Creditworthiness: so much hinges for your business on this single word. Your business credit score is the chief yardstick of your business financial health. That means a lot rides on your score like your:
Your business credit score encompasses key commercial elements of your business. So it is not just prudent but essential to know your score inside out so you can make the most informed business and financial decisions.
As a small business, you will undoubtedly want to secure trade credit or commercial finance to fuel business growth and success. When this time comes, all lenders you approach will begin by evaluating whether your business will make its repayments on time. To this end, they will look to your business credit score.
Your business credit score will range from 0 to 1200. A 0 score means your business is of high risk to lenders. On the other side of the scale, a 1200 score tells lenders that your business represents a low risk. Your score is calculated based on numerous factors including:
Like your business itself, your business credit score is fluid. That means this can change over time. As such, it is important to continually keep your finger on the pulse of what your score says about your business. Rest assured that lenders and creditors will do this.
Hopefully your score is a positive ambassador for your business financial health. If it is not though, all is not lost. The fluidity of your business credit score means that you have the opportunity to improve it. Some measures you can take include:
Get a full understanding of the financial health and viability of your business. Get fully across your business credit score. In just a minute, Capify can tell you what Equifax Score band your business falls into. Best of all it will not cost you a cent or affect your credit rating in any way. So get your business credit score now.
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