Credit Check Any Company Online

A company's credit score essentially represents its creditworthiness, an important factor that credit lenders, suppliers, and business partners need to consider. This is because it can provide a strong indicator of whether a company is capable of paying creditors on time, or if a trade line of credit could result in a bad debt.

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For this reason, businesses should consider a company’s credit report before providing financing to ensure that they don’t run into bad debt, default or late payments, or any other issues. While it may not give you the full picture, it will give you a good estimation of the business's financial standing based on its history. Whether you are a trader or investor looking to check a business' credit or a company applying for credit, there are ways to credit check a company and determine credit risk from the profile presented in a credit report.


Checking a company credit rating online with a credit check
 

Company Credit Checking

A company credit check is essentially a profile of the company and its financial status, and crucially, based on this a calculation which provides a company credit score. A credit check uses various factors which are taken into consideration to calculate the company credit score. A company's credit score is similar to an individual’s personal credit score that helps determine their financial standing and whether they can manage repayments.

A business score typically ranges from 0 to 100. The higher this score, the higher is your creditworthiness. In other words, if you have a score that is closer to a 100, then your company is perceived as being less risky. However, if it is lower and closer to 0, then a company has a poor credit score, and providing them with a loan or financing will pose a risk.

A good company credit score makes it easier for businesses to gain financing and loans at competitive rates. However, this is not the case for companies with poor credit scores who might struggle to find lenders.
 

Determining Company Credit Scores

Several credit checking and referencing companies conduct business credit reporting in the UK. They use their own methods and scoring system, which is why companies might have multiple differing credit scores. Each uses multiple factors to calculate these scores.

Some of these factors include how long the company has been operating, the financial resources, overall solvency, and the degree of debt or leverage. Scores can also factor in any previous payment history indicating if the company has paid invoices on time, if the company has previously defaulted on their payments, how much the company owes, and the age of the debts.

Credit referencing agencies tend to compile the data for credit checking by collecting information from public records and other shared supplier data to find out the following:

• Basic information about the company, including name, address, key personnel, etc.
• Previous searches and credit extended in recent months or years
• Details of payments and if they were made on time
• Any other companies linked to the company or its directors
• Details of unpaid debts which have resulted in county court judgements (CCJs)

 

How to Credit Check a Company

There are many companies that provide credit checking services to lenders or anyone who wants to know about the financial history and position of a specific company. One such leading company in the UK is First Report, which provides excellent credit checking services and key information about the company that lenders and investors should know about.

The process of obtaining a credit report through a credit reference agency is actually quite simple and easy. You simply need to provide them with the required information, and they will handle the rest. Here is how to credit check a company through a credit agency:
 

Find a Business Credit Reference Agency

The first step is finding a relevant company credit reference agency that can provide you with detailed insight into a company's financial dealings and credit score. You need to use a business, not consumer, credit agency, although some agencies provide both services, not all do. First Report can provide both company and consumer credit reports. Then register on their website and pay the necessary fee. Conducting a credit check on other companies is completely legal, and even the credit checking fee is affordable.

First Report offers various subscription plans, including the basic, standard, and credit analyst reports that give different levels of insights and information.
 

Submit the Required Information

Once you have subscribed to one of the plans, you will need to provide information about the company you want to partner with. For this, you will likely need to fill in a form and add the details. This will include the basic information, their legal name, and the correct identification score of their business. Depending on the type of plan and the credit referencing bureau, the required details may vary.
 

Get the Report

The agency will then send you the full report. You will likely need to locate the credit score in the report. It will be between 0 and 100. If the company's credit score is above 70, this should be a good indication as it tells you that the company regularly pays its debts on time unless there is specific data that shows or suggests otherwise, such as late payment records or county court judgements (CCJ records). Anything below the score of 30 may enhance the risk involved in providing such a company with financing since they will likely be in the process of filing for bankruptcy.
 

Evaluate the Information

Before deciding to lend to a company or provide it with financing, you should also be evaluating all the other information. Business credit reporting in the UK typically includes additional data besides the credit score. This provides insights into how the company conducts its business.
 

How Information for a Credit Check is Collected

Credit checking agencies use multiple sources to collect the information they need. They include the following:

• Data from other suppliers providing credit
• Public records from courts and company registry records
• Previous invoices that have been paid and payment records for days beyond terms

 

Managing Credit Risk

The process of collecting information and determining credit scores is a vital element in credit management. First Report provides easy access to valuable information on companies you need to check for credit risk.

See more credit tips and information.