Why is my business credit score important?

Your business credit score is important because:

• A high business credit score means lenders are more likely to approve loans and other credit products, and with lower interest rates. This could save your business money in the long run.

• A low business credit score will have the opposite effect. From the funding that is available, it may cost your business more, because of higher interest rates.

Unlike your personal credit score, a business credit score is publicly available. Customers, suppliers, and even other companies can check this with credit reference agencies, like Experian and Equifax, before negotiating contracts or tenders, or quoting insurance for example.