23/11/2020
What is a business credit score?
A business credit score is the same as personal credit scores, business credit scores are based on financial history, and they’re used by lenders to decide whether businesses are likely to repay debt.
If you’re opening a business bank account, applying for a business loan, or even just arranging a mobile phone contract, your business credit score may affect whether your application will be accepted and impact the rates you’ll be offered.
If you have a poor business credit score - perhaps because your business has missed loan repayments in the past or you’ve made several failed credit applications - you may struggle to find finance for your business, or you may be offered very high interest rates.
If you have a good business credit score, you’re likely to find it easier to get credit and you may be offered more competitive interest rates.
To apply for a business loan, please call 020 3475 0434 or visit www.diamondfinance-uk.com