Company Credit Reports In The UK

Access to capital and funds or the lack thereof has the ability to accelerate or hinder business growth and prosperity. Research shows that the lack of funds and cashflow constraints contribute substantially to business failure in the first five years of operations. There are different options when it comes to acquiring the prerequisite funds including selling a stake in the business, borrowing funds, applying for grants and even seeking investments from angel investors. Businesses that prefer borrowing money need to be cognisant of their credit scores and reports. We take a look at what these are and where one can acquire an Instant International Company Credit Report.

company credit report

This is a report prepared by credit bureaus that includes background information on a company and sometimes its directors, the financial history of the company, a risk assessment report, trade, banking and legal history of the company and so on. This information is closely tracked by credit bureaus from the moment the company acquires a tax identification number and is available to anyone in the public domain upon payment of the prerequisite fee. The company credit report plays an important role in decision making especially with respect to whether financiers and investors will work with your business.

The credit report can be affected by a myriad of factors including how promptly utility bills are settled, whether a company is falling behind schedule on their loan repayment, the number and magnitude of financial transactions and even the level of fluctuations of business income in different periods. As the company owner or part of the management team, it is good to keep in mind that your business is being tracked as this may enhance good financial habits. 

The importance of good quality company credit reports

A high-quality company credit report is not only thorough but it provides you and your stakeholders with the information required to make sound decisions. Such reports are easy to understand, are devoid of unnecessary jargon and can be interpreted by anyone with basic financial knowledge. Besides this, high quality reports not only contain information on what the company is doing right but also the areas that require attention and refining. It is therefore an important business tool for internal and external purposes.

When your company is making decisions on partnerships, considering investments from different companies, outsourcing work, selling B2B items or services, a credit report on various companies on the shortlist could help you refine your choices. Remember, the goal is to make informed decisions in order to enhance the effectiveness of the partnership or any other relationship.

Where to find credit reports

There are a number of credit bureaus that can provide you with high quality and in some cases, Instant International Company Credit Reports on various companies. In order to ensure that you get the best report, it is essential to work with established and experienced brands since they not only have the skills to do their work efficiently but also the resources required to gather high quality information on various companies.