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24 September 2011

Warning over credit checks


About seven out of ten small businesses do not check their customers’ credit status, research by Experian has found.

A survey of 698 small businesses by the credit reating agency found that 39 per cent did not know what a credit score was.


Simon Street, managing director of Experian’s UK small and medium sized enterprise business, said: “Two-thirds of small businesses may be blind to their credit scores, but their larger customers, suppliers and banks certainly won’t be.”


Credit scores assess a company’s financial health, with a low score implying that a business is more likely to fail. Experian says many low scores can be explained by a lack of data on the business concerned or a failure to file complete or accurate information.




Source: FT 24.09.2011


*Article for guidance only. Professional advice should be obtained to ensure that all circumstances are assessed in providing a complete answer.