make sure that any debt is paid quickly.
- Make sure your personal finances are in order if you run a start-up business. If you run a new business then credit checkers may consider your personal finances instead.
- Make sure information about your business is out there and accurate. You may want to consider registering with a business reference agency or a directory.
- Consider getting a business partner with a track record of good credit. They may be able to help in more ways than one.
- Keep checking your credit score. Seriously, routinely tracking your rating is the best way to stay on top of your credit and helps you make gradual improvements over time.
Published by Utility Helpline on
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