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A company credit check is used to assess the creditworthiness of potential customers. When deciding whether to extend credit to a client, whether in the form of a loan, hire-purchase or 30, 60 or 90 day invoices for services rendered, it is important to know how much risk your company is exposing itself to. To this end, there are many companies (credit reference agencies) which gather and collate data on the previous financial activities of companies and use this data to calculate a credit score. The credit score is calculated using criteria such as the current indebtedness of the company as a proportion of its credit limit, the different types of credit the company has made use of, the company’s history of late repayments as well as defaults and bankruptcies. For sole traders it may also incorporate CCJs.
Most company credit check providers can also provide full company reports that include information on the company’s operations, Directors and financial reports. They can also offer monitoring services so that you are alerted to any change in status of your targeted company and bulk purchases if you want to make a number of checks over a certain period.
Credit checks are considered to be more reliable the longer the trading history of the company being checked and as such, if the company is less than 18 months old a full report is recommended.
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