Why your credit score is important
- The current credit climate means that now, more than ever, it is important to be aware of what your credit score is and how you can improve it.
- Many suppliers will look at your credit score when determining payment terms, for example on 30 days rather than paying pro-forma. Longer terms can have a positive affect on cashflow.
- When looking for any form of business finance, there is often credit score criteria that must be met. A better credit score can be the difference between being approved or declined for finance, higher scores can also mean improved loan terms.
- A satisfactory credit score can also have an effect when tendering for work.
Credit Repair
We have partnered with a local company, Lightbulb Credit, who are the UK’s first business credit repair service and work directly with the key credit reference agencies to increase credit scores.
The process involves 4 simple steps and can be completed in as little as 2 days:
- Client gets a FREE credit review report showing their current ratings with all the agencies
- Lightbulb recommend actions to improve the scores and gather information needed
- Lightbulb get the scores re-evaluated with the agencies
- The client only pays if they get results over a certain level with their no improvement, no fee guarantee
Once the businesses credit ratings have been repaired, Lightbulb also offer a whole market monitoring service which provides a monthly overview of your ratings with the agencies and notifies you of any changes to your ratings or limits on the day that they occur. This valuable insight can be highly beneficial to your business, ensuring you are made aware of any issues in real time and enabling you to take action if necessary. The service is currently being offered on a 90-day free trial!
Case Studies from our clients
1. Heating, ventilation, and air conditioning company based in Lincoln:
- Experian credit rating increased from 49/100 to 100/100
- Experian recommended credit limit increased from £19,000 to £78,000
- Client feedback – “Firstly, I would like to thank BFS for introducing us to the service. It was rather timely, as we had seen a deterioration in our credit rating over the past few months and there seemed to be a disparity across the agencies. From our perspective, we couldn’t decipher the reasons behind this as our business performance had significantly improved post-Covid and frankly, lack of knowledge of the workings of credit reference agencies, assumed it was the market reacting to potential economic concerns. Having gone through the process, it helped us understand how the agencies work and the impact of algorithms without human intervention, rather a matter of the ‘’computer says no’’. Introducing the human element and importantly, understanding how everything works, raised our rating and recommended credit limit with Experian significantly. It’s a service I have no hesitation recommending.”
2. Bespoke luxury furniture company based in London:
- Experian credit rating increase from 11/100 to 67/100
- Experian recommended credit limit increased from £0 to £32,000
Both of the above results were achieved within 5 days of introduction.
To get your free credit review report
Contact us at BFS (UK) Ltd on 0345 5050 888 or email [email protected] with your business name and we will sort the rest!
